MUST-READS

• Saudi Arabia Regains Some Oil Market Share From Russia in Asia

  Saudi Arabia’s oil exports to Asia rose in November, while Russia’s crude sales in the world’s most important oil-importing region fell amid lower purchases by Moscow’s two key markets, China and India. Recovering Asian refining margins, a decline in the premium of the Dubai benchmark to Russia’s Urals, and rising shipping costs for Russia’s crude helped Saudi Arabia boost its crude oil supply to Asia by 550,000 barrels per day (bpd) in November, according to data from LSEG Oil Research cited by Reuters’s columnist Clyde Russell. Saudi crude oil exports to Asia jumped to 5.83 million bpd last month, up from an estimated 5.28 million bpd in October.

• Iraqi fighters head to Syria to battle rebels but Lebanon’s Hezbollah stays out, sources say
  Hundreds of Iran-backed Iraqi fighters crossed into Syria on Monday to help the government fight rebels who seized Aleppo last week, but Lebanon's Hezbollah has no plans for now to join them, according to sources. Iran's constellation of allied regional militia groups, aided by Russian air power, has been integral to the success of pro-government forces in subduing rebels in Syria who rose up against President Bashar al-Assad in 2011.

• Climate solution: Sails make a comeback in shipping, to dent its huge carbon footprint

  The international merchant fleet of more than 100,000 ships transports more than 80% of global trade. But it’s also responsible for about 3% of global greenhouse gas emissions. Without a quick switch from dirty fuels to cleaner energies, its pollution is forecast to soar. Mariners pushing for wind power say investors used to view them as something of a joke. But as they pioneer a comeback for sail-powered cargo ships, they’re having the last laugh. The cleanest of the new vessels spearheading wind’s embryonic revival are almost pure-sail vessels like Grain de Sail II. Half the length of a soccer field and able to carry 350 tons of goods in its holds, it uses its diesel engine only to maneuver in and out of port.

• Persistent Fall in Private Borrowing Brings Global Debt Down

  Global debt decreased about one percentage point to 237 percent GDP. The values for 2023 are now available from the just released IMF’s Global Debt Database. Global private debt fell by 2.8 percentage points to 143 percent of GDP, below the 2019 level and more than compensated for the turning up in public debt. According to the latest Fiscal Monitor, global public debt is high, rising, and risky.

• Macron and Saudi crown prince sign partnership deal, call for Lebanon elections

  President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman signed a strategic partnership on Monday aimed at deepening bilateral ties and de-escalating conflict in the Middle East, including Lebanon, where the two leaders called for presidential elections.  Macron's state visit is the first by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing what the presidency calls a "very close relationship". In 2021, Macron became one of the first Western leaders to meet Prince Mohammed in Saudi Arabia after the 2018 murder of Saudi journalist Jamal Khashoggi at Riyadh's consulate in Istanbul.

• Mapping Saudi Arabia’s low emissions transition path by 2060: An input-output analysis

  This study analyzes Saudi Arabia's strategy to reduce emissions by 2060, as outlined in the Saudi Green Initiative framework (SGI). Using a two-stage Leontief input-output model, we analyze economic criteria for meeting the low emissions target and identify potential green project financing sources. The analysis focuses on Saudi Vision 2030's economic diversification initiatives and the transition to a net-zero carbon economy.

• Saudi Arabia to abandon US defence treaty for more modest alternative

  A full-blown US-Saudi treaty would need to pass the US Senate with a two-thirds majority and this would be a non-starter unless Riyadh recognises Israel, the sources said. The pact now under discussion would involve expanding joint military exercises and drills to address regional threats, mainly from Iran. It would foster partnerships between US and Saudi defence firms, with safeguards to prevent collaboration with China, the sources said. The agreement would promote Saudi investment in advanced technologies, especially drone defence. The US would increase its presence in Riyadh through training, logistics and cyber security support, and might deploy a Patriot missile battalion to enhance missile defence and integrated deterrence. “Saudi Arabia will get a security deal which will allow more military cooperation and sales of US weapons, but not a defence treaty similar to that of Japan or South Korea as initially sought,” said Abdelaziz al-Sagher, head of the Gulf Research Institute think-tank in Saudi Arabia.

• Red Sea Film Foundation Managing Director on Saudi Film Growth, Co-Productions and Stars at RSIFF

  The fourth edition of the Red Sea International Film Festival (RSIFF) in Jeddah is set to once again put a spotlight on the burgeoning film industry in Saudi Arabia, the Middle East and beyond. Showcasing a competition lineup of 15 titles, film festival circuit favourites, and more, it kicks off on Dec. 5 with an opening night gala screening of Karim Shenawi’s The Tale of Daye’s Family, the story of an 11-year-old albino, and close on Dec. 14 with Michael Gracey’s Robbie Williams biopic Better Man. Viola Davis is among the stars to be featured during the fest this year. Ahead of the 2024 edition, Shivani Pandya Malhotra, managing director of the Red Sea Film Foundation, talked to THR about the state of the Saudi film industry, co-productions with other countries, growth opportunities and the role of stars at the festival.

• Dubois to defend world heavyweight title against Parker in Saudi Arabia

  The International Boxing Federation’s (IBF) world heavyweight champion Daniel Dubois will defend his title against Joseph Parker on February 22 in Riyadh, event organisers in Saudi Arabia have confirmed. The fight, announced Tuesday, will be the co-main event for the undisputed world light heavyweight title rematch between Artur Beterbiev and Dmitry Bivol in a seven-bout card announced by Turki Alalshikh, the head of the Saudi General Entertainment Authority

• Introduction of Electric Vehicles in Saudi Arabia: Impacts on Oil Consumption, CO2 Emissions, and Electricity Demand
  In this study, we project the number of internal combustion engine (ICE) vehicles in Saudi Arabia up to 2050. The projected number of vehicles is then used to project the oil demand and CO₂ emissions associated with the road transport sector by 2050. On the basis of the projected number of ICE vehicles, we design three scenarios for developing electric vehicles (EVs) (high-, moderate-, and low-growth scenarios) to determine the impact of the expansion of EVs on future oil demand, CO₂emissions, and electricity demand.

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