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Recent stories from sustg
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Oil Approaches Prices Not Seen Since Start of Pandemic as Optimism on Vaccines, U.S. Stimulus Drives Prices
- December 18,2020
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- SUSTG Team
Oil reached its highest close in almost 10 months as U.S. lawmakers worked toward finalizing a stimulus deal that may boost near-term demand ahead of a broad roll-out of the Covid-19 vaccine. Futures in New York were near $48.50, headed for a seventh weekly gain, Bloomberg reports.
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Saudi Arabia’s Economy Still Shrank in 3Q Despite Rebound Trend
- December 17,2020
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- SUSTG Team
Saudi Arabia’s economy shrank more slowly in the third quarter of this year as the government relaxed some measures put in place to curb the spread of the Coronavirus but the oil sector continued to weigh on the Kingdom’s overall economic outlook, according to reports.
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Saudi Arabia Registers Pfizer COVID-19 Vaccine for Import, Distribution in Kingdom
- December 10,2020
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- SUSTG Team
Health authorities in Saudi Arabia have registered the Pfizer-BioNTech COVID-19 vaccine for import and use in the country, state news agency SPA said on Thursday. Saudi Arabia’s Food and Drug Agency registered the vaccine. Procedures necessary for its import and use will begin, the statement said.
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Road to the G20: G20 Leader’s Summit Publication Released Ahead of Virtual 2020 Summit
- November 20,2020
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- SUSTG Team
Organizers of the G20 in Riyadh released the summit’s Annual Publication ahead of the G20 leadership summit, beginning tomorrow and taking place virtually due to the Coronavirus pandemic. Saudi Arabia as host has prioritized empowering people, safeguarding the planet and shaping new frontiers as themes for this year’s event, the first G20 to be chaired by a nation […]
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Rising Coronavirus Cases, Lockdowns Globally Will Hurt Oil Demand More than Previously Thought in 2021, OPEC Says
- November 11,2020
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- SUSTG Team
A global surge in Coronavirus cases and resulting lockdowns in late 2020 will cause oil demand to rebound more slowly in 2021 than previously thought, OPEC said on Wednesday. The surge in Coronavirus cases will hamper efforts by OPEC and its allies to support the market, Reuters reports.
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
- November 2,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Road to the G20: Two-Day Virtual B20 Begins Today
- October 26,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. This week, Saudi Arabia will host the B20 business-focused group, as well as the T20 meetings later this week.
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Strict Countermeasures Continue to Pay Off as Saudi Arabia’s Covid Deaths Hit New Lows
- October 23,2020
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- SUSTG Team
Strict rules and regulations in place and an elevated social awareness of the danger of the coronavirus continues to pay dividends in stopping the spread of the virus in Saudi Arabia, data confirms. Saudi Arabia on Friday recorded just 383 new coronavirus cases and 14 deaths, representing some of the lowest figures seen in the Kingdom since […]
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IMF Sees Contraction in 2021 for Middle East Economies, With Oil Prices in $40-$50 Range
- October 20,2020
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- SUSTG Team
The International Monetary Fund (IMF) downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole, according to latest data released by the international organization.
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Saudi Aramco in Talks with BlackRock, Others for $10 Billion Pipeline Deal
- October 14,2020
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- SUSTG Team
Saudi Aramco is in talks with U.S.-based global investment management corporation BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources told Reuters, although the deal is still in early stages.
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MUST-READS
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Saudi students returning from China leave quarantine after being declared coronavirus-free
The 10 Saudi students who returned from Wuhan, China, on Feb. 2 have been declared as being coronavirus-free. According to Al Arabiya, they have been receiving two check-ups for fevers and flu daily since they returned and every three days have had saliva-testing to see if the coronavirus was spreading among them.
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Agility Emerging Markets Logistics IndexChina Remains World’s Leading Emerging Market; Saudi #6
The strongest clusters of emerging markets are in the Arabian Gulf and Southeast Asia, thanks to business-friendly conditions and core strengths – the Gulf's energy wealth and Southeast Asian manufacturing power – that draw logistics activity.
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China VirusCoronavirus deaths, cases leap in China; markets shiver
The Chinese province at the epicentre of the coronavirus outbreak reported a record rise in deaths and thousands more cases on Thursday under a new diagnostic method, raising fresh questions about the scale of the crisis.
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China VirusCoronavirus: China logs most deaths in a day as total surpasses 1,000
All but two of the 1,018 deaths attributed to the outbreak that emerged in December have taken place in mainland China. The virus is continuing to spread into other countries, with almost 500 of the 43,138 now confirmed cases elsewhere. The Centers for Disease Control and Prevention this week reported the 13th case in the U.S.
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ChinaVirus reveals China as global oil’s swing consumer
China had been expected to consume 13.7 million bpd of crude in the first three months of 2020, according to Jefferies estimates. That’s second only to the United States, but without the latter’s huge domestic output. Those forecasts are now in shreds. Chinese consumption may fall by 25% in February – equivalent to more than 3 million bpd - the Financial Times reported on Wednesday. That’s a big problem given that the country accounts for 14% of global oil demand - double what it consumed at the time of the SARS virus in 2003.
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MaadenSaudi miner Ma’aden says China supply, coronavirus dampen aluminum outlook
The outlook for aluminum prices in 2020 is “obviously more negative” than it was going into the year, pressured by the outbreak of coronavirus and a surge in supply from China, the chief executive of Saudi Arabian Mining Co (1211.SE) said.
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Global Oil MarketsOil prices rise amid optimism over coronavirus outbreak in China
A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day (bpd), two sources told Reuters.
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China VirusSaudi Arabia evacuates students from China, quarantines them upon arrival
So far, the UAE is the only country in the region to have confirmed cases of the virus. Early on Sunday, the Gulf nation said it was dealing with a fifth infected patient, a Chinese tourist who recently arrived from Wuhan.
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OPEC+OPEC+ Consults China for Urgent Analysis of Virus Threat to Oil
The unusual appearance at the cartel’s headquarters of Wang Qun, China’s ambassador to international organizations in Vienna, underscores how the outbreak has upended the global market.
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PompeoPompeo Praises Kazakhstan’s ‘Real Reforms,’ Urges Pressure On China Over Xinjiang
U.S. Secretary of State Mike Pompeo has lauded what he said were "real reforms" in Kazakhstan, saying Washington was "here to help" in the oil-rich country's "transformation." Speaking to RFE/RL in the Kazakh capital Nur-Sultan on February 2, Pompeo urged the former Soviet republic to join Washington in pressing China over its treatment of Muslim minorities in the Xinjiang region and said the United States wanted to see Central Asia "prosper."
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