The Saudi main market index (TASI) ended Sunday's session down by 0.15 percent, closing at 10,360 points, amid trades worth 2.6 billion riyals.
The index recorded its highest level during the session at 10,393 points, while it reached its lowest level at 10,238 points.
“Al Arabi” stock topped the list of stocks with the largest decline by 3.31 percent, closing at 21.30 riyals, followed by “Research and Media” stock, down by 3.02 percent to 51.30 riyals, then “Theeb” stock, down by 3 percent, to close at 18.43 riyals.
On the other hand, the shares of “Sadq”, “National Steel”, and “Amlak” topped the list of stocks that rose the most, with gains ranging between 6 and 9 percent, closing at 16.33 riyals, 2.66 riyals, and 8.76 riyals, respectively.
The Secretary-General of the International Energy Forum, Jassim Al-Shirawi, stressed that security of supply is a priority in light of the growing global demand for energy, driven by population growth, industrial expansion, and the increasing needs for data centers and artificial intelligence applications, stressing that the challenge is not limited to energy production; It also includes ensuring that it is delivered to consumers reliably.
In a statement to Asharq Al-Awsat on the sidelines of the seventeenth ministerial meeting of the International Energy Forum in Riyadh, Al-Shirawi praised Saudi Arabia’s hosting of the “Energy Week” activities, which began with the forum’s ministerial meeting, explaining that these meetings allow strengthening dialogue between producing and consuming countries, and discussing ways to ensure security of supplies in light of the changes taking place in the energy sector.
He said that the forum includes about 70 countries representing most of the energy-producing and consuming countries, in addition to an industry advisory council that allows companies to be involved in dialogue between governments, which helps bring viewpoints closer between parties in the sector, and discusses the challenges related to energy saving.
He added that population growth and industry needs, along with new demand imposed by the expanding use of artificial intelligence, make it more important to ensure the availability of supplies and the ability of infrastructure to transport them to consumers.
He stressed that energy security is not only linked to countries’ ability to produce; It also requires ensuring that supplies reach their destinations to meet the needs of economies and industries.
The President of the World Petroleum Council, Pedro Miras, said that supply security has returned to the top priority of the global energy sector with the escalation of geopolitical turmoil, stressing that the global system has become more resilient to supply shocks compared to what it was a few years ago, despite the impact of the turmoil on prices.
Miras's statements to Asharq Al-Awsat come on the sidelines of the seventeenth ministerial meeting of the International Energy Forum, held in Riyadh on the sidelines of Energy Week in Riyadh, which runs from October 11 to 15, and is at the forefront of the twenty-fifth Energy Conference, in addition to international ministerial meetings discussing the security of supplies and the future of the energy system.
Today, Riyadh is hosting the seventeenth ministerial meeting of the International Energy Forum, with the participation of ministers and officials in the energy sector, under the slogan “Energy Security and Common Goals in a New Era.” The meeting focuses on enhancing market stability, coordinating dialogue between producing and consuming countries, supporting investments, and improving the transparency of energy data, at a time when geopolitical risks and challenges facing supply chains are increasing.
Miras explained that the developments that the world has witnessed over the past few years have returned supply security to the top priority, stressing the importance of continuing to develop the sector while maintaining a balance between the three pillars, which he described as equal in importance.
Speaking about supply disruptions, Miras explained that the sector faced challenges in different regions of the world, and not in the region alone, pointing out that the energy sector has experience in dealing with such conditions.
He said that the current turmoil might have had a greater impact on the markets in the past, but the global system has become more resilient today compared to what it was a few years ago, despite the rise in prices.
He added that dealing with these challenges remains possible, citing previous experiences whose effects were more severe, and calling for maintaining confidence in the sector’s ability to overcome turmoil.
