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Abdulaziz bin Salman: KSA Keen on Achieving Concept of Sustainable Development

Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
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Abdulaziz bin Salman: KSA Keen on Achieving Concept of Sustainable Development

Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat

Saudi Minister of State for Energy Affairs Prince Abdulaziz bin Salman bin Abdulaziz, who is also President of the Executive Committee of the Saudi Energy Efficiency Center, has assured the Kingdom’s keenness on achieving sustainable development in its three dimensions, economic, social and environmental.

He pointed out that the ministry of energy, industry, and mineral resources and other relevant agencies have efficiently participated over the past three decades in a number of sustainable development meetings.

“I am pleased to express my gratitude to the organizers of the forum, wishing it will contribute to achieving the goals in the field of housing sustainability and improving the quality of life for individuals and the society,” said Prince Abdulaziz in his speech Monday during the opening session of the Sustainable Housing Forum, which was organized by the Ministry of Housing in Riyadh.

The sustainability of cities and communities is one of the 17 sustainable development goals adopted in 2016 at the United Nations Summit on Sustainable Development.

It was linked to the other goals, particularly the seventh goal on clean energy, the eighth goal on decent work and economic growth and the 13th goal on climate change.

He added that Saudi Arabia, represented by the ministry of energy, has joined many global initiatives to contribute to the achievement of sustainable development goals, the most important of which are the Innovation Initiative, the Global Methane Initiative and the Clean Energy Ministerial (CEM) forum initiative.

Prince Abdulaziz pointed out the establishment of the Saudi Center for Energy Efficiency, which sought to cooperate with the Ministry of Housing to develop and enhance joint coordination through the development of programs and mechanisms that contribute to rationalize and raise the efficiency of energy consumption in urban plans, units, buildings and residential and commercial complexes.

He said that a Memorandum of Understanding between the Ministry of Housing and the Saudi Energy Efficiency Center has been signed, in order to ensure the application of the outcomes of Saudi Energy Efficiency Program in projects implemented, supervised, funded, or supported by the ministry.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.