Saudi IT firm MIS to launch $266m investment fund with Al Rajhi Financial
Oil Updates — Crude Fluctuates; Bahrain appoints new oil minister; Colombia increases its oil production
RIYADH: Oil prices hovered in positive and negative territory on Tuesday, holding up despite recession fears and potential new COVID-19 restrictions in China that could dampen demand as the market remains tightly supplied.
U.S. West Texas Intermediate crude fell 4 cents to $120.89 a barrel at 0156 GMT, while Brent crude futures fell 6 cents to $122.21 a barrel.
Bahrain has a new oil minister
Bahrain’s King Hamad bin Isa Al-Khalifa on Monday ordered a cabinet reshuffle that included the appointment of a new oil minister, state media reported.
Mohammed bin Mubarak Bin Dainah, who was the country’s envoy for climate affairs, has been appointed Minister of Petroleum and Environment, replacing Petroleum Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa.
The reshuffle included the appointment of Sheikh Khalid bin Abdulla Al Khalifa as Deputy Prime Minister and Minister of Infrastructure, Zayed bin Rashid Al Zayani as Minister of Industry and Trade and Fatima bint Jaafer al Sairafi as of Minister of Tourism.
Crown Prince and Prime Minister Salman bin Hamad Al-Khalifa said the reshuffle “will bring new ideas and renewed energy to continue moving the public sector forward”, the state news agency said on Monday.
“The reshuffle, the largest in the country’s history, resulted in a change of 17 ministers out of 22, with the introduction of a large proportion of young ministers, including four women,” a government spokesman said. .
Colombia ramps up oil and coal production
Colombia should increase its coal and oil production to fill the vacuum created by sanctions against Russia, Energy Minister Diego Mesa said on Monday.
The Andean county has restarted coal exports to Ireland, Mesa said on the sidelines of Canada’s PDAC conference in Toronto.
The European country stopped buying Colombian coal in 2016 for human rights reasons.
“Six years ago Ireland replaced Colombian coal with Russian coal…but when the war started they came knocking on our doors again,” Mesa said.
The demand for coal is so high that mining companies like Drummond, one of Colombia’s largest producers, have managed to secure contracts for the next 18 months, Mesa said.
Poland has signed for one million tonnes of coal from Drummond and is expected to contract for another two million tonnes, he said.
Colombia has also increased its coal exports to the Netherlands, Spain and Canada since Russia invaded Ukraine, he added.
(Contributed by Reuters)