Saudi Press: Oil Demand Index Forwards Up as Global Commercial Activities Partially Returned

Sunday 1441/10/15 - 2020/06/07
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Riyadh, June 7, 2020, SPA -- Saudi newspapers highlighted in their editorials today a number of issues at local, regional, and international arenas.
Al-Riyadh newspaper said in its editorial that the government of the kingdom of Saudi Arabia has supported the private sector for its importance and to remain it strong in the face of the financial and economic implications of (COVID-19) pandemic.
The paper said that the financial support value exceeded SR 120 billion in form of urgent initiatives and exemptions from paying government fees, with a focus on small and medium enterprises and economic activities most affected by Coronavirus.
The paper pointed out that more than 17 thousand enterprises have benefited from the private sector stimulation plan, which includes six initiatives target integrate the companies of private sector and provide full support for them.
Al-Bilad newspaper said in its editorial that the results of the two virtual OPEC and OPEC+ group meetings have bypassed oil producing countries the crisis of price collapses that have reached lowest levels in global markets over the recent period due to oversupply and the negative effects of the Corona pandemic on the global economy. The oil demand index forwards progressively up in line with the partial return, with preventive controls, for activities in many countries, especially the major industrial countries.
The paper said that the influential leadership role of Saudi Arabia and in cooperation with Russia, the main producer outside OPEC, the oil market reached balanced and fair price in the interest of both producing and importing countries.
The paper concluded by stressing the wise oil policy of Saudi Arabia which featured with high efficiency in managing the crisis and influential role worldwide.
-- SPA
09:44 LOCAL TIME 06:44 GMT