Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy

Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
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Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy

Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)

Saudi Arabia and Iraq have agreed to complete work on a number of important joint projects in the fields of gas, petrochemicals, electricity and renewable energy, and to intensify communication between them to discuss more joint opportunities.  

This came during a meeting on Thursday between Saudi Energy Minister Prince Abdulaziz bin Salman, and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad.  

The officials pointed to the progress achieved in the joint electrical interconnection project, emphasizing the importance of accelerating the implementation of the plan and increasing the capacity of the linkage to meet the aspirations of their countries.  

A statement said that the officials stressed the need to enhance bilateral cooperation in the fields of electricity and renewable energy, including operating and maintaining electrical networks and stations, and developing renewable energy plant projects.  

They also agreed to strengthen cooperation in the area of clean technologies to reduce carbon emissions, within the framework of the Green Middle East initiative, which is based on the carbon circular economy approach and which includes the establishment of a knowledge center and a regional complex for carbon capture, use and storage.  

The meeting touched on the importance of exchanging experiences in the field of reducing greenhouse gas and methane emissions, and benefiting from the Kingdom’s experience in the liquid fuel displacement program.   

The two sides reviewed the developments in the global oil markets, stressing the importance of working collectively within the framework of the OPEC+ agreement, and underlined their countries’ commitment to the organization’s decision, which extends to the end of 2023. 



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.