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Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
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Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)

The Saudi Ministry of Education and the EU Delegation of Erasmus+ program reviewed cooperation in higher education and research, with the participation of European experts and representatives of major universities in the Kingdom.

Funded by the EU, the Erasmus program is the first large-scale international action program to enhance the mobility of higher education students, focusing on lifelong learning to support education, training, youth, and sports in Europe.

Since its inception 35 years ago, over 13 million students have benefited from its programs. It has a budget of $27.9 billion running from 2021-2027.

The opportunities offered by Erasmus+ are now available to the Gulf region, where Saudi universities can establish partnerships with their European counterparts to exchange students and staff.

Speaking at the event, EU Ambassador to Saudi Arabia and Oman Christophe Farnaud said the EU is accelerating international cooperation in the academic field, offering tremendous opportunities for young Saudi students to study and live in Europe.

“Erasmus+ is designed to enhance two-way exchanges and also enable more Europeans to come to study in the Gulf, further bolstering our people-to-people contacts and our bilateral relations,” he added.

In May 2022, the EU announced its strategic partnership with the Gulf, which aims to expand and deepen cooperation between the two sides.

Several proposals between the EU and Saudi Arabia aim to enhance energy, green transformation, climate change, trade, economic diversification, regional stability, global security, and humanitarian and development challenges.

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Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year.

Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel as of 1306 GMT. US West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel.

At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65.

In September, Brent futures closed below $70 a barrel for the first time since December 2021, while their highest closing price of 2024 at $91.17 was also the lowest since 2021, as the impacts of a post-pandemic rebound in demand and price shocks from Russia's 2022 invasion of Ukraine began to fade.

According to Reuters, oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.

A weaker demand outlook in China in particular forced both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) to cut their oil demand growth expectations for 2024 and 2025.

With non-OPEC supply also set to rise, the IEA sees the oil market going into 2025 in a state of surplus, even after OPEC and its allies delayed their plan to start raising output until April 2025 against a backdrop of falling prices.

Investors will also be watching the Federal Reserve's rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.

Lower interest rates generally incentivise borrowing and fuel growth, which in turn is expected to boost oil demand.

Markets are also gearing up for US President-elect Donald Trump's policies around looser regulation, tax cuts, tariff hikes and tighter immigration, as well as potential geopolitical shifts from Trump's calls for an immediate ceasefire in the Russia-Ukraine war, as well as the possible re-imposition of the so-called "maximum pressure" policy towards Iran.

Prices were supported on Tuesday by data showing China's manufacturing activity expanded for a third straight month in December but at a slower pace, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.

However, that was balanced out by potential for higher supply next year, as Nigeria said it is targeting national production of 3 million barrels per day (bpd) next year, up from its current level of around 1.8 million bpd.