Finance Minister Wraps Up OPEC Fund Engagements
The forum's opening session underscored the importance of inclusive, equitable, and sustainable transitions in global development. Discussions focused on the role of strategic finance, innovative policy-making, and enhanced international cooperation—particularly through South-South partnerships—in advancing global progress.
In his remarks, Aljadaan stressed that energy security is essential—not a luxury—for achieving development and inclusive growth. Its absence, he noted, undermines key sectors such as healthcare, education, economic productivity, environmental sustainability, water access, and food security.
Amid rising geopolitical tensions, market volatility, and growing global energy demand, Aljadaan called for urgent action to diversify energy sources and expand investment in clean and emerging technologies, including Carbon Capture, Utilization, and Storage (CCUS). He also advocated for innovative financing mechanisms to accelerate energy access and reinforce long-term energy security.
Reaffirming Saudi Arabia's commitment to global energy cooperation and climate action, Aljadaan highlighted the Kingdom's goal to generate 50% of its electricity from renewable sources by 2030 and achieve net-zero emissions by 2060 under the Circular Carbon Economy framework.
OPEC
At the 46th Ministerial Council Meeting, Aljadaan praised the OPEC Fund's strategic vision and its alignment with global development priorities, including the Sustainable Development Goals (SDGs) and food security. He also commended the fund's adaptability in navigating market fluctuations, ensuring continued support to countries and communities in need.
As the Fund's highest governing body, the Ministerial Council convenes annually to review and approve audited financial statements, annual reports, and other key matters. These sessions are held either at the Fund's headquarters or at a location designated by the Council.
Related Topics :
OPEC+ Nations Adjust Production Strategy for Market Stability
SFDA Reports Record 82% Surge in Licensed Factories, Warehouses in 2024
Is wheat harmful to the intestine? SFDA clarifies the truth
SFDA: National Biotechnology Strategy Highlights Saudi Leadership in Medical Innovation
Short link :
Post Views: 32
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
7 hours ago
- Arab News
Philippines voices concern over ‘dangerous' Chinese actions
MANILA: The Philippines expressed serious concern on Tuesday over what it called 'dangerous maneuvers and unlawful interference' by Chinese vessels during a coast guard supply mission for Filipino fishermen in the Scarborough Shoal in the South China Sea. Manila's Coast Guard deployed three vessels on Monday to deliver supplies, such as fuel and ice, to dozens of fishermen operating around the disputed atoll when they encountered 'hazardous' and 'blocking actions' from Chinese vessels in the area. 'Their actions not only posed a grave danger to Philippine personnel and vessels, but also resulted in the unfortunate collision between the two Chinese vessels,' the Philippine Foreign Ministry said in a statement. Philippine Coast Guard footage showed a Chinese Coast Guard ship trailing the PCG vessel before a Chinese navy ship suddenly cut across its path, colliding with it and damaging the Coast Guard's forecastle. It was the first known collision between Chinese vessels in the area. 'Our assessment is that the real objective of the PLA Navy ship is to ram our Philippine Coast Guard (vessel). That is also (the) assessment of our Philippine Coast Guard,' Armed Forces of the Philippines Chief of Staff General Romeo Brawner told reporters on Tuesday. China's actions also drew condemnation from the US, a treaty ally of the Philippines. 'We condemn this latest reckless action by China directed against a Philippine vessel... and commend the Philippine Coast Guard for their professionalism and their offer to render assistance,' US Ambassador to Manila, MaryKay Carlson, said on X. PCG spokesperson Jay Tarriela said the PCG offered medical and search-and-rescue assistance via radio, but received no response from the Chinese side. He added there was no confirmation on whether any Chinese crew members were injured during the clash. 'Yesterday's incident demonstrates the importance of adhering to international maritime rules,' the Philippine Foreign Ministry said. It reaffirmed its commitment to diplomacy and dialogue in resolving differences. Rear Admiral Roy Trinidad, Philippine navy spokesperson for the South China Sea, warned at a press briefing on Tuesday that similar incidents could happen again as long as China continued to conduct what he called 'illegal, coercive, aggressive and deceptive' activities in the strategic waterway.
Arab News
9 hours ago
- Arab News
Deputy PM calls for modernizing port infrastructure to boost Pakistan trade competitiveness
ISLAMABAD: Pakistan's Deputy Prime Minister Ishaq Dar has called for modernizing the country's port infrastructure and streamlining the processes to bolster Pakistan's competitiveness in regional and global trade, state media reported on Tuesday. Dar said this at a meeting he presided over in Islamabad to review operations at Pakistani ports and proposals to enhance efficiency, reduce turnaround times and ensure smooth cargo handling. Pakistan is currently making efforts to capitalize on its geostrategic location to boost trade and investment alongside tourism as it slowly recovers from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) program. 'The meeting covered measures to address port congestion, strengthen trade facilitation, and improve logistics systems to support imports, exports and overall economic activity,' the Radio Pakistan broadcaster reported. Officials say the South Asian country plans to cut container dwell time at its seaports by up to 70 percent to improve trade competitiveness and ease congestion. Islamabad last month reduced port charges for exporters by 50 percent at the second largest Port Qasim. Earlier this month, Pakistan granted its first-ever ferry service license to an international operator, Sea Keepers, for routes connecting Pakistan with Iran and Gulf Cooperation Council (GCC) countries, the Pakistani maritime affairs ministry said on Monday. Maritime Affairs Minister Junaid Anwar Chaudhry hailed the move as a 'historic step,' aligned with Pakistan's National Maritime Policy, and emphasized the opportunity this license creates for boosting regional connectivity, religious tourism and economic activity via sea routes. 'Initial operations will commence from the ports of Karachi and Gwadar using modern ferry vessels equipped with essential amenities to ensure safe, affordable travel,' Chaudhry was quoted as saying by his ministry. It did not specify a date for the start of operations.
Saudi Gazette
11 hours ago
- Saudi Gazette
OPEC raises global oil demand forecast for 2026
VIENNA — The Organization of Petroleum Exporting Countries (OPEC) on Tuesday raised its global oil demand forecast for 2026. The organization also trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. The outlook for higher demand and a drop in supply growth from outside OPEC+, which groups OPEC with Russia and other allies, would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market. World oil demand will rise by 1.38 million barrels per day in 2026, the OPEC said in a monthly report, up 100,000 bpd from the previous forecast. This year's expectation was left unchanged. In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as US President Donald Trump's administration signs some trade deals and the economies of India, China and Brazil outperform expectations. "Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centred trade tensions and broader geopolitical risks," OPEC said in the report. Oil supply from countries outside the organization will rise by about 630,000 bpd in 2026, OPEC said, down from last month's forecast of 730,000 bpd. OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month's outlook for flat output year on year. "The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions," OPEC said. OPEC's report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas
