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Saudi Energy Minister: It is Important to Provide Clean, Sustainable Energy for Africa

The Minister of Energy during the dialogue session on the sidelines of the Saudi-Arab-African Conference (Asharq Al-Awsat)
The Minister of Energy during the dialogue session on the sidelines of the Saudi-Arab-African Conference (Asharq Al-Awsat)
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Saudi Energy Minister: It is Important to Provide Clean, Sustainable Energy for Africa

The Minister of Energy during the dialogue session on the sidelines of the Saudi-Arab-African Conference (Asharq Al-Awsat)
The Minister of Energy during the dialogue session on the sidelines of the Saudi-Arab-African Conference (Asharq Al-Awsat)

Access to clean and sustainable energy is important for Africa, announced Saudi Energy Minister Prince Abdulaziz bin Salman at the Saudi-Arab-African Economic Conference in Riyadh.

Prince Abdulaziz indicated that African economies need to grow and their people need to prosper, indicating that if these two things happen, the global economy will grow.

At the opening session on Thursday, Prince Abdulaziz stressed that climate change is crucial and essential, but it should not be "attended to by crushing the bones and the future of the less empowered people."

The Minister reported that after speaking to his African counterparts, they indicated they had not received any money from the Green Climate Fund.

Prince Abdulaziz reiterated that African people need to grow and prosper, which will help the global economy grow and prosper.

Saudi Arabia wants to pursue cooperation with all countries suffering from climate change as part of the Middle East Green Initiative, which Crown Prince Mohammed bin Salman bin Abdulaziz founded.

In 2021, the Kingdom launched the Middle East Green Initiative, a step that confirms its commitment to leading global efforts in the field of sustainability.

The initiative is a regional endeavor to mitigate the effects of climate change and work together to achieve global climate action goals.

The Minister asserted that the Kingdom focuses on efforts and actions rather than words and will continue to implement its initiatives.

Prince Abdulaziz asserted that oil demand is healthy and robust, noting that speculators are to blame for the recent drop in crude prices.

The Minister said some participants in the oil market have been misunderstanding increases in oil exports in recent months from Arab nations in OPEC and their correlation with those countries' production.

Shipments are seasonal and tend to dip in summer, then rise again in September and October, meaning they should not be viewed as reflecting fluctuations in output, he said.

"It's an abuse of numbers" to fail to distinguish between rising exports and rising production, said Prince Abdulaziz.

- Memoranda of Understanding

Prince Abdulaziz signed on Thursday five memorandums of understanding with several African countries, including Ethiopia, Senegal, Chad, Nigeria, and Rwanda.

The memorandum of understanding signed between the Kingdom and Rwanda aims to implement the initiatives of the oil demand sustainability program, raise the economic and environmental efficiency of gas and oil, and focus on innovation and environmental friendliness.

It also asserts the need to enhance integration between the petroleum and petrochemical industries, develop demand for hydrocarbon resources, and achieve the goals of the 'Middle East Green Initiative.'

The memorandum is a practical implementation of the Kingdom's 'Empowering Africa Initiative,' launched last month during the Middle East and North Africa Climate Week in Riyadh.

It aims to assist African countries in meeting the challenges of obtaining reliable and sustainable energy supplies at the most affordable costs while reducing greenhouse gas emissions and pollution and improving human health and well-being.

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Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
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EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.

Business

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
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GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).

A statistical report published on Sunday showed that the economies of the Gulf Cooperation Council countries recorded growth in gross domestic product, supported by economic diversification programs and fiscal reforms. Combined GDP reached $2.3 trillion, ranking ninth globally, with a growth rate of 2.2 percent.

The report revealed that GCC countries achieved qualitative advances in 2024 across competitiveness, energy, trade, and digitization, driven by growth in non-oil sectors, improved quality of life, the development of digital infrastructure, and a stronger regional and international presence.

In the “GCC in Numbers” report issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf, it was emphasized that GCC states continue to record real GDP growth “thanks to economic diversification programs and fiscal reforms, with GDP reaching $2.3 trillion, ranking ninth globally, and posting growth of 2.2 percent.”

The report also showed improvement in global economic indicators, including competitiveness, resilience, and economic dynamism.

GCC countries ranked first globally in oil reserves at 511.9 billion barrels, third worldwide in natural gas production at 442 billion cubic metres, and second globally in natural gas reserves at 44.3 billion cubic metres.

GCC countries ranked 10th globally in total exports valued at $849.6 billion, 11th in imports at $739.0 billion, 10th in total trade at $1.5895 trillion, and sixth worldwide in trade balance surplus at $109.7 billion.

Business

Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
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Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday.

The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought, Reuters reported.

The deadline for submission of price offers in the tender is Tuesday, February 24, with offers having to remain valid until Wednesday, February 25. The wheat is sought for shipment in three periods from the main supply regions including Europe: April 16-30, May 1-15 and May 16-31. If sourced from South America or Australia, shipment is one month earlier.

Algeria is a vital customer for wheat from the European Union, especially France, but Russian and other Black Sea region exporters have been expanding strongly in the Algerian market.