'Friends of Sudan' Postpones Donors’ Conference to Next June

Sudanese civilians wave their national flags during celebrations of the signing of the Sudan's power sharing deal, in Khartoum, Sudan (Reuters)
Sudanese civilians wave their national flags during celebrations of the signing of the Sudan's power sharing deal, in Khartoum, Sudan (Reuters)
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'Friends of Sudan' Postpones Donors’ Conference to Next June

Sudanese civilians wave their national flags during celebrations of the signing of the Sudan's power sharing deal, in Khartoum, Sudan (Reuters)
Sudanese civilians wave their national flags during celebrations of the signing of the Sudan's power sharing deal, in Khartoum, Sudan (Reuters)

The “Friends of Sudan” group promised to offer great support for the transitional government in Sudan to overcome the obstacles facing the country's transitional period and decided to postpone the donors' conference to June.

Sudanese Minister of Finance Ibrahim al-Badawi said: “Friends of Sudan” had agreed in the Stockholm meetings to hold the donors' conference on June 2020 and promised to disclose the sums expected to be donated to assist the government of Prime Minister Abdalla Hamdok.

The Minister described the Stockholm meetings as “successful”, adding that the coming donors' conference will be held following the meeting of the societal economic conference in Sudan, scheduled for March.

Badawi affirmed that Sudan's partners and friends have promised to provide considerable support to the country, indicating that he participated earlier in meetings organized by ''Friends of Sudan'' in Sweden.

The meetings would be followed by another one in Paris during which specified commitments are expected to be announced for the donors' conference scheduled for the first half of next June, according to the Minister.

Badawi stressed that donor countries can now extend their contribution after consultations with concerned ministries.

The “Friends of Sudan” was established in 2018 as an informal group, then it gained official status after the outbreak of the revolution in 2019. It includes a group of countries and organizations committed to joint action to provide support to the transitional government in the country.

Meanwhile, a member of the Transitional Sovereign Council of Sudan, Siddiq Tawer, inaugurated Tuesday the 5th International Mining Business Forum and Exhibition in Khartoum, with the participation of 55 international companies.

Tawer called for promoting the mining sector in Sudan by taking advantage of modern technologies, adding that this year’s conference takes place in light of new political and economic conditions after the December revolution.

The official pointed out that the civil mining is one of the challenges that affect the environment, and this sector needs to be managed in a special way that provides alternatives to transition to a more productive and harmless field for the environment and health of workers.

He cautioned against using the cheap technology that destroys the environment, explaining that the transitional government's strategy focuses on training and providing job opportunities for young people.

The three-day forum is organized by the Sudanese Ministry of Energy and Mining, represented by the Public Authority for Geological Research, and seeks to develop the sector and attract investments.

Also at the conference, the Sudanese Minister of Energy and Mining, Adel Ali Ibrahim hoped 2020 will be a year for mining, stressing that with efforts between the relevant authorities, the mining sector will occupy the leading and pioneering role in the Sudanese economy.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.