Russia’s oil output has dipped below its OPEC+ target in February amid abnormally cold weather, meaning the country failed to take full advantage of a more generous quota.
PUTRAJAYA: Malaysia and Saudi Arabia have agreed to foster greater cooperation in the field of trade and investment, including technology and innovation, given the importance of building a strong and resilient economic recovery from the Covid-19 pandemic.
by Bloomberg
|Wednesday, February 03, 2021
OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic.
(Bloomberg) OPEC+ said it will keep pushing to quickly clear the oil surplus left behind by the pandemic, a bullish signal for prices that have already surged to a one-year high.
Ministers led by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay” amid “uncertain” prospects for the global economy and oil demand on Wednesday. Crude in New York extended gains after the communique, advancing as much as 2.9% to above $56 a barrel.
The Organization of Petroleum Exporting Countries and its allies have taken a two-month pause while restoring some of the millions of barrels of crude output they halted when the coronavirus emerged to crush fuel demand last spring. Saudi Arabia is tightening supplies further this month and next with an extra cut of 1 million barrels a day.
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Future Investment Initiative: The Neo-Renaissance and ESG
Cornelia Meyer
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The topic of ESG (environment, social and governance principles) weaved its way through virtually all the sessions at the Future Investment Initiative (FII) conference.
This was not surprising as the title of the conference was “The Neo- Renaissance,” inspired by the impetus to the economy and culture in 15th and 16th century Florence as the world emerged from the plague – another pandemic with global reach.
The pandemic has changed the world for good. Hence, how one could build better is pivotal. The governor of the Public Investment Fund, Yasir Al-Rumayyan, eloquently pointed out that the pandemic constituted an unprecedented opportunity for fresh thinking.