LONDON: The fog has cleared ahead of OPEC’s next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, said the OPEC secretary-general.
OPEC, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January.
The pact runs to March 2018 and they are considering extending it.
Saudi Arabia’s Crown Prince Mohammed bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin.
“OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” OPEC’s Mohammed Barkindo told Reuters on the sidelines of a conference.
“Together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30,” he said.
Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from the comments by the Saudi crown prince for extending OPEC-led output cuts created a floor.
Oil hit $59.55 on Thursday, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June.
US crude prices have been capped by rising US production.
Oil prices have been hovering near their highest levels for this year amid recent signs of a tightening market, talk of an extension of production cuts and tensions in Iraq.
Friday’s announcement of a cease-fire between Iraqi forces and the Peshmerga from the country’s autonomous northern Kurdish region eased some concerns.
“Yesterday we saw the expiry of Brent options, and like last month it pushed up prices near $60 — now it’s just correcting lower,” Olivier Jakob of Petromatrix consultancy said, adding that the market reacted slowly to bullish Saudi comments.
— Reuters
Saudi Arabia and Russia ‘clear fog’ before OPEC meeting
Saudi Arabia and Russia ‘clear fog’ before OPEC meeting
Oman, India revise deal to avoid double taxation
JEDDAH: Oman and India have finalized an updated protocol to prevent double taxation and curb financial evasion related to income taxes, further bolstering their economic ties.
The agreement was signed in Muscat on Jan. 27 by Nasser bin Khamis Al-Jashmi, Chairman of Oman’s Tax Authority, and Indian Ambassador to Oman Amit Narang, as reported by Oman News Agency.
Al-Jashmi highlighted the importance of the new protocol in strengthening economic relations between the two countries, noting that the agreement is the result of ongoing efforts to enhance bilateral cooperation in the tax sector.
In December, Oman also signed a similar agreement with Tanzania to deepen their strategic partnership.
That deal aimed to foster an attractive investment climate, protect investors from double taxation, and increase transparency in financial transactions.
In October, Al-Jashmi represented Oman in signing a similar agreement with Estonia. The agreement adhered to the standard framework set by the Organization for Economic Co-operation and Development.
According to a statement from Estonia's Ministry of Foreign Affairs, the agreement was designed to provide a stable tax environment for both foreign entrepreneurs investing in Estonia and Estonian businesses expanding internationally.
The ministry emphasized that the primary goal of double taxation avoidance agreements was to foster investment between the signatory countries.
Additionally, the ministry highlighted that foreign investors value the assurance that they will not face a higher tax burden than local businesses operating in the target country.
As of October 2024, India exported $410 million worth of goods to Oman and imported $743 million, resulting in a trade deficit of $334 million, according to the Observatory of Economic Complexity.
India’s top exports to Oman included petroleum products valued at $146 million, processed minerals at $24.4 million, and basmati rice at $15 million. Iron and steel exports totaled $13.9 million, while ships, boats, and floating structures contributed $9.93 million.
On the import side, India’s purchases from Oman were led by fertilizers, totaling $118 million. Petroleum products accounted for $92.5 million, and ships, boats, and floating structures reached $77.5 million. Other commodities amounted to $45.2 million, while crude petroleum was valued at $43.5 million.
Saudi FM holds phone call with Malaysian counterpart
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan held a phone call on Monday with his Malaysian counterpart, Dato’ Seri Utama Haji Mohamad bin Haji Hasan.
During the call, the chief diplomats discussed relations between Riyadh and Kuala Lumpur, the Saudi Press Agency reported.
Dubai Lynx expands talent training program Young Lynx Academy to Saudi Arabia
- Winners will be recognized at the Dubai Lynx Awards ceremony on April 9 in Dubai
DUBAI: Dubai Lynx, a prominent creative festival and awards program organized by Cannes Lions, has announced the launch of the Saudi edition of its annual Young Lynx Academy, in partnership with multinational advertising conglomerate Publicis Groupe Middle East.
“Saudi Arabia’s creative industry is at a pivotal moment, driven by ambition and a growing appetite for world-class creative excellence,” Adel Baraja, CEO of Publicis Communications KSA, told Arab News.
He added: “The market is brimming with untapped potential, and we believe initiatives like Young Lynx Academy will play a crucial role in shaping the future of creativity in the Kingdom.”
The Dubai edition will be held on April 7 and 8, and the Saudi edition will take place at Snap Inc.’s Riyadh office from Feb. 18 to 19.
“The Riyadh edition of the Young Lynx Academy, in partnership with Publicis Groupe Middle East, is designed to be an immersive experience that challenges young professionals to think creatively and push their boundaries,” Kamille Marchant, director of Dubai Lynx, told Arab News.
On the first day, participants will meet the mentors who will guide them through the event. The day will also feature keynote speeches from industry experts, networking opportunities, and an introduction to the “centerpiece” of the event, a 24-hour hack challenge, Marchant explained.
On the second day, participants will focus on tackling the brief and present their ideas to a panel of judges. They will be required to work collaboratively on a real-world brief under time constraints, which encourages not just innovative thinking but also teamwork, adaptability, and problem-solving under pressure, she added.
The event will conclude with the announcement of the winning presentation.
Applications are now open, and the winners will be recognized at the Dubai Lynx Awards ceremony on April 9 at the Emirates Golf Club.
India, China agree to resume flights 5 years after stoppage
- Around 500 monthly direct flights operated between China and India before the pandemic, according to Indian media outlet Moneycontrol
NEW DELHI: India and China agreed in principle on Monday to resume direct flights between the two nations, nearly five years after the Covid-19 pandemic and subsequent political tensions halted them.
The announcement came at the conclusion of a visit to Beijing by New Delhi’s top career diplomat and heralds the latest signs of a thaw in the frosty ties between the world’s two most populous nations.
Indian foreign ministry secretary Vikram Misri’s trip to the Chinese capital marked one of the most senior official visits since a deadly Himalayan troop clash on their shared border in 2020 sent relations into a tailspin.
A statement from India’s foreign ministry said a visit by a top envoy to Beijing had yielded agreement “in principle to resume direct air services between the two countries.”
“The relevant technical authorities on the two sides will meet and negotiate an updated framework for this purpose at an early date,” it said.
India’s statement also said China had permitted the resumption of a pilgrimage to a popular shrine to the Hindu deity Krishna that had also been halted at the start of the decade.
Both sides had committed to work harder on diplomacy to “restore mutual trust and confidence” and to resolve outstanding trade and economic issues, the statement said.
Around 500 monthly direct flights operated between China and India before the pandemic, according to Indian media outlet Moneycontrol.
A statement from China’s foreign ministry did not mention the agreement on flight resumptions but said both countries had been working to improve ties since last year.
“The improvement and development of China-India relations is fully in line with the fundamental interests of the two countries,” the Chinese statement said.
India and China are intense rivals competing for strategic influence across South Asia.
Flights between both countries were halted in early 2020 at the start of the pandemic.
Services to Hong Kong eventually resumed as the public health crisis receded but not to the Chinese mainland, owing to the bitter fallout of the deadly troop clash later that year.
At least 20 Indian and four Chinese soldiers were killed in the skirmish in a remote stretch of the high-altitude borderlands along their 3,500-kilometer (2,200-mile) frontier.
The fallout from the incident saw India clamp down on Chinese companies, preventing them from investing in critical economic sectors, along with a ban on hundreds of Chinese gaming and e-commerce apps, including TikTok.
Beijing and New Delhi agreed last October on a significant military disengagement at a key flashpoint of their disputed border.
The accord came shortly before a rare formal meeting — the first in five years — between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.
Misri’s visit to Beijing came weeks after a diplomatic tour by India’s national security adviser Ajit Doval, a key bureaucratic ally of Modi.
Outgoing US ambassador praises transformation in Saudi Arabia
- Ambassadors from the US, Egypt and Oman bid farewell to the Kingdom
- Dean of the diplomatic corps hosts farewell ceremony for outgoing envoys
RIYADH: The dean of the diplomatic corps accredited to Saudi Arabia, Dya-Eddine Said Bamakhrama, hosted a farewell ceremony for outgoing ambassadors of the United States, Egypt and Oman at the Cultural Palace in Riyadh on Monday.
“We have gathered here for ambassador of Egypt, Ahmed Farouk, ambassador of Oman, Sayyid Faisal bin Turki, and the US ambassador Michael Ratney. The meeting marks the conclusion of their tenure as ambassador to Saudi Arabia. We have them here representing three continents, Africa, Asia and America,” Bamakhrama said in his opening remarks.
“All of them were very close to me and to many of our colleagues. Ambassador Farouk was here for more than five years, which is extraordinary for an Egyptian ambassador. Sayyid Faisal was my neighbor in the DQ (diplomatic quarter) and we had a great time. Michael has been here for two years. I wish them all the very best in their future endeavors. We will miss you, and wishing you all the best,” said Bamakhrama, who is also Djibouti’s ambassador in Riyadh.
On behalf of the diplomatic corps Bamakhrama presented souvenirs to the outgoing ambassadors.
At the same event he introduced new ambassadors in Riyadh from Romania, Serbia, Sierra Leone, Bangladesh, Sri Lanka, Nepal, Syria, Palestine, Peru and Uruguay.
Ratney, in his farewell speech, said: “I wish I were staying in this country longer. It’s been, for me, an amazing experience to have a front row seat for what’s going on in Saudi Arabia, the amazing transformations of this country. And to have played even a small part in strengthening the relationship between Saudi Arabia and my country was an honor.
“Saudi Arabia is a country of tribes,” he said. “I feel like you are my tribe. Every time I walk in this room or one of your homes or an event, I feel like I am home. And I tell you, when I got to the country and started meeting the diplomats, I remarked that the quality of diplomats that all of your governments were sending to Saudi Arabia was extraordinary. And I thought, I need to step up my game. You all gave me a standard to try to meet, and it’s been just an extraordinary pleasure every time I am with you. I will miss all of you. I hope this is the end of my 34-year diplomatic career, and it’s time to move on.”
Farouk at the gathering said: “Thank you all for convening all our distinguished colleagues here. I have mixed feelings after 40 years of diplomacy since 1985. This is the end of my diplomatic career, and I believe that life has to come to a crossroads sometime.”
On a lighter note he added that sometimes there is a chance to make a U-turn and come back.
“I am glad, and I feel that I have achieved something for my country in Saudi Arabia,” he said. “I wish you all the best and wish the very best in your future endeavors, we will be in touch.”
Bin Turki said: “Just like my colleagues, I think, I definitely have mixed feelings. As a non-diplomat, I joined the ministry of foreign affairs in 2017. I never thought I would be appointed as an ambassador, but I ended up being an ambassador. And the first thing I had in mind when I came here, I said I wish they would give ambassadors a manual, the do’s and don’ts, but it doesn’t happen.
“For someone who is not coming from that background it’s quite a challenge. And the first thing I told my team when I walked into the embassy, I said, I have two options: I either become a classic ambassador, or someone who thinks out of the box. And I said, you will be teaching me everything that you are good at as diplomats, and I will be sharing with you everything that I know as a non-diplomat. And now I am the new diplomat. And it has been an extraordinary journey in this country, an amazing place. Four years, and it feels like yesterday.
“I keep telling people about the amazing things that are happening in Saudi Arabia and the amazing people that I meet every day. It’s a journey and I would like to thank everyone, the dean of diplomatic corps, all of you extraordinary people. I learned a lot and back home, I would love to share those stories, whether it’s with family and others as well.”
