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Al-Jasser: Saudi Arabia has Significantly Enhanced its Logistical Capabilities

The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
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Al-Jasser: Saudi Arabia has Significantly Enhanced its Logistical Capabilities

The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA

Saudi Minister of Transport and Logistic Services Eng. Saleh Al-Jasser said on Sunday that the Kingdom has significantly enhanced its logistical capabilities, bolstering the national economy.

Al-Jasser spoke at the Supply Chain and Logistics Conference 2024, which he inaugurated at the Hilton Granada Hotel in Riyadh. The event was attended by ministers, senior officials, executives from supply chain and logistics companies, and representatives from global and local organizations, alongside leaders of prominent public and private sector entities.

In his opening remarks, he said: “The sixth edition of the conference comes amidst the remarkable growth and prosperity witnessed by the Kingdom’s logistics and supply chain sectors.”

He said the progress is a direct result of the unwavering support provided by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman, Crown Prince and Prime Minister.

The minister highlighted the Kingdom's continued advancements in international rankings for container handling in 2024. He noted that Saudi ports gained 231.7 additional points in the maritime network connectivity index published by UNCTAD and added 30 new shipping lines since the start of 2024, underscoring Saudi Arabia’s vital role in facilitating global trade and boosting the logistics sector.

He also emphasized the significance of the Crown Prince’s launch of the Master Plan for Logistics Centers and the Global Supply Chain Resilience Initiative, reflecting the leadership’s strategic focus on this sector.

Al-Jasser pointed out that, thanks to this support, Saudi Arabia has significantly enhanced its logistical capabilities, which has bolstered the national economy. Global companies have shown increased interest in the Kingdom’s logistics sector, leading to the establishment of 18 logistics zones in ports with investments exceeding SAR 10 billion.

He reiterated the Kingdom's commitment to further enhancing its logistical capabilities, facilitating exports, supporting supply chains, and advancing its performance in global logistics indices.

He outlined efforts to enhance maritime routes, expand air freight, increase rail freight, and activate logistics centers to support sustainable development, solidifying Saudi Arabia's position as a global logistics hub and a critical link in international supply chains.

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Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Slip as Russia Sanctions Stay in Focus

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

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new US sanctions on Russian oil exports to key buyers India and China.

Brent futures were down 58 cents, or 0.72%, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79% to $78.20 a barrel, Reuters reported.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that transport oil as part of Russia's so-called shadow fleet of tankers.

"With several nations seeking alternative fuel supplies in order to adapt to the sanctions, there may be more advances in store, even if prices correct a bit lower should tomorrow's US CPI data come in somewhat hotter-than-expected", said Charalampos Pissouros, senior investment analyst at brokerage XM.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, their effect on the physical market could be less pronounced than what the affected volumes might suggest.

ING analysts estimated the new sanctions had the potential to erase the entire 700,000 barrel-per-day surplus they had forecast for this year, but said the real impact could be lower.

"The actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions," they said in a note.

Nevertheless, analysts expect less of a supply overhang in the market as a result.

"We anticipate that the latest round of sanctions are more likely to move the market closer to balance this year, with less pressure on demand growth to achieve this," said Panmure Liberum analyst Ashley Kelty.

Uncertainty about demand from major buyer China could blunt the impact of the tighter supply. China's crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.