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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)
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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)

French President Emmanuel Macron held an extensive discussion session with a group of prominent Saudi business leaders, in the presence of Saudi Minister of Investment Eng. Khalid Al-Falih with the aim to foster and expand mutual investments between the two countries.

In remarks on X, Al-Falih said Saturday that during his visit to France, he participated in a workshop for the Global Green Neighborliness Initiative and held meetings with CEOs of major French companies to stimulate and enhance joint investments.

Additionally, Al-Falih met with France’s Minister for Europe and Foreign Affairs, Jean-Noël Barrot, who hosted a reception for Saudi and French companies.

In a separate meeting of the Saudi-French Ministerial Committee for the Development of AlUla, Al-Falih, along with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, reviewed the progress and achievements of the Royal Commission for AlUla.

The commission aims to position this unique site as a global destination for investments in tourism and cultural heritage.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

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 Stable on Monday as Data Offsets Surplus Concerns

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 stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.