Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
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Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with US Secretary of Energy Jennifer M. Granholm.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom and the US in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

During Wednesday’s meeting, the two Ministers also addressed the Kingdom's efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the “Saudi Green Initiative” and the “Middle East Green initiative.”

After the meeting, they signed a roadmap for cooperation in the field of energy between Saudi Arabia and the US.

The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also allows for further cooperation in other areas, in alignment with both countries' policies, laws, and international commitments.



Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.