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Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
TT
TT

Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA

General Court of Audit (GCA) President Dr. Hussam Al-Angari and Auditor General of the National Audit Office (CNAO) of the People’s Republic of China Hou Kai signed in Beijing a memorandum of understanding for cooperation in the field of accounting, auditing, and professional work.
Al-Angari issued a statement expressing thanks and gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, and the Council of Ministers for authorizing him to sign this memorandum, which is one of other similar agreements GCA has reached with counterpart organizations in different countries, SPA reported.
These agreements underscore GCA's elevated professional standing, at both regional and international levels, and its important role in sharing professional experience with counterpart Supreme Audit Institutions (SAIs) that are members of regional and international organizations for supreme audit and accounting institutions.
The memorandum aims to bolster collaboration between GCA and CNAO, specifically in the field of financial auditing, compliance and performance auditing. Such collaboration will be realized through various research and consulting projects, as well as holding of meetings, conferences, and training programs, all conducted within the framework of the International Organization of Supreme Audit Institutions and Asian Organization of Supreme Audit Institutions, of which the two parties are active members.
Saudi Ambassador to China Abdul Rahman Al-Harbi attended the signing ceremony.

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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)
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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.