Riyadh Economic Forum Tackles Strategic Issues, Solid Studies

 Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
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Riyadh Economic Forum Tackles Strategic Issues, Solid Studies

 Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)
Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum, with a wide participation of government officials, economic experts and academics.

Prince Faisal bin Bandar stressed that the Custodian of the Two Holy Mosques’ sponsorship of the forum, since the launch of its first session in 2003 and throughout its journey, represented the greatest support for its work and activities in strengthening the national economy and raising its response to facing local, regional and global economic challenges, in line with the objectives of Vision 2030.

He added that the forum also reflected the Kingdom’s support for private sector institutions and the importance of raising their contribution to the achievement of a sustainable economic and social development, especially in light Saudi Arabia’s rapid economic growth and comprehensive renaissance.

The governor of Riyadh pointed that the forum sought to enhance the participation of female and male stakeholders, economic experts and academics to develop solid studies that accurately analyze the challenges facing the national economy in many of its sectors, and adopt a neutral and balanced scientific approach to find viable solutions.

For his part, Ajlan Al-Ajlan, Chairman of the Board of Directors of the Chamber of Commerce in Riyadh, pointed to the successes achieved by the forum through its previous nine sessions, emphasizing its recommendations and fruitful results that would contribute to raising the efficiency of the national economy and building an attractive investment environment.



Oil Prices Hover Near Two-Week Low; Weak China Data Adds to Demand Concerns 

An offshore oil rig is pictured off the coast of Huntington Beach, California, US, November 14, 2024. (Reuters)
An offshore oil rig is pictured off the coast of Huntington Beach, California, US, November 14, 2024. (Reuters)
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Oil Prices Hover Near Two-Week Low; Weak China Data Adds to Demand Concerns 

An offshore oil rig is pictured off the coast of Huntington Beach, California, US, November 14, 2024. (Reuters)
An offshore oil rig is pictured off the coast of Huntington Beach, California, US, November 14, 2024. (Reuters)

Oil prices ticked up but hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook.

Brent crude oil futures rose by 60 cents, or 0.78%, to $77.68 per barrel by 0730 GMT. US West Texas Intermediate crude futures were up 50 cents, or 0.68%, to $73.67. Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.

China, the world's largest importer of crude oil, reported on Monday an unexpected contraction in manufacturing activity in January, adding to concerns over global crude demand growth.

"The general tone of caution in the risk environment, coupled with weaker Chinese PMI numbers that cast further doubt on China's oil demand outlook, may serve as a drag on oil prices," IG analyst Yeap Jun Rong said.

China's crude oil demand is also expected to be hit by the latest US sanctions on Russian oil trade. FGE analysts see refineries in Shandong losing up to 1 million barrels per day of crude supply in the near term amid a ban imposed by the Shandong Port Group on US-sanctioned tankers.

"Alternative crude barrels (to Russian supply) are being sought after at the same time, but they come at much higher costs," the analysts noted.

Several independent refineries in China have halted operations, or plan to do so, for indefinite maintenance periods, sources told Reuters, as new Chinese tariff and tax policies plunge plants deeper into losses.

India, the world's third-largest crude importer, also faces disruptions to Russian oil supply, but refiners there are taking advantage of a wind-down period in the sanctions to make purchases until March, the FGE analysts said.

In the US, weather forecasts are for warmer-than-normal temperatures through this week, which is weighing on demand for heating fuels after extreme cold sparked a natural gas and diesel rally in prior sessions.

"Temperatures in both regions (US and Europe) are increasing, allowing for heating fuel demand to slide off some," StoneX oil analyst Alex Hodes said on Monday.

Broader financial markets were under pressure from a surge of interest in a low-cost artificial intelligence model launched by Chinese firm DeepSeek.

"Losses (in the oil market) appear relatively limited from the turmoil in US tech stocks," IG's Yeap said.

Still, caution is likely to persist as the Feb. 1 deadline for US tariffs approaches, with any potential trade restrictions likely to introduce downside risks to global growth, which could translate to downward pressure on oil, Yeap added.