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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)
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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.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.