GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
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GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said Thursday that the outcomes and recommendations of the latest meeting of the Committee of Governors of Central Banks would help enhance financial and economic integration among GCC countries.

His remarks came during the 83rd meeting of the Committee of Governors of Central Banks of the GCC countries held in Doha.

The meeting was chaired by the Governor of the Central Bank of Qatar and current session chairman Shaikh Bandar bin Mohammed bin Saoud Al Thani.

In his statement, Albudaiwi expressed gratitude to Qatari Emir and the President of the Supreme Council in its current session, Sheikh Tamim bin Hamad Al Thani, for Qatar's sincere efforts and diligent work to strengthen the GCC's unity.

He also praised the committee's valuable efforts to enhance cooperation and economic integration among the GCC countries, particularly in the monetary and banking fields. Albudaiwi cited achievements such as the adoption of guiding standards in banking and financial supervision, coordination in combating money laundering and terrorist financing, and the facilitation of financial transactions among GCC countries through advanced technological systems.

Albudaiwi added that the committee's decisions and recommendations on the meeting agenda would promote economic unity among the GCC countries in all monetary matters and drive them forward in this field.



Oil Prices Up Over 1% on US Hurricane Impact Concerns

FILE PHOTO: A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS
FILE PHOTO: A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS
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Oil Prices Up Over 1% on US Hurricane Impact Concerns

FILE PHOTO: A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS
FILE PHOTO: A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS

Oil prices rose more than 1% on Thursday, spurred by concerns of Hurricane Francine impacting output in the US, the world's biggest crude producer, though worries of lower demand capped gains.
Brent crude futures for November were up $1, or 1.4% at $71.61 a barrel at 0632 GMT. US crude futures for October were up 92 cents, or 1.4%, at $68.23 a barrel, Reuters reported.
Both contracts rose by more than 2% in the previous session as offshore platforms in the US Gulf of Mexico were shut and refinery operations on the coast disrupted by Hurricane Francine's landfall in southern Louisiana on Wednesday.
"Both benchmarks, WTI and Brent, seem to have found some ground amid worries of disrupted US oil supplies," said Priyanka Sachdeva, senior market analyst at Singapore-based brokerage Phillip Nova.
"The region accounts for about 15% of US oil production, with any disruptions in production likely to tighten supplies in the near term."
But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand.
US oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday.
The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. The US is the world's biggest oil consumer.
Despite worries of Hurricane Francine impacting supply, the medium-term trend remains bearish for WTI crude, supported by weak demand from China and "growth scare concerns" in the US, said Kelvin Wong, senior market analyst at OANDA.
Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.
"Oil traders are now looking ahead to International Energy Agency's monthly market report later this week for any signs of a weakening demand outlook," ANZ Research said in a note on Thursday.