Saudi Energy Minister Discusses Market Stability with Iraqi, Libyan Counterparts

Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
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Saudi Energy Minister Discusses Market Stability with Iraqi, Libyan Counterparts

Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).

As global oil markets anticipate the upcoming OPEC+ meeting next week, attention is focused on economic uncertainties, including weak economic data from China and US President Donald Trump’s calls for lower oil prices.

On Monday, Saudi Energy Minister Prince Abdulaziz bin Salman met with Iraqi Oil Minister Hayan Abdul Ghani and Libyan Oil and Gas Minister Khalifa Abdul Sadiq in Riyadh. Their discussions centered on boosting cooperation to stabilize global energy markets and serving the mutual interests of their countries.

The OPEC+ alliance, comprising OPEC members and non-OPEC allies like Russia, is scheduled to hold its Joint Ministerial Monitoring Committee (JMMC) meeting on February 3.

The meeting was held amid US President Donald Trump’s renewed pressure on OPEC to lower oil prices, arguing that such a move could help end the war in Ukraine. However, OPEC+ has already planned a gradual increase in oil production starting in April, signaling a phased rollback of earlier production cuts.

Saudi Arabia has consistently worked towards oil market stability, a commitment reaffirmed by Prince Abdulaziz. Similarly, Saudi Economy Minister Faisal Alibrahim, when asked about Trump’s remarks at the World Economic Forum in Davos, emphasized that Saudi Arabia and OPEC prioritize long-term market stability over short-term price fluctuations.

Prince Abdulaziz also held discussions with Egyptian Petroleum Minister Karim Badawi on enhancing energy cooperation, particularly in energy efficiency, with Saudi Arabia sharing its expertise in the field.

Oil prices saw modest gains on Tuesday, but remained near a two-week low, affected by weak Chinese economic data and forecasts of warmer weather dampening demand expectations. On Monday, Brent crude closed at its lowest level since January 9, while WTI hit its lowest since January 2.

China, the world’s largest crude importer, reported an unexpected contraction in manufacturing activity in January, raising concerns about slowing global oil demand. The latest US sanctions on Russian oil trade are also expected to disrupt China’s crude supply.

According to analysts at FGE, refineries in Shandong could lose up to 1 million barrels per day due to US restrictions on Russian oil tankers. While alternative crude sources are being explored, these come at significantly higher costs.

Oil price movements remain intertwined with broader financial market trends, including increased investor interest in DeepSeek, a Chinese company that recently launched a low-cost AI model, influencing overall market sentiment.



Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
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Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)

The General Council of the World Trade Organization (WTO) has unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. In a historic milestone, Al-Moqbel becomes the first Arab and Middle Eastern delegate to assume this position, reported the Saudi Press Agency on Wednesday.

The WTO General Council, which convenes throughout the year, oversees the organization’s operations between ministerial conferences, held biennially. As the highest decision-making body at the level of heads of missions, the council plays a crucial role in shaping global trade policies.

During Saudi Arabia's presidency, the General Council is set to address several key issues, including preparations for the 14th Ministerial Conference, scheduled to be held in Cameroon in March 2026.

The agenda will also focus on essential WTO reforms, particularly the dispute settlement mechanism; advancing negotiations on the second phase of the Fisheries Subsidy Agreement; and addressing agriculture, food security, and development concerns.

Other priorities include integrating multilateral agreements, such as the Investment Facilitation for Development Agreement and the E-Commerce Agreement, into the WTO framework.

Commenting on the appointment, Al-Moqbel emphasized that Saudi Arabia’s leadership in the WTO General Council reflects its growing role in the international economic landscape, leveraging its global economic influence to strengthen multilateral trade cooperation.