Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)

Scientists and experts in Saudi Arabia began working on the circular carbon economy, a strategy that was launched during the Saudi G2O summit in Riyadh and aims to reduce carbon emissions and convert them into active materials.

On Tuesday, King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - launched the Circular Carbon Initiative, in a step to reinforce the directions of the Vision 2030.

Speaking during the event, Saudi Energy Minister Prince Abdulaziz bin Salman stressed that KAUST was equipped with all the needs and requirements to activate the circular carbon initiative, in support of the vision of the Kingdom's leaders and the G20.

KAUST’s Circular Carbon Initiative seeks to harness and mobilize the university’s research strengths and innovations, to develop and disseminate new technical solutions that support the circular carbon economy agenda.

In a statement KAUST said that the Circular Carbon Economy (CCE) was a sustainable and cost-effective approach that recognizes the urgency to act on the climate while ensuring access to clean and affordable energy for all. It added that the university’s initiative was aimed at filling an innovation gap through multidisciplinary work and in turn supporting Saudi Arabia in leading its CCE program.

Tony Chan, KAUST President, said that the university strives to be a global leader with its contributions in providing effective solutions to national and global challenges.

Since its establishment in 2009, KAUST has dedicated strategic investments in the infrastructure for research centers and main laboratories, and a large number of talented people. The university works to enhance cooperation with academics, industries and government agencies to develop and publish new scientific and engineering solutions across several sustainability areas.

“We seek to make an impact by partnering with academics and productive and government sectors, to ensure that university research is applied in a timely manner to achieve social and political benefits,” KAUST Vice President for Research Donal Bradley said in a statement.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.