Top seven Mideast-focused panels at Davos

Over 3,000 political, business and civil leaders are gathering in Davos, Switzerland, for the World Economic Forum Annual Meeting. (WEF)
Updated 22 January 2019

Top seven Mideast-focused panels at Davos

  • A sizeable delegation from Saudi Arabia and the wider Middle East are in attendance
  • Several panels focusing on the region will be held during the four-day event;

DAVOS: Over 3,000 political, business and civil leaders are gathering in Davos, Switzerland, for the World Economic Forum Annual Meeting — including a sizeable delegation from Saudi Arabia and the wider Middle East.
Several panels focusing on the region will be held during the four-day event; here are seven that caught our eye.
Follow the latest news, views and analysis from Davos here...

Tuesday, 5:45 p.m. — Strategic Outlook on the Middle East
A look at how regional leaders can unlock the full potential of its next generation of entrepreneurs and workers. Speakers include Mohammed Al-Tuwaijri, Saudi Arabia’s minister of economy and planning.

Wednesday, 10 a.m. — An Insight, An Idea with Haifaa Al-Mansour
Saudi Arabia’s first female filmmaker and Crystal Award winner is due to speak about her dedication to breaking boundaries and shaping new stories.

Wednesday, 12 noon — The New Energy Equation
A panel on strategic shifts in energy cooperation and markets; speakers include Saudi Energy Minister Khalid Al-Falih.

Wednesday, 2:30 p.m. — The Future of Science and Technology in Society
Sarah Al-Amiri, UAE minister for advanced sciences, is one of the speakers on this panel about how science and technology is reshaping politics, business and public policy.

Thursday, 9:15 a.m. — Next Steps for Saudi Arabia
Al-Tuwaijri, Finance Minister Mohammed Al-Jadaan, and Tadawul Chairperson Sarah Al-Suhaimi are the Saudi speakers on this panel about the Kingdom’s reform plans.

Thursday, 1 p.m. — Asia’s Bet on the Middle East
This panel on the shifting relations between the two regions includes Iraqi Finance Minister Fuad Hussein as a speaker.

Thursday 1:30 p.m. — A Conversation with Omar Al-Razzaz, Prime Minister of Jordan
The Jordanian PM is set to speak to CNBC’s Hadley Gamble.

 


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.