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Saudi Arabia, Germany Seek to Promote Energy Dialogue and Hydrogen Alliance

Saudi Arabia is moving to expand reliance on renewable energy and hydrogen production. (Asharq Al-Awsat)
Saudi Arabia is moving to expand reliance on renewable energy and hydrogen production. (Asharq Al-Awsat)
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Saudi Arabia, Germany Seek to Promote Energy Dialogue and Hydrogen Alliance

Saudi Arabia is moving to expand reliance on renewable energy and hydrogen production. (Asharq Al-Awsat)
Saudi Arabia is moving to expand reliance on renewable energy and hydrogen production. (Asharq Al-Awsat)

Dr. Dalia Samra-Rohte, Delegate of German Industry & Commerce for Saudi Arabia, Bahrain and Yemen, said that the German-Saudi Arabian Liaison Office for Economic Affairs (GESALO) sought to promote German-Saudi energy dialogue and the hydrogen alliance.

Saudi Arabia and Germany are seeking to strengthen economic and investment relations and increase trade exchange, on the sidelines of the visit of German Chancellor Olaf Scholz to the Kingdom.

Samra-Rohte said that Saudi Vision 2030 created additional opportunities to further develop relations, pointing to sustainability as a major focus in the Kingdom’s aspirations during the coming period.

Opportunities were identified in the areas of renewable energy, recycling, green hydrogen, as well as the water sector, she told Asharq Al-Awsat.

She also stressed that the German industry has contributed to health care developments, major infrastructure projects and digitization in Saudi Arabia.

The delegate of German Industry & Commerce for Saudi Arabia, Bahrain and Yemen revealed that her country was the Kingdom’s fourth largest trading partner, noting that most of Germany’s exports to Saudi Arabia were focused on chemical products and mechanical equipment.

She went on to say that the value of German exports to the Kingdom reached 5.6 billion euros ($5.4 billion), noting that her country’s companies enjoyed a strong trade relationship with their Saudi counterparts.

Over the past years, German industry has contributed to the general diversification and localization efforts in Saudi Arabia. In this regard, Samra-Rohte emphasized that with the increasing demand for local manpower, German companies have provided job opportunities for many Saudi citizens.

The GESALO office regularly organizes exchange programs and helps Saudi students, who complete their studies in Germany, to find suitable job opportunities, she concluded.

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Oil Tumbles Further as US-China Trade Tensions Fuel Recession Fears

FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
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Oil Tumbles Further as US-China Trade Tensions Fuel Recession Fears

FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo
FILE PHOTO: A general view shows Marathon Petroleum's oil refinery, following Russia's invasion of Ukraine, in Anacortes, Washington, US, March 9, 2022. REUTERS/David Ryder/File Photo

Oil prices extended last week's losses on Monday, with WTI falling more than 4%, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude.

Brent futures declined $2.54, or 3.9%, to $63.04 a barrel at 0745 GMT, while US west Texas Intermediate crude futures lost $2.5, or 4.03%, to $59.49. Both benchmarks dropped their lowest since April 2021.

Oil plunged 7% on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week, Brent lost 10.9%, while WTI dropped 10.6%.

"It's hard to see a floor for crude unless the panic in the markets subsides and it's hard to see that happening unless Trump says something to arrest snowballing fears over a global trade war and recession," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Responding to US President Donald Trump's tariffs, China said on Friday it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is underway.

Imports of oil, gas and refined products were given exemptions from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.

Federal Reserve Chair Jerome Powell said on Friday that Trump's new tariffs are "larger than expected," and the economic fallout including higher inflation and slower growth likely will be as well.

Adding to the downward momentum, the Organization of the Petroleum Exporting Countries and allies (OPEC+) decided to advance plans for output increases. The group now aims to return 411,000 barrels per day (bpd) to the market in May, up from the previously planned 135,000 bpd.

"This potential influx of supply, reversing cuts maintained over the past two years, represents a major shift in market dynamics and acts as a significant headwind for prices," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Over the weekend, top OPEC+ ministers stressed the need for full compliance with oil output targets and called for overproducers to submit plans by April 15 to compensate for pumping too much.

On the geopolitical front, Iran on Sunday rejected US demands that it hold direct nuclear talks or face strikes. Russia claimed to have captured Basivka in Ukraine's Sumy region and said its forces were attacking multiple nearby settlements.