Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
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Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz Bin Salman signed a memorandum of understanding (MoU) with the President of the World Petroleum Council, Pedro Miras, outlining plans for Saudi Arabia to host the 25th edition of the Conference in 2026.

The World Petroleum Conference accepted Saudi Arabia's bid to host and organize the 25th edition of the Conference and its accompanying exhibition in Riyadh in 2026.

The decision was made during the Youth Conference organized by the World Petroleum Council in Almaty, Kazakhstan, last October.

Saudi Arabia's bid to host the Conference received substantial international support, with the Ministry of Energy playing a pivotal role in the nomination process.

The World Petroleum Conference is held once every three years. It is a prominent global event that brings together countries and international organizations to foster cooperation across various energy sectors and address key challenges facing this critical industry.

The Conference draws considerable attention from experts, journalists, and the general public.

Established in 1933, the World Petroleum Council serves as the organizing body of the Conference, providing a balanced platform for stakeholders worldwide to engage in discussions concerning the oil and gas sector.

The Council's core focus is on harnessing scientific advancements within the oil and gas industries, facilitating technology transfer, and promoting the sustainable utilization of petroleum resources worldwide for the collective benefit.

Saudi Arabia, represented by the Ministry of Energy, is actively participating in the 24th edition of the World Petroleum Conference in Calgary, Canada, from Sep. 17 to 21, 2023.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.