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Saudi Arabia Grants Investment License in Red Sea

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
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Saudi Arabia Grants Investment License in Red Sea

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA
Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh inaugurates scientific research vessel, called "Najil" at Jubail Commercial Port in the Eastern Province. SPA

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh has revealed the issuance of an investment license to one of the firms in the Red Sea, in partnership with Sudan.

Faleh, who is also the chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST), made this announcement during the inauguration of the scientific research vessel, “Najil” at Jubail Commercial Port in the Eastern Province.

The vessel is designed to carry out scientific research in the Arabian Gulf and the Red Sea in various marine disciplines as well as to conduct fishery stock assessment and study climate changes in different marine ecosystems.

Faleh said that the vessel supports the scientific research conducted by KACST on the Kingdom’s seawater. It also enables the Saudi universities as well as national and international firms to carry out maritime research throughout the year in order to seek scientific and practical findings.

“The vessel helps fisheries operators evaluate fish stocks and rationalize their investment in addition to monitoring the marine ecosystems and acquaint themselves with marine biosystem.

KACST seeks to build national capabilities and skills in the field of maritime research and to maintain maritime biodiversity in the Kingdom,” he added.

Najil will bring outcomes on the short-run such as water desalination, fishing averages, and will have an impact on maritime and fungus life, said Faleh, stressing the importance of linking the oil and gas sector to studies on seas and environment.

All these economic sectors are necessary to the future of the Saudi economy, Saudi Vision 2030, jobs, and exports.

The five- story vessel has two dry and wet labs with state-of-the-art equipment, scientific devices for weather and wave monitoring and deep-sea sampling, and a special apparatus for seafloor scanning and mapping.

Faleh declared that Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, will launch a project to develop national industries and logistic services next Monday.

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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

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 Prices Set to End Week over 3% Lower as Supply Risks Ease

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 on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.