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Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures were last up 4 cents to $75.45 a barrel by 0404 GMT after settling up 0.8% on Friday. US West Texas Intermediate crude was at $70.67 a barrel, up 3 cents, after closing 1.1% higher in the previous session, Reuters said.
The Saudi Public Investment Fund (PIF) ranked seventh globally and first in the Middle East among 100 sovereign wealth funds according to Global SWFs Governance, Sustainability and Resilience (GSR) rating. The 44-page report by the international organization discussed the Fund's sustainability in a special section, "Champions in Sustainability: The Public Investment Fund." It explained that in November 2022, the PIF became the first SWF in the Middle East and one of the first globally to announce aims to achieve net-zero emissions by 2050.
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha started on Sunday an official visit to China. He is slated to visit Beijing, Hong Kong and Shenzhen. The minister is accompanied by a high-level delegation comprising entities working in the fields of digital economy, space and innovation in the Kingdom. Alswaha is scheduled to meet with his Chinese counterpart, several government officials and heads of leading companies in the field of communication and IT.