Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
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Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat, has described Saudi Arabia’s approach in the field of traditional energy production as unique.

While the Kingdom predominantly relies on oil and gas extraction, it is actively implementing measures aimed at reducing harmful emissions associated with these practices.

Stiell noted that the primary objective of hosting the MENA Climate Week event in Riyadh, Saudi Arabia, is to gain a comprehensive understanding of various perspectives on the challenges stemming from climate change and to identify best practices for addressing them.

“The Middle East and North Africa (MENA) region shares common challenges in this regard, but some countries in the region also have unique approaches to addressing these challenges and leveraging the available opportunities,” Stiell told Asharq Al-Awsat.

He affirmed that the dialogue sessions held this week provide a fantastic opportunity to comprehend the challenges facing the region.

These sessions also shed light on the measures taken concerning the transition to renewable energy and underscore the appropriate actions to address climate change.

Furthermore, they explore how the region’s nations can share and implement these established practices effectively.

Stiell commended Saudi Arabia for its efforts in reducing emissions resulting from oil and gas extraction.

Moreover, he noted that the Kingdom is actively implementing best practices aimed at environmental pollution reduction.

Stiell emphasized that current decision-makers have a high responsibility in ensuring a prosperous future and a clean environment for the youth.

It is worth noting that the MENA Climate Week is held four weeks before the 28th Conference of the Parties (COP28) to address four main tracks.

These include energy and industry systems, urban and rural cities and communities, infrastructure and transportation, and oceans, food, and water, in addition to societies, health, lifestyles, and economies.

The event is organized in anticipation of COP28, which focuses on key sectors and regional climate challenges in the Middle East and North Africa.



Oil Prices Rise as US Crude, Fuel Inventories Seen Shrinking

An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in Kazakhstan (Reuters)
An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in Kazakhstan (Reuters)
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Oil Prices Rise as US Crude, Fuel Inventories Seen Shrinking

An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in Kazakhstan (Reuters)
An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in Kazakhstan (Reuters)

Falling US crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from continuing to climb.

Brent crude futures for September rose 46 cents to $81.47 a barrel by 0020 GMT. US West Texas Intermediate crude for September increased 42 cents to $77.38 per barrel, Reuters reported.

US crude oil, gasoline and distillate inventories fell last week, according to market sources citing the American Petroleum Institute (API), a trade organization.

Benchmarks picked up accordingly. WTI had lost 7% over the previous four sessions and Brent shed nearly 5% in the previous three.

The API figures showed crude stocks falling by 3.9 million barrels in the week ended July 19, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 2.8 million barrels and distillates shed 1.5 million barrels.

That would be the first time crude stocks in the United States fell for four weeks in a row since September 2023.

Official government data on oil inventory data is due for release on Wednesday.

Oil prices fell to a six-week low on Tuesday, with Brent closing at its lowest level since June 9 on ceasefire talks between Israel and Hamas in a plan outlined by US President Joe Biden in May and mediated by Egypt and Qatar.

Prices also suffered on continued concern that economic softening in China, which is the world's biggest crude importer, would weaken global oil demand.