EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
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EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)

With the launch of the Saudi-European Investment Forum in Riyadh on Monday, EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud emphasized the partnership strategy between the two sides in various vital fields, especially the energy mix, emissions-free industry, and digital economy.

In an interview with Asharq Al-Awsat, Farnaud said the forum will cover mutual investments, and will discuss transformation in the fields of energy, emissions-free industry, transportation, and infrastructure.

The panel discussions will also touch on several key sectors, including minerals, supply chains, tourism, sports, healthcare, medium and small enterprises, and the digital economy.

Regarding the volume of economic and trade between the EU and Saudi Arabia, the ambassador noted that in 2022, the volume of trade exchange of goods reached 75.4 billion euros ($79.8 billion), compared to 45.8 billion euros ($48.5 billion) in 2021, an increase of 64.5 percent.

He added that the value of EU imports from Saudi Arabia amounted to 43.9 billion euros ($46.5 billion), mainly consisting of fuel. EU exports also rose from 25 billion euros ($26.4 billion) to 31.5 billion euros ($33 billion), especially machinery, transportation and chemicals.

According to the diplomat, data in 2021 showed that direct foreign investments from the EU to Saudi Arabia reached 13.4 billion euros ($14.1 billion), while total foreign direct investments from Saudi Arabia to the EU amounted to 42 billion euros ($44.4 billion) in 2022, compared to 32 billion euros in 2021.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.