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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim has announced that Saudi Vision 2030 was highly consistent with the UN Sustainable Development Goals (SDG), revealing that the Kingdom contributed more than $87 billion in international aid to combat poverty and advance development.

The minister was speaking during his participation in the 2023 SDG Summit, in New York.

This year’s SDG Summit is the second since the adoption of the 2030 Agenda in 2015, and aims to accelerate progress towards achieving the 17 sustainable development goals within the 2030 Agenda for Sustainable Development.

Al-Ibrahim stressed that Saudi Arabia has become an international investment power, and plays an important role in mobilizing resources to achieve sustainable growth.

Highlighting the recently launched Global Water Organization, the minister said: “It is a monumental step that champions international innovation and it is a call to action for nations worldwide to come together.”

In this context, the minister said that the Kingdom has contributed more than $87 billion in international aid to combat poverty and advance development.

He added that the National Transformation Program, one of the Vision 2030 initiatives, led by Saudi Crown Prince Mohammed bin Salman, was strongly consistent with the UN goals of sustainable development.

Leaders of the UN member-states, as well as ministers, and representatives of international organizations, the private sector and civil society participated in the summit, which is chaired by the President of the United Nations General Assembly.

Meanwhile, Al-Ibrahim met with the Swedish Minister of International Cooperation and Foreign Trade, Johan Forssell, with whom he discussed bilateral economic and investment relations, and a number of issues of common interest, including the need to intensify international cooperation to accelerate the implementation of the SDGs.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.