عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GCC Says it Plays Major Role in Ensuring Energy Security

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
TT
TT

GCC Says it Plays Major Role in Ensuring Energy Security

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi, stated that GCC states are key players in ensuring energy security.

In a speech at a conference in Bahrain, Albudaiwi highlighted the GCC's consistently proven reliability as an energy partner, stating that the commitment of Gulf states to achieving stability in global energy markets has been evident over the decades.

The 19th Manama Dialogue Conference 'Regional Security Summit', organized by Bahrain’s Ministry of Foreign Affairs in cooperation with the International Institute for Strategic Studies (IISS), was held on November 17-19 in Manama, in the presence of Ministers, heads of security services, experts and politicians.

Albudaiwi emphasized the importance of the strategic efforts made by the GCC to enhance energy security, including a focus on renewable energy sources, strong investment in research and development for sustainable energy solutions, enhancing the efficiency of energy practices, and encouraging private sector collaboration in joint projects.

Most Viewed

 
 
Business

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)
TT
TT

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.