Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
TT

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority.

He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended.

In this regard, Georgiadis stressed that all European countries would try to find many other sources of energy, to stop depending on Russian gas, revealing a plan to launch natural gas carriers to Europe through his country, in addition to the Azerbaijan pipeline.

In an interview with Asharq Al-Awsat on the sidelines of the Future Investment Initiative forum in Riyadh, the Greek minister said that Saudi Arabia, as part of the Group of Twenty, could play a major role in stabilizing the global economy.

He added that Greece respected the recent OPEC+ decision, saying it was imperative to work towards maintaining market balance.

“We have to find a way to avoid recession… A good partnership will achieve possible solutions to curb the recession, which will be very bad for Western societies, because it will hamper investments, reduce consumption and harm the economy,” he remarked.

Saudi-Greek cooperation

Georgiadis noted that trade exchange between Riyadh and Athens was close to 1.4 billion euros annually, excluding oil.

“Our main ambition is to reach at least 2 billion euros over the next three years, and we are working hard in this direction. This year, we established the Greek-Saudi Business Council, the first meeting of which will be held in Athens on Nov. 7-8,” he told Asharq Al-Awsat.

The Greek minister pointed to a number of bilateral agreements that were signed during the visit of Saudi Crown Prince Mohammed bin Salman to Greece in July, asserting that the two countries would reach their desired goals through these partnerships.

With regards to investments, Georgiadis said his country would present many investment opportunities, stressing that the Saudi-Greek Business Council has focused its efforts on diverse investments.

“We are certain that our cooperation with the Kingdom will serve Vision 2030,” he said. “It is a great vision for the Kingdom, and we want to participate in some of its vital achievements.”

The minister revealed that Greece would witness a record value of exports and tourism income, noting that the country was open for business and enjoyed many opportunities.

Future Investment Initiative

Regarding his participation in the Future Investment Initiative (FII) forum, he said: “First, I would like to say that I was very pleased to be in Saudi Arabia and to be among the participants in the main sessions of the conference… I believe that the Future Investment Initiative conference was a great success for Saudi Arabia, as it brought together people from all over the world… to exchange views on all important international and domestic issues.”

He continued: “Most importantly, it has set a great ground for promoting the new vision of Saudi Arabia, which has something to offer the world, so I would like to congratulate all the people who contributed to making this event a success.”

Georgiadis emphasized that Saudi Arabia was turning into a renewable energy producer at a very high speed, in the same way that Greece was becoming a major regional hub for energy and purification of environmental pollution, in addition to renewable energy and the distribution of liquefied and natural gas.

He pointed to the building of a data cable between Saudi Arabia and Greece, noting that negotiations were underway to sign a memorandum of understanding on energy and electricity cables between the two countries.

Energy scarcity challenges

Georgiadis touched on the ability of Europe in general and Greece in particular to overcome the challenges of energy and gas scarcity, saying: “Diversification of energy sources is now the most important priority in the European Union.”

“Even if the war stops tomorrow, we will never go back to the world we were in before the Russian-Ukrainian war,” he remarked.

He added: “All EU countries will try to find many other sources of energy, so that they do not have to depend on Russian sources. This will not happen again.”



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
TT

Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
TT

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
TT

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.