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Saudi Arabia to Host IPTC Every 2 Years

A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Saudi Arabia to Host IPTC Every 2 Years

A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi Aramco started preparing for the International Petroleum Technology Conference (IPTC) 2022 that will be held in Saudi Arabia every two years.

The 12th edition of the IPTC, the largest international oil and gas conference, concluded in Dhahran on Wednesday. It was held under the patronage of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

The conference attracted a record 18,000 attendees and over 1,200 organizations from more than 70 countries, as well as over 250 exhibiting companies.

The Saudi cabinet, which on Wednesday held a meeting chaired by the Custodian of the Two Holy Mosques, welcomed the opening of the 12th International Petroleum Technology Conference in the Kingdom, stressing that it was in line with Saudi Vision 2030.

There were prominent speakers such as Saudi Minister of Energy Prince Abdulaziz bin Salman, Aramco Chairman Yasir Rumayyan, Bahrain’s Minister of Oil Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa, Chief Executive Officer of Total Patrick Pouyanne, and Chairman and Chief Executive Officer of ExxonMobil Darren W. Woods.

Aramco’s Senior Vice President of Upstream Mohammed Y. al-Qahtani affirmed that “the IPTC was the first international multi-disciplinary, inter-society oil and gas conference and exhibition held in Saudi Arabia.”

“The Kingdom, with some of the world’s largest oil reserves, occupies a unique position at the crossroads of Europe, Africa and Asia, making it a fitting location for one of the largest and most prestigious international conferences for petroleum engineering,” he said.

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Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
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Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

The Australian and New Zealand dollars tumbled on Friday as Israel's strike on Iran hammered global stocks and drove investors into safe-haven assets, with domestic bond yields diving to over a month lows.

The commodity-sensitive currencies often track global risk sentiment and tend to take a hit when equity markets slide.

The Aussie plunged 0.9% to $0.6474, having risen 0.5% overnight to as high as $0.6534. It was already showing signs of fatigue as the currency has been unable to break a key resistance level of $0.6550 overnight even as the greenback slid due to another round of soft data.

For the week, it is down 0.3%.

The kiwi dollar dropped 1% to $0.6011. It gained gaining 0.7% overnight, hitting a high of $0.6071. Support comes in around $0.5990, while resistance is at the multi-month top of $0.6080. For the week, it is down 0.1%.

Israel said early on Friday that it struck Iran. Oil prices jumped over 6%, Wall Street futures dropped over 1%, while safe-haven currencies like the Japanese yen and Swiss franc rose.

Local bonds also rallied. Australia's ten-year government bond yields slid 11 basis points to 4.133%, the lowest since May 1, while New Zealand's ten-year government bond yields dived 8 bps to a six-week low of 4.529%.

Sean Callow, a senior analyst at ITC Markets, said the trend for the Aussie is still up given the pressure on the US dollar from a sluggish US economy and investor unease over the U. policy outlook.

"Investors are likely to expect that Israel's strikes will be contained to a relatively short period, not something that will dictate market direction multi-week," he said.

Also, Japan's Nikkei share average fell on Friday, mirroring moves in US stock futures, oil and other stock markets on news that Israel had conducted a military strike on Iran.

As of 0106 GMT, the Nikkei was down 1.5% at 37,584.47.

The broader Topix fell 1.28% to 2,7473.9.

"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.

Chip-making equipment maker Tokyo Electron fell 5.5% to drag the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 2.1%.

Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.75% and 1.5%, respectively.

All but three of the Tokyo Stock Exchange's 33 industry sub-indexes fell.

Energy sectors rose as oil prices jumped, with oil explorers and refiners gaining 3.6% and 2.2%, respectively.

The utility sector rose 0.7%.