SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
TT
20

SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)

The General Assembly of the Standards and Metrology Institute for Islamic Countries (SMIIC) agreed to postpone the institute's elections and to extend the term of the chairmanship of the Board of Directors of the Governor of the Saudi Standards, Metrology and Quality Organization Dr. Saad bin Abdullah Al-Qasabi until the end of 2021.

The decision was made as Al-Qasabi presided over the meetings of the SMIIC's General Assembly and Board of Directors, which were held virtually with the participation of delegations of 39 Islamic countries, and three other countries with observer membership.

The Kingdom took part in the summit through a delegation chaired by Saud bin Rashid Al Askar, deputy governor for conformity at Saudi Standards, Metrology and Quality Organization (SASO).

The meeting discussed several topics, to ensure business continuity and facilitation at the institute during the COVID-19 pandemic, as well as memberships of Yemen, Chad and Bangladesh.

The gatherers approved the strategic plan of the Islamic institution 2020-2021 and the budget for the year 2021, as well as countries’ contributions to the same year.



Saudi Aramco CEO: Oil Demand to Remain Resilient Despite Recent Upheaval 

Saudi Aramco CEO Amin Nasser speaks at an event in Houston. (AFP file)
Saudi Aramco CEO Amin Nasser speaks at an event in Houston. (AFP file)
TT
20

Saudi Aramco CEO: Oil Demand to Remain Resilient Despite Recent Upheaval 

Saudi Aramco CEO Amin Nasser speaks at an event in Houston. (AFP file)
Saudi Aramco CEO Amin Nasser speaks at an event in Houston. (AFP file)

Saudi oil giant Aramco expects oil demand to remain resilient this year and sees further upside if the US and China successfully resolve their trade dispute.

Washington and Beijing agreed to temporarily slash reciprocal tariffs earlier on Monday, in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

"We expect demand will continue to be steady and growing compared to 2024, and if the whole issue around tariffs is resolved... that also will add to additional demand that will be seen from the market," Aramco CEO Amin Nasser said in a post-earnings conference call on Monday.

Aramco, the world's top oil exporter, reported posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year.

Aramco had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year.

Meanwhile, the OPEC+ group surprised markets in April by agreeing to a larger-than-expected output hike for May.

Saudi Aramco said the additional production could add potentially $1.9 billion in annual operating cash flow.

"Currently, it is premature to assess the full impact of trade negotiations, as there are many moving parts," Nasser said, but added that Aramco is well positioned thanks to its healthy financial position and flexible capital.