Oil Updates – Crude Rises Amid Middle East Concerns and Future Borrowing Cost Cuts
Oil prices rose in early Asian trading on Thursday, extending gains from the previous session after a larger-than-expected draw from U.S. crude inventories and signals from the U.S. Federal Reserve that it will start cutting borrowing costs in 2024.
Iraq Has Reservations About a Clause in the COP28 Final Agreement – Statement
Iraq has expressed reservations about a clause in the final COP28 agreement that restricts its ability to act “to fulfill its commitments to the Iraqi people and national interests,” according to a government statement issued on Thursday. The government praised the efforts of Iraqi negotiators who managed to maintain the role of fossil fuels as a tool for development and prevent the adoption of texts sought by some developed countries that are considered “detrimental to the interests of our peoples.”
Inflation in Saudi Arabia Reaches 1.7% in November: GASTAT
Saudi Arabia saw a slight shift in the inflation rate in November, hitting 1.7%, slightly higher than the 1.6% recorded in October, according to official data. The latest report from the General Authority for Statistics revealed that the slight increase in inflation was driven by rising prices for housing, water, electricity, gas, and other fuels, which rose by 1.3% in November compared to the previous month. GASTAT clarified in the report that “rental prices were the main driver of the inflation rate in November 2023 due to their relatively high significance in the Saudi consumer basket, accounting for 21%.”
Saudi Finance Minister Selected to Chair the International Financial and Monetary Committee
Saudi Finance Minister Mohammed Al-Jadaan has been selected to chair the International Financial and Monetary Committee, the advisory body to the Board of Governors of the International Monetary Fund. Committee members appointed him on Wednesday to serve a three-year term starting January 4. He succeeds Nadia Calvino, Spain’s Deputy Prime Minister and Minister for Economic Affairs and Digital Transformation, who has chaired the committee since January 3, 2022. Al-Jadaan stated: “Saudi Arabia’s selection to chair the International Financial and Monetary Committee reflects the international community’s confidence in its regional and international position and its pivotal role in promoting multilateral cooperation.” He added: “I look forward to working with committee members and the Fund’s management to enhance the stability and effectiveness of the global monetary and financial system and promote global economic growth prospects.”
Saudi Arabia Launches Online Platform for Geographic Information Systems
The geographic infrastructure in Saudi Arabia is set to receive a boost with the launch of an open data portal that will utilize Geographic Information Systems (GIS) to achieve sustainable development goals. The portal was announced at the Geographic Data Conference, organized by the General Authority for Survey and Geospatial Information in collaboration with the General Authority for Statistics in Riyadh on Tuesday, according to the Saudi Press Agency. The online platform highlights the role of geographic data in enhancing sustainability and quality of life in the Kingdom through responsible production and consumption and climate preservation. It also covers marine life safety, wildlife, and the role of strong institutions in achieving sustainable development goals. Mohammed bin Yahya Al-Saile, President of the General Authority for Survey and Geospatial Information, stated that the authority had launched several initiatives and adopted various regulations, standards, and policies in 2023, aiming to improve the efficiency of government spending. He emphasized that these efforts enhance the role of geographic information in achieving national development goals in collaboration with relevant authorities.
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