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Ceer Signs MoU with EVIQ to Enhance EV Driving Experience in Saudi Arabia

Ceer, Saudi Arabia’s first electric vehicle (EV) brand
Ceer, Saudi Arabia’s first electric vehicle (EV) brand
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Ceer Signs MoU with EVIQ to Enhance EV Driving Experience in Saudi Arabia

Ceer, Saudi Arabia’s first electric vehicle (EV) brand
Ceer, Saudi Arabia’s first electric vehicle (EV) brand

Ceer, Saudi Arabia’s first electric vehicle brand, has signed a memorandum of understanding with Electric Vehicle Infrastructure Company EVIQ to support the EV ecosystem in the Kingdom by providing a reliable charging infrastructure and innovative solutions for drivers.
"Our role at Ceer is not limited to building EVs with global standards; we are also committed to offering an exceptional experience to EV owners in the Kingdom. We are excited to partner with EVIQ to ensure a smooth and comfortable driving experience for EVs across the Kingdom,” said Ceer CEO Jim DeLuca.
This partnership marks a significant step towards achieving the Saudi vision of building an automotive industry and promoting a sustainable transportation future. By combining Ceer's commitment to delivering advanced Saudi-made EVs with EVIQ's goal of establishing an efficient EV network, this collaboration paves the way for a seamless transition to EVs throughout the Kingdom.

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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.