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UAE Energy Minister: OPEC’s Role is Key in Stabilizing Global Oil Market

Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
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UAE Energy Minister: OPEC’s Role is Key in Stabilizing Global Oil Market

Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)

UAE Energy Minister Suhail Al-Mazrouei stressed on Saturday the significant and pivotal role played by OPEC and the OPEC Plus alliance to serve the interests of producers and consumers alike, and promote sustainable investment in the energy sector.

The Minister emphasized that joint teamwork is always a source of positive results and a pillar of strength for cooperation and unity, the Emirates News Agency, WAM said.

In remarks he made at the OPEC’s 60th anniversary celebration held in Iraq’s Baghdad, Mazrouei indicated that the main goal of OPEC is based on ensuring market stability and achieving a balance between demand and supply, hence supporting global economic growth.

The Minister pointed out that Iraq's hosting of the celebration is an affirmation of strengthening and consolidating the spirit of joint action to achieve stability in the global oil market.

On Friday, Saudi Energy Minister Prince Abdulaziz bin Salman said that the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus alliance only target market stability, including the benefit of producers, the petroleum industry and the concept of energy security.

OPEC had announced that the OPEC Plus alliance decided, during its June 4 meeting, to adjust the bloc’s production level to 40.4 million barrels per day, starting from January 2024, for a period of one year.

On the same day, Saudi Arabia announced an additional voluntary cut in oil production, amounting to one million barrels per day, starting in July, for a renewable month, while other producers, including Russia and Iraq, announced an extension of previous cuts.

 

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.