Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
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Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah arrived in Davos on Sunday heading the Kingdom’s delegation at the 2024 World Economic Forum.

At the global event, the delegation will discuss the greatest regional and international challenges and means to tackle them through dialogue and international cooperation.

It will discuss economic integration, the sustainability of resources, and benefiting from innovation and technical solutions.

It will stress the need to explore opportunities created by emerging technologies and their impact on forging international policies and decision-making.

The delegation will highlight the progress the Kingdom has made in its Vision 2030 and the transformation and development underway in the country in various fields. It will underscore the available investment opportunities in several sectors aimed at achieving a prosperous and diversified economy.



Oil Gains Capped by Uncertainty over Sanctions Impact

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 Gains Capped by Uncertainty over Sanctions Impact

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 crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT. US West Texas Intermediate crude was up 26 cents, or 0.34%, at $77.76.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that "the full impact on the oil market and on access to Russian supply is uncertain".

A fresh round of sanctions angst seems to be supporting prices, along with the prospect of a weekly US stockpile draw, said Ole Hansen, head of commodity strategy at Saxo Bank, Reuters reported.

"Tankers carrying Russian crude seems to be struggling offloading their cargoes around the world, potentially driving some short-term tightness," he added.

The key question remains how much Russian supply will be lost in the global market and whether alternative measures can offset the , shortfall, said IG market strategist Yeap Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day (bpd) in 2026, maintaining a similar growth rate to 2025, the producer group said on Wednesday.

The 2026 forecast aligns with OPEC's view that oil demand will keep rising for the next two decades. That is in contrast with the IEA, which expects demand to peak this decade as the world shifts to cleaner energy.

The market also found some support from a drop in US crude oil stocks last week, market sources said, citing American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 2.6 million barrels last week while gasoline inventories rose by 5.4 million barrels and distillates climbed by 4.88 million barrels, API sources said.

A Reuters poll found that analysts expected US crude oil stockpiles to have fallen by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration (EIA) is due at 10:30 a.m. EST (1530 GMT).

On Tuesday the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day (bpd) while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted that Brent crude will drop 8% to average $74 a barrel in 2025 and fall further to $66 in 2026 while WTI was projected to average $70 in 2025, dropping to $62 in 2026.