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The SUSTG team wishes to express our warmest wishes on the occasion of the holy month of Ramadan.

With a bleak outlook for oil demand growth in 2020 by OPEC, and recent pledged cuts agreed to by the so-called OPEC+ group of producers last week, Saudi Arabia is set to produce about 2 million barrels per day less on average.

Oil prices fell for a third session on Wednesday on indices around the world, and U.S. crude futures tumbled to a 17-year low "as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic," according to Reuters.

Saudi Aramco announced its full-year 2019 financial results, delivering "strong profits and dividends despite a lower price environment and challenging margins in refining and chemicals," the company said in a press release.

Saudi Arabia is taking unprecedented steps to curb the spread of the Coronavius, or COVID-19, in the Kingdom, announcing that it would suspend the upcoming Red Sea Film Festival after announcing a suspension of the Umrah religious pilgrimage for its citizens and residents.