Al Marzouqi Appointed General Coordinator for Negotiations and Head of GCC Negotiating Team

Secretary General of the Gulf Cooperation Council (GCC) Jassem Albudaiwi meets with Dr. Raja bin Manahi Al Marzouqi, newly-appointed General Coordinator for Negotiations and Head of the Negotiating Team of the GCC, in Riyadh on Wednesday. (GCC)
Secretary General of the Gulf Cooperation Council (GCC) Jassem Albudaiwi meets with Dr. Raja bin Manahi Al Marzouqi, newly-appointed General Coordinator for Negotiations and Head of the Negotiating Team of the GCC, in Riyadh on Wednesday. (GCC)
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Al Marzouqi Appointed General Coordinator for Negotiations and Head of GCC Negotiating Team

Secretary General of the Gulf Cooperation Council (GCC) Jassem Albudaiwi meets with Dr. Raja bin Manahi Al Marzouqi, newly-appointed General Coordinator for Negotiations and Head of the Negotiating Team of the GCC, in Riyadh on Wednesday. (GCC)
Secretary General of the Gulf Cooperation Council (GCC) Jassem Albudaiwi meets with Dr. Raja bin Manahi Al Marzouqi, newly-appointed General Coordinator for Negotiations and Head of the Negotiating Team of the GCC, in Riyadh on Wednesday. (GCC)

Secretary General of the Gulf Cooperation Council (GCC) Jassem Albudaiwi held talks on Wednesday with Dr. Raja bin Manahi Al Marzouqi, newly-appointed General Coordinator for Negotiations and Head of the Negotiating Team of the GCC, on the occasion of his appointment.

The GCC Ministerial Council had on March 22 issued a decision to appoint Al Marzouqi, Saudi Arabia’s candidate, as General Coordinator for Negotiations and Head of the Negotiating Team of the GCC.

Meeting at the GCC General Secretariat in Riyadh, Albudaiwi congratulated Al Marzouqi on his appointment, wishing him success in carrying out his duties in advancing Gulf trade negotiations in a manner that meets the aspirations of the leaders and people of the GCC.

The officials also discussed the need to seize Gulf achievements in line with the provisions of the economic agreement. They underlined the ability of GCC countries to play a major role as an economic engine through strategic partnerships and free trade negotiations with a number of countries, regional blocs, and other economic and international groups.

They also stressed the means to accelerate the pace of partnerships to help advance growth and Gulf economic integration, through plans, visions and development programs.

Al Marzouqi expressed his gratitude to Albudaiwi and Gulf foreign ministers for the confidence in appointing him as the General Coordinator for Negotiations.

Al Marzouqi had previously worked as a Chief Economic Advisor at the Saudi Ministry of Economy and Planning. He worked as a faculty member at the Prince Saud Al Faisal Institute for Diplomatic Studies, and a collaborating expert with the International Monetary Fund.

He has also held several leadership and administrative positions in the government and private sectors, as well as international and regional organizations, the most recent of which was the position of CEO of the Gulf Monetary Council.

Al Marzouqi holds a PhD in Economics from Oklahoma State University-Stillwater, a Master's degree in Applied Mathematical Economics from the University of Michigan in Ann Arbor in the United States, and a Bachelor's degree in Economics from King Saud University in Riyadh.



Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.