Int’l Pledge to Support Sudan’s Economic Reforms Program

Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
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Int’l Pledge to Support Sudan’s Economic Reforms Program

Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah
Customers look on as a vender displays fresh produce in Khartoum, Sudan December 2, 2016. REUTERS/Mohamed Nureldin Abdallah

UK Department for International Development representatives and UN agencies operating in Sudan affirmed during a meeting with the state minister at the ministry of finance in Khartoum on Friday that the international community is willing to provide technical support to Sudan to reinforce its economic reform program.

Following the meeting Friday, a joint document stressed efforts to restore confidence between the Khartoum government and the international community and to prepare a plan to benefit from the support programs offered by the international community to Sudan.

The conferees agreed that the document’s implementation would encourage Arab Gulf countries to increase their support to Sudan and make new investments it.

State minister at the Sudanese ministry of finance Tareq Hasan Shalabi told Asharq Al-Awsat that his country has moved ahead in implementing economic reform programs since the start of 2018 without international assistance, which caused a deficit especially with the rise in prices of subsidized goods.

European Union Ambassador to Sudan Jean-Michel Dumond said the EU was willing to support the country economically, especially in financial reforms on expanding taxation.

Dumond and Osama Faisal, minister of state at the Sudanese ministry of foreign affairs, discussed a number of local, regional and international issues of mutual concern. They also agreed to hold more talks to deepen bilateral ties.

The World Bank has expanded its economic team working in Sudan to provide the required technical assistance and help the country face its economic challenges.

According to sources, the World Bank delegation that visited Sudan two months ago was briefed on the government’s preparations for a strategy on fighting poverty.



Oil Prices Steady as Markets Weigh Demand against US Inventories

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 Steady as Markets Weigh Demand against US Inventories

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 were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.