Monday, November 29

The Saudi Crown Prince affirms the Kingdom’s commitment to strengthening the stability of global energy markets

The British Prime Minister praised the Saudi Crown Prince’s announcement of the Kingdom’s intention to target carbon neutrality by 2060.

mentioned Saudi Press Agency (SPA) that Saudi Crown Prince Mohammed bin Salman received a phone call from British Prime Minister Boris Johnson.

The agency said that the Saudi Crown Prince affirmed today, Wednesday, the Kingdom’s commitment to enhancing the security and stability of global energy markets, in light of the availability of safe technologies to manage and reduce carbon emissions.

The agency noted that the British Prime Minister praised the Saudi Crown Prince’s announcement of the Kingdom’s intention to target carbon neutrality by 2060.

Oil price stability

Meanwhile, oil prices in general stabilized today, Wednesday, after falling earlier, as crude got support from expectations of a decline in US inventories and tight supplies.

By 14:39 GMT, Brent crude futures rose 0.2% to $84.91 a barrel.

West Texas Intermediate crude futures fell 0.1% to $84.10 a barrel.

Market sources said that data from the American Petroleum Institute revealed a decline in US crude stocks by 2.5 million barrels in the week ending on November 5, compared to expectations of analysts in a Reuters poll, with inventories increasing by 2.1 million barrels.

Official US inventory data from the Energy Information Administration is expected on Wednesday.

And last Monday, US Energy Secretary Jennifer Granholm said that US President Joe Biden may take measures soon – perhaps this week – to address the sharp rise in gasoline prices.

Granholm added – in an interview with “MSNBC” – that Biden is studying the options that a president may have to address the cost of gasoline at gas stations.

“We hope that there will be an announcement this week,” the minister added, stressing that he “does not want to see people suffer at gas stations, in heating homes and so on, which is why he has called for an increase in supplies now.”

She pointed out that OPEC controls the vast majority of oil supplies in the world, and said that “he wants to see additional supplies from everyone.”

And last Saturday, the United States said that it had tools to respond to high oil prices, after the producing countries that make up the OPEC Plus alliance ignored American calls to pump more crude.

And the coalition kept – last week – easing production restrictions by 400,000 barrels per day during last December, despite US pressure to ease further restrictions.


And Saudi Aramco – the largest oil company in the world – expected that the demand for crude would rise to more than 100 million barrels per day from next year.

And the demand for crude reached the 100 million barrels per day barrier for the first time in the last quarter of 2019, but it declined after that, amid the negative impact of the outbreak of the Corona pandemic.

According to Bloomberg, the company’s CEO, Amin Nasser, said at the Nikkei Global Management Forum on Tuesday that demand for oil and gas will remain solid for a decade.

Nasser predicted that the transition in the energy market to non-fossil sources will be slower than many think.

It is noteworthy that OPEC expects the global consumption rate of oil to reach 100.8 million barrels per day next year.

The organization’s estimates indicate that the average daily demand for oil in the whole of 2021 will reach about 96.8 million barrels, up from 90.5 million barrels per day in 2020.

And the bank “JPMorgan Chase” (JPMorgan Chase) said that global demand for oil in this November almost returned to its levels before the pandemic at the level of 100 million barrels per day.

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