SAMA wins Best Risk Manager award among the world’s central bank

Saudi Arabian Monetary Agency (SAMA) has been given the Best Risk Manager award by the Central Banking Awards Committee.
Updated 28 January 2019
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SAMA wins Best Risk Manager award among the world’s central bank

RIYADH: The Central Banking Awards Committee (SBAC) has awarded the Saudi Arabian Monetary Agency (SAMA) the Best Risk Manager award, at the central banks level for 2018-2019.
The award was the culmination of SAMA’s efforts to effectively and fully implement risk management methodology in the organization as a whole, and to ensure that these risks are adequately managed and closely monitored.
“SAMA has achieved all professional requirements in the application of best practices and international standards. After examining all criteria and requirements for winning the award, SAMA was the best among all central banks, henceforth it was rated as the world’s best risk manager,” the statement said.
Commenting on the event, the SAMA governor Dr. Ahmed bin Abdulkarim Al-Khilaifi stressed that Saudi monetary authority attaches great importance and commitment to risk management, in order to identify, in advance, all types of risks it may be exposed to, adding that: “We are proud that SAMA has received the Risk Manager Award for 2019.”
The awards ceremony will be held on March 13 in London.


‘Huge increase’ in crude prices not expected: IEA executive director

Updated 19 July 2019
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‘Huge increase’ in crude prices not expected: IEA executive director

  • The International Energy Agency is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day
  • IEA’s Fatih Birol: Serious political tensions could impact market dynamics

NEW DELHI: The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.
“Prices are determined by the markets ... If we see the market today, we see that the demand is slowing down considerably,” said IEA’s Fatih Birol, in public comments made during a two-day energy conference in New Delhi.
The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd. But in June this year it cut the growth forecast to 1.2 million bpd.
“Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya,” Birol said.
Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics.
Crude oil prices rose nearly 2 percent on Friday after a US Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Referring to India, Birol stressed the country could cut its imports, amid rising oil demand in the country, by increasing domestic local oil and gas production.
Prime Minister Narendra Modi had set a target in 2015 to cut India’s dependence on oil imports to two-thirds of consumption by 2022, and half by 2030. But rising demand and low domestic production have pushed imports to 84 percent of total needs in the last five years, government data shows.
Meanwhile, the IEA doesn’t expect a global push toward environmentally friendly electric vehicles can dent crude demand significantly, Birol said, as the main driver of crude demand globally has been petrochemicals, not cars.
He said the impact of a serious electric vehicle adoption push by the Indian government would not be felt immediately.