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Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry
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Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Ambassador of Custodian of the Two Holy Mosques to the United Kingdom Prince Mohammed bin Nawaf bin Abdulaziz stressed his country’s keenness to create a good environment for the prosperity of the maritime transport industry to constitute an economic pillar and a large area for localization to achieve Saudi Vision 2030.

These comments were made by Prince Mohammed during his sponsorship of the induction meeting on the occasion of the Kingdom's candidacy for the membership of the International Maritime Organization Council for the category “C” and the definition of maritime transport in the Kingdom and its achievements.

The event took place in London on Thursday, and it was attended by Minister of Transport and CEO of the Saudi Public Transport Authority Dr. Nabil al-Amoudi, President of the Public Transport Authority Dr. Rumaih bin Mohammed al-Rumaih, with the participation of representatives of the International Maritime Organization (IMO).

Prince Mohammed said that the government of King Salman bin Abdulaziz Al Saud is keen to let the Kingdom achieve a leading position in the maritime transport industry and receive the support of its sisterly and friendly countries to nominate it for the membership in the IMO Council.

He also stressed the Kingdom’s commitment to all maritime treaties and agreements signed by Saudi Arabia and its pride to support the organization through its contribution to various funds related to the techniques of combating maritime piracy, maritime laws, and specialized marine education, which will benefit the maritime transport industry and its prosperity regionally and internationally.

For his part, Saudi Minister of Transport shed light on the significant transition experienced by maritime transport in its various components in the Kingdom, pointing out that the Kingdom has been an active member of the IMO since 1969.

During the meeting, he reviewed the enormous potential of the Saudi maritime transport industry, which effectively prepares the Kingdom to reserve a regional and international leadership position.

Amoudi highlighted, in his speech before the diplomatic community, the series of achievements made to the Kingdom through its strategic geographical location linking the three continents.

The Public Transport Authority has raised the Saudi flag on more than 273 vessels, and the weight of the load carried by these vessels exceeded 4.3 million tons, thus the Kingdom has the largest naval fleet in the region, Amoudi said.

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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)
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TT

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.