BAGHDAD: The global oil market is improving and stabilizing, Saudi Oil Minister Khalid Al-Falih said in Baghdad on Saturday.
In a speech at the opening of the Baghdad International Exhibition, Al-Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil prices.
Speaking later to reporters, he said Saudi Arabia and Iraq were in agreement on the need to “fully comply” with cutbacks in crude output agreed by OPEC, Russia and several other producers to push up prices.
“The market has improved a lot but has still some way to go,” he said.
Al-Falih is the first Saudi official to make a public speech in Baghdad for several decades.
The two countries began taking steps toward detente in 2015 after 25 years of troubled relations starting with the Iraqi invasion of Kuwait in 1990. Al-Falih visited Iraq earlier this year.
“The best example of the importance of cooperation between our two countries is the improvement and stability trend seen in the oil market,” said Al-Falih, to applause from the audience of Iraqi ministers, senior officials and businessmen.
Saudi Arabia and Iraq are the largest and second largest producers of the Organization of the Petroleum Exporting Countries (OPEC).
The Iraqi oil ministry said in a statement Falih and his Iraqi counterpart, Jabar Al-Luaibi, agreed to cooperate in implementing decisions by oil exporting countries to curb global supply in order to lift crude prices. OPEC, Russia and other producers have reduced production by about 1.8 million barrels per day (bpd) since the start of 2017, helping to boost oil prices. The cutbacks should continue until March 2018.
Saudi’s Al-Falih says global oil market improving, stabilizing
Saudi’s Al-Falih says global oil market improving, stabilizing
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
