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Third Saudi International Maritime Forum Opens in Eastern Region

The forum underscores Saudi Arabia’s commitment to advancing global maritime security and innovation through collaboration and technology-driven solutions. (SPA)
The forum underscores Saudi Arabia’s commitment to advancing global maritime security and innovation through collaboration and technology-driven solutions. (SPA)
TT
TT

Third Saudi International Maritime Forum Opens in Eastern Region

The forum underscores Saudi Arabia’s commitment to advancing global maritime security and innovation through collaboration and technology-driven solutions. (SPA)
The forum underscores Saudi Arabia’s commitment to advancing global maritime security and innovation through collaboration and technology-driven solutions. (SPA)

The Third Saudi International Maritime Forum opened in the Eastern Region on Tuesday.

The event is organized by the Royal Saudi Naval Forces under the theme “Maritime Security in the Age of Artificial Intelligence – Trends and Threats”.

The forum, held under the patronage of Minister of Defense Prince Khalid bin Salman bin Abdulaziz, was attended by Chief of the General Staff General Fayyadh Al-Ruwaili, alongside senior naval leaders, experts, government officials, and representatives of global maritime companies and regulatory bodies.

Chief of Naval Staff Lieutenant General Mohammed bin Abdulrahman Al-Ghuraibi expressed gratitude for the Minister of Defense’s support, noting that the forum aligns with the rapid advancements in artificial intelligence shaping global maritime security.

He highlighted the forum’s objectives, including fostering international collaboration on maritime security, exchanging knowledge among naval leaders, promoting the adoption of advanced systems in the maritime sector, raising awareness about environmental conservation, and leveraging emerging technologies to address security challenges.

The forum also features an exhibition, inaugurated by Al-Ruwaili, showcasing strategic services and innovations from sectors and companies specializing in maritime security.

Spanning three days, the forum brings together 42 speakers across five dialogue sessions and 21 workshops. Key topics include maritime strategies in the age of artificial intelligence, policies and regulations for integrating AI into maritime operations, the impacts of advanced maritime systems on security and cybersecurity, training and development of maritime professionals in the AI era, and the future of military industries in AI-driven technologies.

Additionally, 29 government agencies and 23 local and international companies are participating in the exhibition, displaying the latest equipment and technologies in maritime security.

The forum underscores Saudi Arabia’s commitment to advancing global maritime security and innovation through collaboration and technology-driven solutions.

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Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil slipped on Tuesday pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.
Equinor has resumed partial production from the oilfield, Western Europe's largest, following a power outage. An outage at the North Sea field helped prices to climb by over 3% on Monday, Reuters reported.
Brent crude futures were down 45 cents, or 0.6%, to $72.85 a barrel by 0915 GMT, while US West Texas Intermediate crude futures slipped by 46 cents, or 0.7%, to $68.70.
"I guess the partial restart of the Sverdrup field is the driver of the setback, as well as a slightly stronger US dollar," said Giovanni Staunovo, analyst at UBS.
The US dollar edged up on Tuesday to within striking distance of its one-year high. A strong dollar makes commodities like oil more expensive for other currency holders and tends to weigh on prices.
Another continuing outage provided support. Kazakhstan's biggest oilfield, Tengiz, has reduced oil output by 28% to 30% for repairs which are expected to be completed by Saturday, the country's energy ministry said.
A rise in geopolitical tensions also supported prices.
In a significant reversal of policy, US President Joe Biden's administration allowed Ukraine to use the U.S.-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
The Kremlin said on Monday that Russia would respond to what it called a reckless decision by the Biden administration, having previously warned that such a decision would raise the risk of a confrontation with the US-led NATO alliance.
Investors are wary, said Toshitaka Tazawa, an analyst at Fujitomi Securities, as they are "assessing the direction of the Russia-Ukraine war after the weekend's escalation".
While oil's outright price has found support this week, the market structure has weakened. US crude flipped to contango for the first time since February on Monday in a sign that supply tightness was easing.