QUOTED

“The divergence of opinion over coronavirus’s effect on oil demand goes beyond OPEC. The International Energy Agency warned on Feb. 13 that demand for oil is likely to be 435,000 barrels a day less in the current quarter compared with a year ago. Vitol Group, the world’s largest independent oil trader, is more pessimistic, expecting that quarterly demand will fall by around 2.2 million barrels a day. Under either scenario, a quarterly decline would be the first since the height of the global financial crisis.”

-Summer Said and Benoit Faucon (Wall Street Journal) report on the disparity within OPEC+ regarding the impact of China’s coronavirus on global oil demand and the urgency of a response. They report that Saudi Arabia, Kuwait and the UAE – which represent over half of OPEC’s production capacity – are considering a possible joint output cut of their own. [WSJ]

TOP STORY

On Third Day of Saudi Trip, Pompeo Tours Saudi Airbase, Meets with Crown Prince Mohammed bin Salman

Secretary of State Michael Pompeo met with Crown Prince Mohammed bin Salman and separately with Prince Khalid Bin Salman in Saudi Arabia on his third and final day of a visit to the Kingdom, according to reports, before taking a tour of a key Saudi Arabian air base where the U.S. has deployed defense capabilities. [more]

MORE TOP STORYLINES

Coronavirus on G20 agenda as China reports uptick in cases

Via Pei Li and Se Young Lee in reuters.com : As international authorities tried to stop the outbreak in China from becoming a global pandemic, finance leaders from the Group of 20 major economies meeting in Saudi Arabia over the weekend were set to discuss risks to the global economy.

Edelman strikes $6 million deal with Saudis to promote G-20 business summit

Via Aaron Schaffer in al-monitor.com : The contract, which runs from February until January 2021, notably calls on Edelman to help with media relations and event planning around the Business 20 (B20) dialogue forum with the international business community. The agreement is for $5.6 million, plus $1 million in estimated expenses — making it the most lucrative Middle East lobbying and public relations contract in more than a year.

Pompeo announces understanding between U.S. and Taliban

Via Quint Forgey in politico.com : “After decades of conflict, we have come to an understanding with the Taliban on a significant reduction in violence across #Afghanistan,” Pompeo wrote on Twitter, describing the latest development as “an important step on a long road to peace,” and calling on Afghans “to seize this opportunity.”

‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower

More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who ...[By Adam Satariano and Paul Mozur via nytimes.com]

Saudi giga-project Diriyah Gate targets 2027 completion

Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s...[By Andrew Hammond via agbi.com]

Greg Norman ‘open-minded’ to altering LIV’s signature 54-hole format

His comment is significant because, like LIV Golf’s team competition and shotgun starts, the...[By Cindy Boren via washingtonpost.com]

Book Review: The Conflicts Shaping the Middle East

The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts...[By Christopher Phillips via thecipherbrief.com]

Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse...[By Larry Elliott via theguardian.com]

GCC’s project awards jump 20% to $45b despite geopolitical headwinds

The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest...[By Issac John via khaleejtimes.com]

Saudi economy witnessing a fundamental shift, says minister

Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to...[via arabnews.com]

Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress

From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry....[By Pooja Chandak via solarquarter.com]

Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia

Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical...[By Nour Fakharany via archdaily.com]

Iran’s elections are set to be dominated by hardliners. Here’s what that means

While the Islamic Consultative Assembly -- also known as the parliament -- plays an important role in Iran's complicated political system, it is dwarfed in...[By Luke McGee via cnn.com]

Ship seizures included ‘relatively new’ Iranian surface to air missile bound for Houthi rebels in Yemen

Capt. William Urban, the lead spokesman for U.S. Central Command, told reporters Wednesday that the seized missile components were “relatively new” Iranian-manufactured missiles that have...[By Shawn Snow via militarytimes.com]

Libya’s Haftar says any ceasefire would be contingent on Turkish withdrawal: RIA

Khalifa Haftar, Libya’s eastern military commander, said he would be ready for a ceasefire if Turkish and Syrian mercenaries left the country and Ankara stopped...[By Maria Kiselyova via reuters.com]

Reuters - U.N. says Libya ceasefire talks back on track in Geneva