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Thursday, 28 January, 2021 - 08:30
The fourth edition of the annual Future Investment Initiative forum launched in Riyadh, Saudi Arabia. Asharq Al-Awsat Riyadh - Mosaed al-Zayani and Fatehelrahman Yousif
Data presented at this year’s Future Investment Initiative (FII) forum, which kicked off its activities on Wednesday in the Saudi capital, Riyadh, has raised optimism surrounding the future of the global economy.
Attended by a host of high-profile speakers brought together under the theme “The Neo-Renaissance,” the investment summit highlighted the importance of adapting to changes introduced in a post-coronavirus reality.
Focus on striking a balance in investment strategies, building future sectors, developing green assets and promoting sustainability was deemed vital for helping bring about economic growth and a long-awaited post-pandemic renaissance.
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Was Saudi Arabia s Surprise Production Cut A Good Idea? By Tsvetana Paraskova - Jan 21, 2021, 7:00 PM CST
Oil prices have risen by 10 percent since the end of 2020 and 8 percent since the OPEC+ meeting two weeks ago, but the rally has nothing to do with the short-term oil demand outlook. It has been almost exclusively due to the decision of Saudi Arabia the world’s top oil exporter and OPEC’s de facto leader to cut an additional 1 million barrels per day (bpd) from its production in the first quarter.
Saudi Arabia, as well as major forecasters, expected oil demand in Q1 to continue to struggle as major economies in Europe and now parts of China are under renewed lockdowns to fight the spread of COVID-19.
Saudi Arabia’s Oil-Market Pessimism Vindicated
Bloomberg 1/19/2021 Grant Smith
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Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that rather than restore halted production as planned it would slash supplies by a further 1 million barrels a day.
The resurgent pandemic necessitated “preemptive” action to protect the oil recovery, said the kingdom’s Energy Minister Prince Abdulaziz bin Salman. That ran counter to the view of Saudi’s OPEC+ ally, Russia, but since then plenty of evidence has emerged that Riyadh made the right call.
On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks. China, which has powered crude’s recovery until now, is locking down cities again and discouraging travel over the Lunar New Year holidays.