Riyadh Economic Forum Announces 30 Development Proposals

Riyadh Economic Forum Announces 30 Development Proposals
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Riyadh Economic Forum Announces 30 Development Proposals

Riyadh Economic Forum Announces 30 Development Proposals

The Riyadh Economic Forum, in cooperation with KPMG, announced that it had reached 30 proposals on development and diversification.

The Riyadh Economic Forum is one of the largest that discusses the future of the sectors and activities of the Saudi economy.

Chairman of the Board of Trustees, Khaled al-Rajhi, said that the Board stressed the need to increase the activities and products of the Forum to keep pace with the economic developments in the Kingdom.

Rajhi reiterated the importance of the workshop's products in diversifying its activities.

The participants in the workshop submitted more than 31 proposals for several activities, including conducting studies to develop the chambers of commerce committees, creating several economic indicators, and establishing strategic partnerships with international and regional forums and international universities.

The proposals also suggest preparing several studies in cooperation with major companies and benefiting from the experiences of businessmen.

The suggestions also seek to publish the Forum's studies on the broadest scale to maximize their benefit and enhance the Forum's presence on social media platforms.

They also call for holding many specialized local and international economic conferences, reiterating the importance of educating the community economically and establishing communication with financial experts.

The proposals aim to enhance communication with the authorities related to economic affairs at the local level, enhance innovation and the investment environment, and transform the Forum into a strategic think tank.



Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
TT

Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new US sanctions on Russian oil exports to key buyers India and China.

Brent futures were down 58 cents, or 0.72%, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79% to $78.20 a barrel, Reuters reported.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that transport oil as part of Russia's so-called shadow fleet of tankers.

"With several nations seeking alternative fuel supplies in order to adapt to the sanctions, there may be more advances in store, even if prices correct a bit lower should tomorrow's US CPI data come in somewhat hotter-than-expected", said Charalampos Pissouros, senior investment analyst at brokerage XM.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, their effect on the physical market could be less pronounced than what the affected volumes might suggest.

ING analysts estimated the new sanctions had the potential to erase the entire 700,000 barrel-per-day surplus they had forecast for this year, but said the real impact could be lower.

"The actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions," they said in a note.

Nevertheless, analysts expect less of a supply overhang in the market as a result.

"We anticipate that the latest round of sanctions are more likely to move the market closer to balance this year, with less pressure on demand growth to achieve this," said Panmure Liberum analyst Ashley Kelty.

Uncertainty about demand from major buyer China could blunt the impact of the tighter supply. China's crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.