Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas. Al-Eqtisadiah newspaper reported in its editorial that the economic situation in 2020 reflected the global economic position of the Kingdom of Saudi Arabia, as it proved to the world its absolutely capability of preserving its economic and political gains. The newspaper pointed to the speech of Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, in the press conference after the 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), in which he said that we are the protectors of this industry. Moreover, with the negative economic effects of the outbreak of the Coronavirus, Saudi Arabia took a positive position to protect the oil market. In June 2020, the alliance cut production by 9.7 million barrels per day. Then, the cuts tapered to 7.7 million barrels per day by the end of 2020. The commitment to reduce and compensate for the increases was relied on to preserve the fragile global economy and markets, the newspaper added. The last meeting of the group resulted in cutting production to 7.2 million barrels per day. With these adjustments, prices were able to return to reasonable levels, reaching USD 50 by the end of 2020, after reaching less than USD 20 with last April. The prices increase to these levels where the story of the success of the Saudi administration, led by HRH the Crown Prince Mohammed bin Salman. The Minister of Energy also announced that Saudi Arabia would voluntarily cut an additional one million barrels per day in February and March above its current quota, the newspaper added. The newspaper concluded that with the great support from Saudi Arabia, prices responded in an unusual way, jumping more than 5 %, after the announcement. The Kingdom of Saudi Arabia leads prices in this direction for the benefit of the economy and the oil market, as it also reminds the world of its strength and positive stances to maintain the balance of the global markets and prices. Okaz newspaper reported in its editorial that the success of the Al-Ula summit reflects the keenness of the leaders of the GCC countries on the strength and cohesion of the GCC, in order to achieve the aspirations of the citizens of the GCC countries and to stand united in facing any threat. The newspaper pointed to the brotherly embrace between Prince Mohammed bin Salman bin Abdulaziz and Sheikh Tammim bin Hamad Al Thani, as it confirms that brotherhood differences occur but do not last. Moreover, the deep ties between the leaders and peoples of the Gulf are sufficient to solve any disagreement to achieve cooperation, interdependence and integration between the GCC states. The Gulf-Gulf rapprochement that leads to Gulf-Arab rapprochement will contribute to restrict the interference of the Iranian and Turkish regimes in the internal affairs of Arab countries, the newspapers concluded.
