Low oil prices ‘not Saudi Arabia's battle’

Updated 24 April 2016

Low oil prices ‘not Saudi Arabia's battle’

RIYADH: The Kingdom will cap its oil market share at about 10.3 mbd to 10.4 mbd if producers agree to the freeze, Deputy Crown Prince Mohammed bin Salman said during an interview with Bloomberg at King Salman’s private farm in Diriyah on Thursday.

Bloomberg released the interview on Saturday, a day before a widely anticipated OPEC meeting in Doha.
“If all major producers don’t freeze production, we will not freeze production,” said the deputy crown prince, who has emerged as Saudi Arabia’s leading economic force. “If we don’t freeze, then we will sell at any opportunity we get.”
At least 15 nations, including Saudi Arabia and Russia, the two largest crude producers, will gather in Doha on April 17 to discuss freezing output to stabilize an oversupplied market.
He said Saudi Arabia’s commitment to a production cap would depend on Iran’s participation. Iran’s oil minister has dismissed the prospect of joining the deal as “ridiculous” for now.
“If prices went up to $60 or $70, that would be a strong factor to push forward the wheel of development,” he said. “But this battle is not my battle. It’s the battle of others who are suffering from low oil prices.”
The deputy crown prince also said that Saudi Arabia isn’t concerned because “we have our own programs that don’t need high oil prices.”
Still, he reiterated that OPEC will gain support once all members reach a collective decision.
A Russian official has said it was possible to reach a deal in Doha to freeze oil output regardless of Iran, whose crude shipments have risen by more than 600,000 barrels a day this month, according to Bloomberg.
Brent crude settled at $43.10 a barrel Friday in London, having rebounded by more than 50 percent from a 12-year low in January.
The Doha meeting follows a meeting in February between Saudi Arabia, Qatar, Russia and Venezuela in which the quartet tentatively agreed to cap their production at January’s level.
The Public Investment Fund is aimed at helping reduce the Kingdom’s dependency on oil. To achieve this, the fund is considering foreign opportunities and will seek a variety of investments. “So within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” he said.
Earlier this month, the deputy crown prince announced plans to dedicate a $2 trillion fund for a post-oil economy in a separate interview with Bloomberg.


Tolerance key to promoting inclusive society: EU envoy

Updated 17 October 2019

Tolerance key to promoting inclusive society: EU envoy

  • Intellectuals, diplomats discuss challenge of blending cultures, faiths and values

RIYADH/JEDDAH: The European envoy to Saudi Arabia on Wednesday called for more tolerance and respect to help bring diverse societies closer together.

Ambassador Michele Cervone d’Urso, head of the EU delegation to the Kingdom, made his appeal as he welcomed attendees to a high-profile lecture to discuss Saudi and European perspectives on religious tolerance and diversity.

Organized by the King Faisal Center for Research and Islamic Studies (KFCRIS), the event gathered together top intellectuals, diplomats and scholars to debate the issues of tolerance, forgiveness and acceptance of others.

Opening the lecture at the King Faisal Foundation building in Riyadh, d’Urso spoke about tolerance and how it was core to the transformation of societies, especially in Europe which had become more diverse.

“Today’s European society is a mixture of cultures, faiths, values, ideas, and habits. The challenge is to make sure our society is more inclusive, enhance mutual understanding and promote tolerance and respect,” the envoy said.

He pointed to the UN’s blossoming partnership with the KFCRIS and the importance of the lecture as key building blocks in the process of bridging cultural and religious gaps between societies.

“I think there are few more teams that are exchanging on the Saudi and European perspectives of religious tolerance and diversity. All of us know that the KFCRIS builds from the legacy of the late King Faisal and has been a pillar in promoting Islam,” d’Urso added.

HIGHLIGHTS

  • Ambassador Michele Cervone d’Urso, head of the EU delegation to the Kingdom, made his appeal as he welcomed attendees to a high-profile lecture to discuss Saudi and European perspectives on religious tolerance and diversity.
  • Dr. Mohammed bin Abdulkarim Al-Issa, secretary-general of the Muslim World League (MWL), told delegates that when he talked about tolerance in Islam, he also meant tolerance in Saudi Arabia as a state that applied and was governed by Shariah law.
  • The director of the European Network Against Racism (ENAR), Dr. Michael Privot, who converted to Islam 26 years ago, spoke about how the EU was characterized by increasing diversity, including religious and philosophical beliefs, even from the Muslim perspective.

He noted that in Europe there were many people of faith that had respect for coexistence. 

Dr. Mohammed bin Abdulkarim Al-Issa, secretary-general of the Muslim World League (MWL), told delegates that when he talked about tolerance in Islam, he also meant tolerance in Saudi Arabia as a state that applied and was governed by Shariah law.

He said a state that respected others, human existence and brotherhood could not exist “unless there is respect for diversity and differences as a universal norm that no one can collide.”

According to Al-Issa, the Charter of Madinah (regarded as the first Islamic state constitution) was considered one of the best achievements of civil legislation in human history. “This document was held by the Prophet Muhammad, peace be upon him, with the Jews and represented binding legislation for Muslims toward religious minorities.”

The MWL chief noted that the document included the protection of civil and religious rights. “The document cannot be absorbed by extremism, it is clear. These rights and freedoms have been preserved by this legislation. And the Prophet Muhammad coexisted with everyone and understood these differences and diversity.”

In his speech, Al-Issa explained how the Qur’an gave Jews and Christians a special name to celebrate their religious origins where they were called “people of the book,” in reference to the Torah and the Gospel. The history of Christians and Jews was also never omitted.

Addressing the event, director of the European Network Against Racism (ENAR), Dr. Michael Privot, who converted to Islam 26 years ago, spoke about how the EU was characterized by increasing diversity, including religious and philosophical beliefs, even from the Muslim perspective.

“We encounter such a diversity of ways of being Muslim from a theoretical, cultural, philosophical, ideological point of view. Any single Muslim group or community is represented somewhere in Europe and this situation puts European Muslims in a very unique environment which is different from any other Islamic majority society in the world,” said Privot.

He pointed out that for the first time in history Muslim groups from Uzbekistan and Senegal were living together and trying to become a community in European societies.

“Societies, which have completely liberalized the market of religions, believe all faiths are accepted,” he added.

Earlier on Monday, an MWL forum in Makkah recommended that Islamic discourse should adhere to the principles of the Qur’an and Sunnah, the Muslims’ uppermost legislative sources, which are also known as the Two Divine Revelations.

The forum, titled “The Service of the Two Revelations,” called upon concerned authorities in the Muslim world to regulate Islamic fatwas in a way that prevented extremism and stopped producing any misguided explanations of the divinely revealed texts.

The participants also encouraged the use of modern technology, especially social media, to better serve the Qur’an and Sunnah to help link Muslim youths with the two revelations.

In addition, the gathering proposed establishing platforms for producing software and smart apps related to the Qur’an and Sunnah and the launch of an international service award under the umbrella of the MWL.

Al-Issa added that the MWL had staged a number of Qur’an memorization programs in 78 countries and said there were now 68 colleges and institutes where 7,500 students were studying the Qur’an.

“Some 61,275 Qur’an readers have graduated from these institutes, with 5,055 reciters having obtained authentic reading certificates. The IOQAS (International Organization of Qitab and Sunnah) has also carried out 193 training courses and provided nearly 3,000 scholarships,” he said.