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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 Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil slipped on Tuesday pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.
Equinor has resumed partial production from the oilfield, Western Europe's largest, following a power outage. An outage at the North Sea field helped prices to climb by over 3% on Monday, Reuters reported.
Brent crude futures were down 45 cents, or 0.6%, to $72.85 a barrel by 0915 GMT, while US West Texas Intermediate crude futures slipped by 46 cents, or 0.7%, to $68.70.
"I guess the partial restart of the Sverdrup field is the driver of the setback, as well as a slightly stronger US dollar," said Giovanni Staunovo, analyst at UBS.
The US dollar edged up on Tuesday to within striking distance of its one-year high. A strong dollar makes commodities like oil more expensive for other currency holders and tends to weigh on prices.
Another continuing outage provided support. Kazakhstan's biggest oilfield, Tengiz, has reduced oil output by 28% to 30% for repairs which are expected to be completed by Saturday, the country's energy ministry said.
A rise in geopolitical tensions also supported prices.
In a significant reversal of policy, US President Joe Biden's administration allowed Ukraine to use the U.S.-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
The Kremlin said on Monday that Russia would respond to what it called a reckless decision by the Biden administration, having previously warned that such a decision would raise the risk of a confrontation with the US-led NATO alliance.
Investors are wary, said Toshitaka Tazawa, an analyst at Fujitomi Securities, as they are "assessing the direction of the Russia-Ukraine war after the weekend's escalation".
While oil's outright price has found support this week, the market structure has weakened. US crude flipped to contango for the first time since February on Monday in a sign that supply tightness was easing.