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Saudi Arabia Fit to Produce Carbon-Neutral Oil

Saudi Arabia Fit to Produce Carbon-Neutral Oil
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Saudi Arabia Fit to Produce Carbon-Neutral Oil

Saudi Arabia Fit to Produce Carbon-Neutral Oil

A recently published research paper revealed that Saudi Arabia has a competitive edge when it comes to producing carbon-neutral oil.

This enables the Kingdom to proceed with comprehensive applications of carbon capture, use, and storage for future transition to carbon-free oil production, while it can recycle carbon by-products into beneficial chemicals that can be utilized and marketed for use in multiple energy purposes.

Published by the King Abdullah Petroleum Studies and Research Center (KAPSARC), the paper reveals that Saudi Arabia is currently working towards achieving a circular economy.

The paper discussed ways to coordinate initiatives of Kingdom Vision 2030 in order to achieve green growth in the Kingdom, which means increasing the GDP and continuing economic growth in parallel to cutting carbon dioxide emissions.

Saudi Arabia, according to the paper, produces the world’s lowest carbon levels per oil barrel and this gives the Kingdom a competitive edge in the future transition to producing carbon-neutral oil.

The paper stated that the Kingdom has an opportunity to become a major supplier of basic low-carbon petrochemicals as well as high-value chemicals by increasing the use of renewable energy and improving the efficiency of the refining, processing, and marketing industries in the petrochemical industry.

Titled “Green Growth Paths in The Kingdom,” the paper presented nine policies that promote green growth in Saudi Arabia.

The paper notes that the Kingdom's 2030 vision encourages green growth through its strategic goals, which include building new cities, developing national industry and logistic services, and upgrading digital technologies to enhance trade and local content by focusing on industry, mining, energy, and logistical services.

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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)

Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.
Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday.
US gold futures were up 0.2% to $2,691.20, reported Reuters.
"Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields," said independent analyst Ross Norman.
"Powell's comments will be observed for indications about the depth of further cuts. But really it's a case of when, not if."
Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool.
Lower interest rates boost non-yielding gold's appeal.
Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.
Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed's preferred inflation indicator - on Friday.
Bullion has risen more than 29% so far in 2024, hitting record highs several times, fueled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.
"In the coming weeks, gold could set new records and we see $3,000 an ounce as the maximum extension of the bullish movement," analysts at Intesa Sanpaolo said.
"We forecast a 4Q24 gold average of $2,595, as some profit-taking could materialize towards year end."
Among other metals, spot silver climbed 0.9% to $32.16 per ounce, holding close to the four-month high it hit on Wednesday.
Platinum rose 1.8% to $1,005.61 and palladium gained 2.4% to $1,062.36.