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Five Key Studies at Riyadh Economic Forum

The seventh round of the Riyadh Economic Forum. (SPA)
The seventh round of the Riyadh Economic Forum. (SPA)
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Five Key Studies at Riyadh Economic Forum

The seventh round of the Riyadh Economic Forum. (SPA)
The seventh round of the Riyadh Economic Forum. (SPA)

The eighth round of the Riyadh Economic Forum, which is held under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, will kick off on Monday.

Prince of Riyadh Faisal bin Bandar bin Abdulaziz will inaugurate the event on behalf of the King.

The three-day Forum is organized under the slogan "Tomorrow’s Economy is Built Today" amid economic movement in the kingdom that contributed to achieving advanced positions in indicators of ease of international business.

This session is important due to changes in the national economy, such as restructuring, building an economic base based on diversifying sources of income, optimizing the Kingdom's natural and human resources and integrating the philosophy of innovation and technological knowledge into the production system.

The first day of the forum will discuss a study on increasing the value added by exploiting and stimulating investment in the mineral wealth sector, which will be presented by SABIC's Business Strategies Manager Matar bin Awad al-Harthy.

The discussion panel will be chaired by Abdullah bin Issa al-Dabbagh, advisor to the Ministry of Energy, Industry and Mineral Resources, with the participation of the two debaters, Partner and Board Member of Al Kifah Holding Saleh Bin Hassan Abdullah Al Afaleq and CEO of Saudi Arabian Mining Company (Ma'aden) Khaled bin Saleh al-Mudaifer.

Other studies that will be tackled at the forum include the legislative system related to economic development, measuring and raising the productivity of the human element in the Saudi economy, diagnosing and addressing the current challenges facing the private sector to participate in operating and investing in the infrastructure and the role of the private sector in achieving the objectives of the Kingdom’s Vision 2030.

Economic circles and the public and private sectors in the Kingdom are looking forward to the forum as an important economic event as it focuses on the in-depth research of the national economy and its main problems. It also addresses the government's efforts to achieve Vision 2030, as well as efforts to raise the efficiency of the national economy against local, regional and global economic challenges, and promoting the effective partnership between the public and private sectors.

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Business

China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
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China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Kpler's provisional data showed February imports at 2.083 million bpd, up from 1.718 million bpd in January, according to Reuters.

China has since November replaced India as Moscow's top client for seaborne shipments as Western sanctions over the war in Ukraine and pressure to clinch a trade deal with the US forced New Delhi to scale back Russian oil imports to a two-year low in December.

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed.

Independent Chinese refiners, known as teapots, are the world's largest consumers of US sanctioned oil from Russia, Iran and Venezuela.

“For the quality you get from processing Russian oil versus Iranian, Russian supplies have become relatively more competitive,” said a senior Chinese trader who regularly deals with teapots.

ESPO blend last traded at $8 to $9 a barrel discounts to ICE Brent for March deliveries, while Iranian Light, a grade of similar quality, was last assessed at $10 to $11 below ICE Brent, the trader added.

Uncertainty since January over whether the US would launch military strikes on Iran if negotiations for a nuclear deal failed to yield Washington's desired results curbed buying from Chinese teapots and traders, said Emma Li, Vortexa's China analyst.

“For teapots, Russian oil looks more reliable now as people are worried about loadings of Iranian oil in case of a military confrontation,” Li said.

Part of the elevated Russian oil purchases came from larger independent refiners outside the teapot hub of Shandong, Li added.

Vortexa estimated Iranian oil deliveries into China – often banded by traders as Malaysian to circumvent US sanctions - eased to 1.03 million bpd this month, down from January's 1.25 million bpd.

 

 

 

Business

Oil in Spotlight as Trump's Iran Warning Rattles Sleepy Markets

FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
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Oil in Spotlight as Trump's Iran Warning Rattles Sleepy Markets

FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)

Oil prices stabilized on Tuesday as investors assessed supply disruption risks after Iran conducted naval exercises near the Strait of Hormuz ahead of nuclear talks with the United States later in the day.

US President Donald Trump said on Monday that he would participate "indirectly" in the Geneva talks, adding that he believed Tehran wanted to reach an agreement. Trump said at the end of the week that regime change in Iran would be the "best thing that could happen."

Brent crude futures fell 0.2 percent to $68.59 a barrel by 01:06 GMT, after rising 1.3 percent on Monday.

US West Texas Intermediate crude was at $63.73 a barrel, up 84 cents, or 1.34 percent, but that gain incorporated all price movement on Monday, as the contract was not settled that day due to the US Presidents Day holiday.

Many markets were closed on Tuesday for the Lunar New Year, including China, Hong Kong, Taiwan, South Korea and Singapore.

"The market remains jittery amid ongoing geopolitical uncertainty," Daniel Hynes, an analyst at ANZ Bank, said in a research note.

He added: "Should tensions in the Middle East ease, or tangible progress be made on the Ukrainian situation, the risk premium currently embedded in oil prices may quickly dissipate. However, any negative outcome or further escalation could be positive for oil prices."

Iran began military exercises on Monday in the Strait of Hormuz, a vital international waterway and a major oil export route from Gulf countries, which have called for diplomacy to end the conflict.

Meanwhile, Citigroup said that if Russian supply disruptions continue to keep Brent crude within a range of $65 to $70 a barrel in the coming months, OPEC+ is likely to respond by increasing production from spare capacity.

Three sources in OPEC+ said the organization is inclined to resume increasing oil production from April, as the group prepares for peak summer demand, and higher prices are reinforced by tensions over US-Iranian relations.

"We expect, in the base case, that two oil deals will be reached, one with Iran and the other with Russia and Ukraine, by or during the summer of this year, which will contribute to a decline in prices to $60-62 a barrel of Brent," Citigroup said.

Business

Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
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Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)

A consortium led by US oil major Chevron signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean. The deal doubles the amount of Greek maritime acreage available for exploration and is the second in months involving a US energy major as the European Union seeks to phase out supplies from Russia and the US seeks ‌to replace them.

Exxon ‌Mobil in November joined Energean and Helleniq to search ‌for ⁠gas in another ⁠offshore block in Western Greece. Monday's agreement allows Chevron - which also plans to expand production in Israel - to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete, stretching across 47,000 square kilometers (18,147 square miles). It follows Chevron and Helleniq Energy, Greece's biggest oil refiner, last year winning an international tender.

GREECE SEEKS TO BE A GATEWAY FOR US GAS

Greece, which ⁠has no gas production and relies on gas imports ‌for power generation and domestic consumption, has revived ‌its quest for gas exploration after a 2022 energy price shock driven by Russia's ‌invasion of Ukraine. It also aims to be a gateway for US ‌liquefied natural gas transported via the Vertical Gas Corridor, a route that carries gas from Greece to central Europe and Ukraine. US Ambassador to Greece Kimberly Guilfoyle said US LNG flowing through Greece had strengthened the alliance between the United States and Europe.

"It redraws, ‌quite simply, the energy map of Europe, creating a durable alternative to Russian gas not just for one season ⁠but for generations ⁠to come," Guilfoyle said during a presentation of the contracts in Athens. The European Union is building renewables capacity to cut greenhouse emissions, but has acknowledged the need for natural gas as a transition fuel to help stabilize the grid when intermittent wind and solar energy are not available.

The Greek parliament will need to approve the lease contracts before the Chevron-led consortium can start seismic research later this year. Greece has said the consortium has up to five years to locate potential recoverable deposits and any test drilling would not take place before 2030-2032.