Morocco to Double Airport Capacity by 2030

Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
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Morocco to Double Airport Capacity by 2030

Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)
Morocco's Prime Minister Aziz Akhannouch speaks during the High Level Segment session of the One Ocean Summit (OOS) in Brest, France February 11, 2022. (Reuters)

Morocco plans to expand its airport capacity to 80 million passengers by 2030 from 38 million currently, Prime Minister Aziz Akhannouch said.

The plan is part of Morocco's preparations to co-host the 2030 FIFA World Cup, together with Spain and Portugal, and promote tourism, Akhannouch told members of parliament.

Casablanca's airport capacity will be expanded to 23.3 million passengers, while tourist hubs Marrakech and Agadir will have a capacity of 14 million passengers and 6.3 million respectively by 2030, he said.

Morocco received a record 15.9 million tourists in the first 11 months of this year, surpassing the total in the entire previous year thanks to more air routes, according to tourism ministry figures.

Morocco is also working to extend its high-speed train network to Marrakech before the World Cup, and further south to Agadir.

The rail operator also aims to expand its network to double the number of cities it serves to 43, or 87% of the Moroccan population, by 2040.

The prime minister also mentioned the expansion and renovation of 45 stadiums and training sites in the six cities that are planned to host the World Cup, in addition to the construction of a new stadium with 115,000 seats near Casablanca.

Investments in stadium construction and expansion would cost Morocco up to 5 billion dirhams ($500 million), the government has said.

Morocco is also hosting the Africa Cup of Nations soccer tournament in 2025.



Oil Prices Steady as Markets Weigh Demand against US Inventories

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 Prices Steady as Markets Weigh Demand against US Inventories

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 were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.