PARIS: Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticized the International Energy Agency’s ambitions of halting new fossil fuel projects to combat climate change.
The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous rise in global temperatures.
But Oman’s energy minister, Mohammed Al-Rumhi, said such “unilateral recommendations” were not helpful.
“Recommending that we should not invest in new oil... I think that’s extremely dangerous,” he said at a conference jointly organized by his country with the IEA on energy transition in the Middle East and North Africa.
“If we stop investing in fossil fuel industry abruptly there will be energy starvation and the price of energy will just shoot” higher and “in the short term we could see a 100 or 200 per barrel scenario,” said Al-Rumhi.
Crude oil prices have been fluctuating around $70 per barrel recently.
“It’s very easy to sit in your comfort zone and talk about efficiency and solar and renewables... and then we forget a third of the world population is suffering from a lack of energy,” said Al-Rumhi.
The criticism appeared aimed at the head of the IEA, Fatih Birol, who had urged countries in the Middle East and North Africa region to develop renewable energy.
Birol spoke about what he called a “bitter truth” that Middle East energy producing nations face: the countries which account for 70 percent of global GDP have undertaken to reach net zero carbon emissions by 2050.
“This will have implication for oil demand and therefore for investments,” he said.
Oman warns of $200 oil in dig at IEA climate advice
https://arab.news/vnjgj
Oman warns of $200 oil in dig at IEA climate advice
- The IEA called in May on for a halt to new investment in oil, gas and coal extraction
- Recommending that we should not invest in new oil is "extremely dangerous," Oman's oil minister said
Post-break return of students drives surge in education spending, SAMA data shows
RIYADH: Spending on education in Saudi Arabia increased by 141.1 percent for the week ending Jan. 24, as students returned to the classroom after the mid-year break.
This was accompanied by a 7 percent increase in spending on books and stationery, which reached SR146.17 million ($38.9 million).
According to the latest data from the Saudi Central Bank, the over POS value dropped 10.6 percent to SR12.52 billion, with transactions representing a 9.7 percent week-on-week decrease to 213.62 million.
This week saw negative changes across all the remaining sectors. Spending on bakeries and pastries saw an 18.4 percent decline to SR229.71 million, while gas stations saw an 11 percent drop. Professional and business services decreased by 11.6 percent.
Expenditure on apparel and clothing fell by 19.7 percent to SR985.94 million, followed by a 2.8 percent drop in spending on jewelry.
Spending on car rentals in the Kingdom fell by 14.7 percent, while airlines saw a 9.3 percent decrease to SR38.16 million.
Expenditure on food and beverages saw a 7.9 percent decline to SR1.88 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite an 18.5 percent decrease to SR1.50 billion.
Geographically, Riyadh accounted for the largest share of total POS spending, but still saw a 6 percent dip to SR4.46 billion, down from SR4.74 billion the previous week. The number of transactions in the capital settled at 69.07 million, down 6.8 percent week on week.
In Jeddah, transaction values decreased by 13.6 percent to SR1.75 billion, while Dammam reported a 4.8 percent decrease to SR640.59 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
