Al-Badr to Asharq Al-Awsat: Exploring Opportunities for Saudi-Japanese Cooperation in Vital Sectors

Al-Badr talking to Asharq Al-Awsat on the sidelines of the Saudi-Japanese round-table meeting.
Al-Badr talking to Asharq Al-Awsat on the sidelines of the Saudi-Japanese round-table meeting.
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Al-Badr to Asharq Al-Awsat: Exploring Opportunities for Saudi-Japanese Cooperation in Vital Sectors

Al-Badr talking to Asharq Al-Awsat on the sidelines of the Saudi-Japanese round-table meeting.
Al-Badr talking to Asharq Al-Awsat on the sidelines of the Saudi-Japanese round-table meeting.

The Undersecretary of the Ministry of Investment for Communication with Investors, Badr Al-Badr, unveiled joint efforts by the Saudi and Japanese governments to explore investment opportunities in several vital sectors.

Al-Badr told Asharq Al-Awsat that the Saudi-Japanese relations were developing at all levels, thanks to the converging visions of the two countries’ leaderships.

He pointed to a round-table meeting, which was organized by the Ministry of Investment on Sunday, in the presence of Japanese Prime Minister Fumio Kishida, Saudi Investment Minister Khaled al-Falih and representatives of a number of government and private agencies, within the framework of the Saudi-Japanese Vision 2030 Committee.

He noted that the meeting was aimed at strengthening economic and investment relations between the Kingdom and Japan, and exploring investment opportunities in a number of sectors, including: petrochemicals, energy, health care, mining, financial and logistical services, technology and infrastructure, and others.

Al-Badr added that 26 agreements and MOUs were signed between major Saudi and Japanese companies, which he said highlighted the volume of investment opportunities that would be activated between the Kingdom and Japan, in many vital sectors.

According to Al-Badr, the two countries, which assume a major role within the G20, are keen to promote and develop joint investments.

Japan is the Kingdom’s third largest trading partner, while 110 Japanese companies operate in the Kingdom in various fields, including energy and technology, the Saudi official said.



Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.