Mawani Reports Significant Cargo Growth at Saudi Ports in August

The Saudi Ports Authority (Mawani)
The Saudi Ports Authority (Mawani)
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Mawani Reports Significant Cargo Growth at Saudi Ports in August

The Saudi Ports Authority (Mawani)
The Saudi Ports Authority (Mawani)

The Saudi Ports Authority (Mawani) has announced a substantial increase in cargo tonnage handled at its ports during August 2024. The total tonnage reached 30,527,279 tons, reflecting a 26.57% growth compared to the same period in 2023.
According to Mawani, export containers surged by 18.76% to reach 258,955 TEUs. Import containers also significantly increased by 15.24% to reach 261,288 TEUs.
General cargo stood at 711,111 tons, bulk solid cargo amounted to 4,832,305 tons, and bulk liquid cargo reached 17,525,862 tons. Livestock imports, however, decreased by 24.27% to 422,449 heads.
While handled containers decreased by 5.01% to 685,647 TEUs, transhipment containers dropped by 40.29% to 165,404 TEUs; the overall cargo volume demonstrated robust growth.
Shipping traffic also decreased by 4.18% to 986 ships, and passenger numbers declined by 32.51% to 50,345. However, the number of cars shipped increased by 24.51% to 103,416.
The authority had previously reported a 9.11% increase in cargo tonnage for July 2024. Consistent cargo volume growth underscores Saudi ports' increasing efficiency and capacity. It aligns with the National Transport and Logistics Strategy, which aims to position Saudi Arabia as a global logistics hub.



OPEC+ Agrees to Delay October Oil Output Hike for 2 Months

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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OPEC+ Agrees to Delay October Oil Output Hike for 2 Months

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed.
Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer.
Eight members of OPEC+, which is made up of the Organization of the Petroleum Exporting Countries and allies led by Russia, that had been scheduled to raise output from October held a virtual meeting on Thursday, OPEC said in a statement, according to Reuters.
"The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024," OPEC said.
The news lifted oil prices by over $1 a barrel, with Brent futures trading over $74 before paring gains. It fell to its lowest this year on Wednesday.
OPEC+'s planned October hike was for 180,000 bpd, a fraction of the 5.86 million bpd of output it is holding back, equal to about 5.7% of global demand, to support the market due to uncertainty about demand and rising supply outside the group.
Last week, OPEC+ was set to proceed with the increase. But fragile oil market sentiment over the prospect of more supply from OPEC+ and an end to a dispute halting Libyan exports, coupled with a weakening demand outlook, raised concern within the group, sources said.
OPEC+ ministers hold a full meeting of the group to decide policy on Dec. 1. A group of top OPEC+ ministers called the Joint Ministerial Monitoring Committee that can recommend changes gathers on Oct. 2.