Fahd Al-Turki: G20 Summit Raises Global Ranking of Saudi Research Centers

Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
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Fahd Al-Turki: G20 Summit Raises Global Ranking of Saudi Research Centers

Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat

Fahd Al-Turki, Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC), said that the G20 Riyadh summit 2020 will highlight Saudi Arabia globally, expand partnership networks, and enhance intellectual leadership, along with upgrading the global ranking of Saudi research centers.

A think tank conference bringing together a research and policy advice network for the G20 Saudi Presidency, dubbed Think20 (T20), will be held in Riyadh on Sunday and will discuss about 122 research tracks that represent the priorities of most think tanks and studies conducted.

Speaking to Asharq-Awsat, Turki said recommendations reached at the conference will be submitted to the leaders of the twenty countries next October, a few days before the G20 summit is held in Riyadh.

He also stated that KAPSARC and the King Faisal Center for Research and Islamic Studies were chosen to participate in the leadership of the T20, which is one of the communication groups in the G20 formed with the aim of providing information, research papers and supporting the outcomes of the summit to be held in Saudi Arabia this year.

The T20 group, according to Turki, aims to shape and influence the global dialogue through evidence-based research, to include national interests in the global agenda by holding dialogues and discussion sessions between different thought and opinion institutions, and to provide a platform for energy research centers and Saudi thought institutions to share their views and research.

Turki pointed out that Saudi Arabia seeks to achieve a future of economic prosperity, sustainability and inclusion, and therefore focused its goals on climate change and the environment by looking to set up a circular economy with low carbon emissions.

He also said that Saudi Arabia is focused on the empowerment of women and youth for a more inclusive society that observes pluralism, economic development and financial sustainability.



Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)

Brent oil prices fell on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased worries about demand that overshadowed the impact of the halt of production and exports from Libya.
Brent crude futures were down 17 cents, or 0.2%, to $77.35 a barrel by 0620 GMT, Reuters reported.
West Texas Intermediate crude futures, which did not settle on Monday because of the US Labor Day holiday, were up 50 cents, or 0.7%, at $74.05 a barrel.
"Oil remains under pressure given lingering Chinese demand concerns. Weaker-than-expected PMI data over the weekend would have done little to ease these worries," said Warren Patterson of ING, adding that demand jitters are offsetting the Libyan supply disruptions.
China's purchasing managers' index (PMI) hit a six-month low in August. On Monday, the country reported new export orders in July fell for first time in eight months, and new home prices grew in August at their weakest pace this year.
In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.
The country's National Oil Corp (NOC) declared force majeure on its El Feel oil field from Sept. 2. Total production had plunged to little more than 591,000 barrels per day (bpd) as of Aug. 28 from nearly 959,000 bpd on Aug. 26, NOC said. Production was at about 1.28 million bpd on July 20, the company said.
Still, some supply is set to return to the market as eight members of the Organization of the Petroleum Exporting Countries (OPEC) and affiliates, known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, according to industry sources.
OPEC planners may decide that the expected upcoming cuts in US interest rates and the Libyan outage provides space for the addition of more oil, RBC Capital analyst Helima Croft said in a note.
"In our view, a prolonged Libyan outage could support Brent prices" around $85 a barrel, even with additional supply coming onto the market in the fourth quarter, she said.