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Riyadh assures market [Jun 21]
"..Saudi Arabia announced yesterday that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators. “The Kingdom looks... with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth,” an official statement said. “As the world’s biggest oil exporter, Saudi Arabia has not and will not spare any effort to achieve oil market stability. Its oil policy aims always to foster and strengthen cooperation and dialogue between oil producing and consuming countries.”.""
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Why Is Oil So High? Pick a View [Jun 21]
"..People who have spent their careers tracking the ups and downs of the global oil markets say their compasses are spinning. Oil prices rise for reasons they cannot quite fathom, and where prices will be a year from now has become, literally, anybody’s guess. Those uncertainties have left regulators, oil companies and suppliers uncertain whether increases in supply or declines in demand will affect prices as they have in the past. Some wonder whether the market is broken in some way, creating a bubble of artificially expensive oil. “This whole industry has absolutely been turned on its head,” said Stephen Schork, who edits an energy newsletter. In a sign of rising concern about the impact of high prices, King Abdullah of Saudi Arabia has called an impromptu global energy summit in Jidda on Sunday.."
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Chinese vice president meets Saudi king, crown prince [Jun 21]
"..Chinese Vice President Xi Jinping said here Saturday China places great importance on its relations with Saudi Arabia and regards the country as a close friend and partner. Xi made the remarks when meeting with King Abdullah bin Abdul-Azizi Al-Saud of Saudi Arabia Saturday afternoon.."
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Saudi Arabia Will Raise Oil Output 2% in July to Curb Prices [Jun 21]
"..Saudi Arabia, which convenes a meeting of government and business leaders today to discuss world energy markets, said it will raise its oil production by 2 percent in July in a bid to curb record prices. Production will increase by 200,000 barrels a day to 9.7 million barrels starting in July, Saudi Oil Minister Ali al- Naimi told reporters in Jeddah, Saudi Arabia, yesterday. State- owned Saudi Aramco will soon add 500,000 barrels, or 4.6 percent, to the kingdom's total capacity with its Khursaniyah field.."
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Saudis Promise More Oil To Curb World-Wide Fears [Jun 21]
"..Saudi Arabia moved to calm anxiety in the oil market by promising the world a little more oil now and potentially a lot more later. But it is unclear whether the Saudi bid to reassert its oil muscle will be enough to slow a historic surge in crude prices that many fear could go far higher. Oil prices in New York hit a record last week of $139.89 a barrel and have since fallen back, but only marginally. The world's largest oil producer told ministers and oil executives at an unusual summit of producers and consumers in the Red Sea city of Jeddah that it will boost its output by 200,000 barrels a day for the rest of the year if needed, adding to its current production of around 9.5 million barrels a day. The global market for oil is about 86 million barrels a day.."
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Limelight to Shine on Saudis at Energy Forum as Oil Prices Continue to Soar
[Jun 21]
"..The rulers of this conservative desert kingdom have always avoided the limelight. But by hosting a global energy forum here on Sunday during the worst oil crisis in decades, the Saudis are taking a risky step. The meeting will draw new attention to the Saudis’ role in a boom that has pushed oil prices close to $140 a barrel and caused protests from Britain to Bangladesh. If the Saudis do not announce strong steps at the meeting to increase production, they could draw new wrath from the world’s major oil consumers — conveniently gathered under one roof — who already tend to see Saudi Arabia and its OPEC allies as the villains pushing up prices and profits.."
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Saudi oil summit mulls controls on speculators [Jun 21]
"..Some attendees of this weekend's summit of oil producers and consumers in Saudi Arabia are calling for stricter regulation of financial speculators to curb skyrocketing oil prices, according to a news report. A working paper for the summit's final declaration obtained by AFP calls for action to "improve the transparency and regulation of financial markets through measures to capture more data on index fund activity and to examine cross exchange inter-actions in the crude market," said the news service Saturday..:
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Kingdom has no magic wand: Abdulaziz [Jun 21]
".Saudi officials said yesterday that the Kingdom has no “magic wand” that will resolve the skyrocketing oil prices. Addressing a press conference ahead of tomorrow’s International Energy Conference here, Deputy Minister of Petroleum and Mineral Resources Prince Abdulaziz bin Salman said: “There are political, economic and regulatory factors involved.."
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KEC to generate 20,000 jobs [Jun 21]
"..The Madinah Knowledge Economic City (KEC) will generate 20,000 jobs, according to a statement issued by the KEC. The KEC, sprawling over an area of 4.8 million square meters, will also open up residences for 150,000 people and accommodation for 30,000 visitors, the statement added. The Saudi Arabian General Investment Authority (SAGIA) has liaised with a consortium of Saudi corporations to form an investment vehicle for the development of the project.."
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Plans to pump extra 200,000 bpd: Al-Naimi [Jun 21]
"..Minister of Petroleum and Mineral Resources Ali Al-Naimi announced yesterday that Saudi Arabia would increase its daily output to 9.7 million barrels next month, pumping an extra 200,000 barrels to world markets. UN Secretary-General Ban Ki-moon said last Sunday that the Saudi minister had told him the plan to increase production by 200,000 bpd. “He quoted me right, that’s old news now,” Al-Naimi told reporters in Jeddah. Asked if Saudi Arabia would increase output more than that figure, Al-Naimi said: “We’ll be giving out new information within the next two days.” He was apparently referring to the International Energy Conference that opens at Jeddah Hilton tomorrow.."
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All eyes set on Jeddah summit [Jun 20]
"..No more talk shop, nobody needs it! The energy fraternity is more than convinced the Jeddah energy summit needs to deliver. Hopes are high, with some saying that the summit may scare at least some speculators away from the markets. Yet it would be naive to underestimate the grim complexity of the issue. Prices are in no one’s control and concerted efforts are needed to move ahead and get out of the logjam. With consumers and producers getting together, the world needs to move beyond the blame game, most agree and underline. Saudi Arabia, the global gas station, too has high hopes from the upcoming summit. “The meeting in Jeddah will discuss the increase in oil prices, which are unjustified by market fundamentals, and suggest appropriate solutions,” Minister for Petroleum and Natural Resources Ali Al-Naimi emphatically said. “This meeting is expected, God willing, to produce positive results that will contribute to stabilizing the international oil market,” he hoped. Energy market woes remained the focal point of a flurry of high-level diplomatic activity the entire week. As prices continued to play hide-and-seek with the $140 mark, and all eyes remained glued to the Kingdom, Riyadh announced convening the summit to discuss the emerging scenario - showing its concern and readiness to do ‘whatever it could’ to dampen the market sentiments.."
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US moves against Saudi-based charity [Jun 20]
"..The Bush administration moved Thursday to clamp down on a Saudi-based charity accused of funneling money and other support to al-Qaida. The Treasury Department's action covers "the entirety" of Al Haramain Islamic Foundation, including its headquarters in Saudi Arabia, the government said. The action means that any assets found in the United States belonging to the charity are frozen. Americans also are prohibited from providing donations or otherwise doing business with the charity. The United States — between 2002 and 2004 — had previously taken action against 13 branches of the charity, including locations in the United States, Afghanistan and the Netherlands.."
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Forum to promote Madinah as a beacon of knowledge [Jun 20]
"..Custodian of the Two Holy Mosques King Abdullah is likely to open a three-day international knowledge forum, which will bring together prominent scientists from across the world, at the Le Meridien in Madinah on June 22. “King Abdullah has cordially accepted the invitation to honor the forum,” said Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), the main organizer of the event.."
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Officials close to uncovering financiers of terror: Naif [Jun 19]
"..Interior Minister Prince Naif has announced that security officials are close to uncovering the sources of terror funding in the Kingdom. “We have found things (related to terror funding) ... that can be used as evidence against Al-Qaeda’s financial backers,” Prince Naif told Asharq Al-Awsat daily in an exclusive interview published yesterday. “Without financial backing, terrorists could not have moved as they did,” Prince Naif said. He added that further investigations were needed in order to get a complete picture. He expressed hope that the findings of the investigation would soon be made public. Prince Naif said the Kingdom was committed to confronting Al-Qaeda, regardless of the group’s change of tactics and methods.."
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The puzzle of oil production [Jun 19]
"..With oil prices nudging $140 a barrel, Saudi Arabia stands to receive a windfall this year of up to $400 billion, double what it earned from selling oil last year. Gloom at the world's petrol pumps, it may be assumed, can only mean hand-rubbing glee for their biggest supplier. Such is the case with some of the kingdom's rivals in the Organisation of the Petroleum Exporting Countries (OPEC), the cartel that supplies over one-third of the world's crude. Iran, for instance, has consistently argued against doing anything to bring down prices. Why, then, have the Saudis mounted a risky bid to do just that, by boosting oil output and summoning the world's top energy officials to an emergency meeting in Jeddah on June 22nd?.."
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Saudi Arabia's dual identity [Jun 19]
"..With Saudi Arabia now earning more than $1bn (£500m) a day in oil revenues, its rulers are under increasing pressure to speed up the process of social change.."
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Saudi Arabia: Bank deposits on the increase [Jun 19]
"Total bank deposits in Saudi Arabia went up by 6.1 percent to SR761.6 billion during the first quarter of 2008 compared to an increase of 6.3 percent during the preceding quarter. Bank deposits achieved an annual rise of 24.35 percent at the end of the first quarter of 2008.."
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Saudi meet aims to douse fire over oil price [Jun 19]
"..An emergency meeting of oil producing and consuming countries this Sunday will give Saudi Arabia the chance to try to turn around a storm of negative publicity it has received in the US, analysts say. Washington has been Saudi Arabia’s closest ally since the 1940s when a tight relationship formed on the basis of guaranteed oil supplies in return for US protection for the Saudi monarchy through thick and thin. Analysts see the Jeddah oil conference, which will examine ways of cooling record oil prices, in the same light. A string of foreign leaders including US President George W Bush have visited Riyadh this year to lobby the Saudi leadership to increase production, or persuade Opec to raise output to bring down prices as they shot past $100 per barrel. Saudi Arabia’s argument has consistently been that Opec responds to market needs and other factors beyond output are behind the price rises, such as speculation and a weak dollar.."
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Saudi production hike puts brake on world crude prices [Jun 19]
Oil prices softened Wednesday on news that US stockpiles had declined last week roughly in line with expectations and as the market mulled a possible output hike by Saudi Arabia. New York's main oil futures contract, light sweet crude for July delivery, fell $1.51 to $132.50 per barrel in late afternoon European trading. The contract had struck a record high point $139.89 on Monday as the market was gripped by supply jitters and the weak dollar, despite news that Saudi Arabia could lift production to help dampen prices.."
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Jeddah oil summit to focus on role of speculators [Jun 19]
"..The international conference of oil producers and consumers, which opens here on Sunday, will discuss not only the unprecedented hike in oil prices but also the role of speculators and economic analysts in shooting up prices in world markets. Heads of state and oil ministers will attend the meeting in Jeddah, which was called by Custodian of the Two Holy Mosques King Abdullah, from several countries as well as senior oil company executives. King Abdullah will open the energy summit that includes separate sessions for energy experts and oil ministers. Saudi Arabia, OPEC, the International Energy Agency, and the International Energy Forum will present a joint paper on the market situation. King Abdullah, British Prime Minister Gordon Brown and Minister of Petroleum and Mineral Resources Ali Al-Naimi will address the opening session. Al-Naimi said the conference would discuss how oil producers and consumers as well as international organizations could cooperate to curb prices and stabilize market.."
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King to open Jeddah energy conference [Jun 18]
"..Custodian of the Two Holy Mosques King Abdullah will open an international energy conference here on June 22 to discuss ways to curb rising oil prices and stabilize international market. The conference of oil producing and consuming countries was called by Saudi Arabia to discuss what it called an unjustifiable increase in oil prices, affecting economies around the world. As many as 38 countries, four international organizations and 30 oil companies have agreed to attend the conference, which has received world attention as people across the globe think it would contribute to slashing prices.."
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Nanotech project gets govt backing [Jun 18]
"..Higher Education Minister Dr. Khaled Al-Anqari yesterday commended Custodian of the Two Holy Mosques King Abdullah’s moral and material support to research centers on nanotechnology and its applications in the Kingdom. Opening an international conference on nanotechnology at King Abdulaziz University (KAU) here, he said the king has given his directives to remove all obstacles facing such research centers.."
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Saudi Arabia faces an oil dilemma [Jun 18]
"..Saudi Arabia has elected to pump more crude oil. The decision, to be announced this weekend at a summit in Jeddah with consuming nations and international oil groups, will test Riyadh’s power to move the market. With crude surging to record highs of almost $140 a barrel, the increase in Saudi output is a welcome – and necessary – step if prices are to fall. But, on its own, it is unlikely to reverse supply tightness and its effect on inflation. That the kingdom has signalled it will try to bring prices back under control is a modest diplomatic victory for the US and other consuming countries. It is an admission by the Saudis that they were partly to blame for the run-up in the first place. Riyadh’s insistence that market speculation and a lack of refining capacity accounted for high prices ignored the impact of its own recent policy of cutting supplies to drain world oil inventories.."
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Develop Red Sea tourism projects: Cabinet [Jun 17]
"..The Council of Ministers yesterday approved a strategic tourism development plan, which aims to boost the Kingdom’s growing tourism sector by making use of its Red Sea coast. “The plan aims to tackle the problems that obstruct optimum and sustained use of the Red Sea’s tourism potentials, especially in economic, environmental and heritage areas,” said the Cabinet meeting, which was chaired by Custodian of the Two Holy Mosques King Abdullah. According to officials at the General Commission for Tourism & Antiquities (GCTA), plans have been made to establish a large number of tourism projects along the Red Sea at a cost of nearly SR150 billion.."
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$80bn plan to raise oil output [Jun 17]
"..Saudi Arabia is planning to invest $80 billion in increasing its oil output to 12.5 million barrels per day and expanding its refining capacity by 43 percent to six million bpd within the next few years.."
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Al-Huraisi family sues Okaz, Al-Riyadh for libel [Jun 16]
"..A defamation case was filed yesterday against two Saudi newspapers by the lawyer representing the family of Salman Al-Huraisi, 28, who was allegedly beaten to death by members of the Commission for the Promotion of Virtue and Prevention of Vice in May last year. Lawyer Abdul Rahman Al-Lahem, told Arab News that the newspapers — Al-Riyadh and Okaz — have “slandered the deceased and his family,” and aimed to influence court proceedings on the case.."
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Saudi to take steps to stabilize oil prices: Ban [Jun 16]
"..The Kingdom is to take necessary measures to stabilize the price of oil, said United Nations Secretary-General Ban Ki-moon yesterday following a meeting with Custodian of Two Holy Mosques King Abdullah. Ban, who was speaking at a press conference in Jeddah, described his talks with King Abdullah as “very constructive and in-depth,” adding, “We expect the king and his government to take necessary measures to stabilize the price of oil.”
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Commission asks court to dismiss Umm Faisal suit [Jun 15]
"..The legal representative for a member of the Commission for the Promotion of Virtue and Prevention of Vice submitted a three-page memo to the Riyadh Court of Grievances asking the court to dismiss the case against him brought on by Umm Faisal, whose suit against the commission is the first of its kind to challenge the conduct of the religious police. The woman's lawyer, Abdul Rahman Al-Lahem, said the commission is fighting the complaint out of concern that it would set a precedent.."
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In search of excellence - Khaled Almaeena, Editor in Chief [Jun 15]
"..As the presses began to roll on April 20, 1975, when the first edition of Arab News was printed, it would have been hard to imagine what has unfolded on its pages since that time. From a blueprint crafted in a humble building and its startup in a garage, this newspaper has come a long way. It started as a tabloid with a press run of a few thousand copies and was distributed mainly among news-hungry expatriates.. ..We hope you will enjoy the new Arab News. It is the latest milestone in our 33-year mission to keep you informed and entertained — and anxiously awaiting our next edition. Our typefaces and graphics may have changed, but our commitment to you, our readers, remains constant — and that’s the truth, the Green Truth.."
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