Saudi Energy Minister: Kingdom Forging Ahead Fully with its Nuclear Program 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
TT

Saudi Energy Minister: Kingdom Forging Ahead Fully with its Nuclear Program 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz speaks at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna on Monday. (SPA)

Saudi Minister of Energy, Chairman of the Board of King Abdullah City for Atomic and Renewable Energy, and Chairman of the Nuclear and Radiological Regulatory Commission Prince Abdulaziz bin Salman bin Abdulaziz said on Monday the Kingdom was forging ahead in developing its nuclear program.

Speaking at the 69th session of the International Atomic Energy Agency (IAEA) General Conference in Vienna, he stressed: “Given the importance of nuclear energy in socioeconomic development, the Kingdom has moved towards utilizing nuclear energy for peaceful purposes.”

“The Kingdom, in cooperation with the IAEA, is continuing to implement its national nuclear energy project in all its components, including the construction of the first nuclear power plant in Saudi Arabia, to achieve multiple objectives: contributing to the diversification of the national energy mix, enhancing the security of supply chains, and advancing sustainable development,” he went on to say.

These efforts are being pursued in line with the Kingdom’s national requirements and within the framework of international obligations, he added.

The Kingdom is committed to ensuring its national program promotes knowledge and technology transfer and supports the development of national human and technical capabilities in line with international best practices, said Prince Abdulaziz.

The minister further noted that Saudi Arabia has completed the essential administrative preparations to rescind the Small Quantities Protocol in cooperation with the IAEA and has fully implemented the Comprehensive Safeguards Agreement, as of early 2025.

Moreover, he said the Kingdom underlines the importance of strengthening nuclear and radiological emergency preparedness and response capabilities at the national and international levels.

International cooperation and knowledge-sharing boost the effectiveness of the nuclear and radiological emergency response systems to ensure people’s safety and environmental protection, he remarked.

The minister praised the IAEA’s efforts, under the leadership of Director General Rafael Grossi, to advance initiatives that support member states in building national systems, developing human capabilities in nuclear technology, and bolstering oversight of nuclear and radiological practices.

The conference underscores the agency’s key role in advancing international cooperation to harness atomic energy for peace and sustainable development, he noted.

Looking ahead, Prince Abdulaziz announced that the Kingdom will host the International Conference on Nuclear and Radiological Emergencies in Riyadh from December 1 to 4. The event will be organized by the IAEA.

Reaffirming Saudi Arabia’s investment in human capital, Prince Abdulaziz stressed that investing in national talent is key to maximizing the benefits of peaceful nuclear applications.

He underlined the Kingdom’s cooperation with the IAEA in supporting programs that develop and equip young professionals in the nuclear field to support national goals and achieve sustainable development.

The minister also highlighted Saudi Arabia’s support for the IAEA’s efforts to encourage member states to join multilateral nuclear safety agreements, noting that the Kingdom recently hosted a regional workshop in Riyadh to promote the Joint Convention on spent fuel and radioactive waste management in collaboration with the IAEA.

Prince Abdulaziz reiterated the Kingdom’s determination to deepen cooperation with the IAEA and advance the peaceful use of atomic energy in support of national development goals and in line with international obligations.



Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
TT

Oil Heads for Second Weekly Loss on Lingering Oversupply Concerns

Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra
Panamanian-flagged Caribbean Glory vessel with a capacity of 2 million barrels of oil, loads crude oil at a TLU (Tanker Loading Unit) in the Gulf of Morrosquillo, operated by Cenit, owned by Ecopetrol, in Covenas, Colombia October 1, 2025. REUTERS/Nelson Bocanegra

Oil prices rose on Friday but remained on track for a second consecutive weekly loss after three days of declines on worries about excess supply and slowing US demand.

Brent crude futures rose 50 cents, or 0.8%, to $63.88 a barrel by 1243 GMT. US West Texas Intermediate crude was up 51 cents, or 0.9%, at $59.94.

Both benchmarks are poised to register weekly declines of more than 1.5% as leading global producers raise output.

"The market continues to weigh a rising oil surplus against mixed macro," said SEB analyst Ole Hvalbye, Reuters reported.

An unexpected US inventory build of 5.2 million barrels reignited oversupply fears this week, said IG Markets analyst Tony Sycamore.

US crude stocks rose more than expected on higher imports and reduced refining activity while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.

Concern over the effects of the longest government shutdown in US history also pressured oil prices.

The Trump administration has ordered flight reductions at major airports because of a shortage of air traffic controllers while private reports are pointing to a weaker US labor market in October.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Sunday to increase output slightly in December. However, the group also paused further increases for the first quarter of next year, wary of a supply glut.

European and US sanctions on Russia and Iran, meanwhile, are disrupting supplies to the world's largest importers, China and India, providing some support for global markets.

China's crude imports in October rose 2.3% from September and were up 8.2% from a year earlier at 48.36 million tons, customs data showed, against a backdrop of high utilisation rates at refineries in the world's largest oil importer.

"China kept importing elevated amounts of crude in October," UBS analyst Giovanni Staunovo said. "That move keeps those barrels away from the OECD, where inventories remain low."

Swiss commodities trader Gunvor said on Thursday that it had withdrawn its proposal to buy the foreign assets of Russian energy company Lukoil after the US Treasury called it Russia's "puppet" and signalled that Washington opposed the deal.

"Gunvor scrapping its Lukoil assets purchase suggests the US is maintaining its maximum pressure campaign against Russia, and potential strict enforcement of sanctions on Rosneft and Lukoil," said Vandana Hari at oil market analysis provider Vanda Insights.


China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
TT

China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)

China suspended an array of export control measures it imposed on October 9, including expanded curbs on some rare earths materials and equipment, as well as lithium battery materials and super-hard materials, the Commerce Ministry said in a statement on Friday.

The suspensions were effective immediately and would apply through November 10, 2026, the ministry said.

The announcement confirmed and formalized an agreement reached after US President Donald Trump and Chinese President Xi Jinping hammered out a trade truce last month.

The White House and China's Commerce Ministry had both said such an announcement was forthcoming.


FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025.  REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela
TT

FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025.  REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela

World food commodity prices fell for a second consecutive month in October, driven largely by ample global supplies, the United Nations' Food and Agriculture Organization (FAO) said on Friday.

The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 126.4 points in October, down from a revised 128.5 in September.

The index was down slightly compared to its October 2024 level and stood 21.1% below its March 2022 peak.

In a separate report, FAO forecast 2025 world cereal production at a record 2.990 billion metric tons, after projecting 2.971 billion tons last month.

The latest outlook was up 4.4% from 2024 output.