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Saudi Arabia Introduces Self-Service Gas Sales, Involving Private Sector

Self-service vending machine (Asharq Al-Awsat)
Self-service vending machine (Asharq Al-Awsat)
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Saudi Arabia Introduces Self-Service Gas Sales, Involving Private Sector

Self-service vending machine (Asharq Al-Awsat)
Self-service vending machine (Asharq Al-Awsat)

The Saudi Ministry of Energy announced that it has issued the first license in the Kingdom for selling liquefied petroleum gas (LPG-cooking gas) cylinders through vending machines.

Last May, the Saudi Cabinet approved amendments to the system governing the distribution of natural gas and LPG for residential and commercial purposes.

Vending machines for LPG cylinders will be available at gas stations and large retail markets. The machines will provide consumers with all LPG-related services around the clock, and these include purchasing new gas cylinders, replacing empty cylinders with new ones, and purchasing cylinder accessories such as regulators and others.

These machines are designed to be linked with smart phone applications, to serve consumers in a better and easier way. This is part of the ministry’s efforts to realize the goals of its dry gas and LPG distribution system for residential and commercial purposes.

According to the ministry, the move to license smart pick-up stations for gas cylinders comes as an important part of the ministry’s endeavors towards opening up competition and abolishing monopoly in the LPG sales sector. It also coincides with the ministry’s endeavor to encourage investment in LPG sales activities.

The ministry started receiving qualification requests from companies that wish to invest in the activities of transporting LPG from its sources to filling and storage facilities, as well as in the establishment and operation of filling stations and storage facilities, in addition to the wholesale distribution of LPG.

This is aimed to enhance the role of the Ministry of Energy in supporting opportunities for growth and economic development in the Kingdom in pursuit of the goals of the Saudi Vision 2030.

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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.