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13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
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13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)

Thirteen Saudi entities working in the transportation and logistics services are highlighting the Kingdom’s infrastructure development in the maritime, land, air and rail sectors at China’s International Transportation and Logistics Expo (CITLE), underway in Shanghai from June 25-27.

Saudi Arabia witnessed rapid progress in the transportation and logistics services sector after it developed a national strategy in 2021 that defines the country’s ambitious path and goals to consolidate its position as a global logistics hub linking the three continents.

Entities participating in the Shanghai exhibition include the Ministry of Transport and Logistics Services, the Ministry of Investment, the National Industrial Development and Logistics Services Program (NIDLP), the General Authority of Civil Aviation, the Transport General Authority, as well as the Zakat, Tax and Customs Authority, and other bodies concerned with transportation and logistics services.

The participation of Saudi government entities aims to shed light on the progress achieved and work to promote cooperation with local and international markets with the aim to develop the sector, take advantage of the Kingdom’s distinctive geographical location, and enact regulations and legislation to create a stimulating and attractive investment environment that will transform Riyadh into a global logistics platform.

The expo is considered Asia’s leading trade fair for logistics, transportation, information technology and supply chain management. It also serves as a business platform for the logistics and transportation industry and features comprehensive programs and a number of conferences.

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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.