60 States Agree to Transform Region into Major Bridge for Int’l Transition to Renewable Energy 

More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources. (Asharq Al-Awsat)
More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources. (Asharq Al-Awsat)
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60 States Agree to Transform Region into Major Bridge for Int’l Transition to Renewable Energy 

More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources. (Asharq Al-Awsat)
More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources. (Asharq Al-Awsat)

More than 60 government ministers and delegations responsible for their countries’ minerals and metals strategies attended on Tuesday the second Ministerial Roundtable hosted by Saudi Arabia's Ministry of Industry and Mineral Resources in the largest-ever meeting of its kind.  

The ministers agreed that minerals are necessary to build a cleaner economy through new and emerging technologies.  

Moreover, the roundtable revealed that ministers and officials of 62 states are studying the mechanism of transforming the mining region stretching from Africa to West and Central Asia, a major bridge in the global transition to renewable energy.  

Although the region is home to nearly half of the world's population, it has not invested significantly in the renewable energy sector, contributing only 11 % to its global GDP.  

The Roundtable will be followed by the Future Minerals Forum (FMF) 2023, which runs between January 11 – 12. FMF is conducted under the auspices of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.  

Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, opened the meeting with a speech in which he welcomed participants and highlighted that the meeting reflected the vital role mining plays in shaping our transition to a sustainable future and equitable economic development.  

He said the Roundtable reflects the vital role played by the mining industry in shaping the transition to a sustainable future and achieving fair economic development.  

One of the advantages of developing the minerals and metals sector in the region is strengthening local communities and improving the balance of trade with the world, said the minister.  

AlKhorayef revealed that his country attracted $32 billion in investments in mining and minerals during the past year. 



Oil Edges Down amid Bearish Trump Tariff Outlook

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
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Oil Edges Down amid Bearish Trump Tariff Outlook

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev/File Photo

Oil prices declined moderately on Thursday as investors weighed the potential impact of US President Donald Trump's tariffs on global economic growth.

Brent crude futures were down 23 cents, or 0.3%, at $69.96 a barrel by 0904 GMT. US West Texas Intermediate crude fell 32 cents, or 0.5%, to $68.06 a barrel.

On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the US, after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva.

He has also announced plans for tariffs on copper, semiconductors and pharmaceuticals and his administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen letters issued earlier in the week including for powerhouse US suppliers South Korea and Japan.

Trump's history of backpedaling on tariffs has caused the market to become less reactive to such announcements, said Harry Tchilinguirian, group head of research at Onyx Capital Group.

"People are largely in wait and see mode, given the erratic nature of policy making and the flexibility the administration is showing around tariffs," Tchilinguirian said.

Policymakers remain worried about the inflationary pressures from Trump's tariffs, with only "a couple" of officials at the Federal Reserve's June 17-18 meeting saying they felt interest rates could be reduced as soon as this month, minutes of the meeting released on Wednesday showed.

Higher interest rates make borrowing more expensive and reduce demand for oil, Reuters said.

Supporting oil prices however was a weaker US dollar in Thursday's Asia trading session, said OANDA senior analyst Kelvin Wong. A weaker dollar lifts oil prices by making it cheaper for holders of other currencies.

US crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.

Global daily flights were averaging 107,600 in the first eight days of July, an all-time high, with flights in China reaching a five-month peak and port and freight activities indicating "sustained expansion" in trade activities from last year, JP Morgan said in a client note.

"Year to date, global oil demand growth is averaging 0.97 million barrels per day, in line with our forecast of 1 million barrels per day," the note said.

Additionally, there is doubt the recent increase in production quotas announced by OPEC+ will result in an actual increase in production, as some members are already exceeding their quotas, said Tony Sycamore, an analyst at IG.

"And others, like Russia, are unable to meet their targets due to damaged oil infrastructure," he said.

OPEC+ oil producers are set to approve another big output boost for September, as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota.