Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'
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Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'

The Saudi Arabian Monetary Authority (SAMA) launched "Tanfeeth" program that aims to provide a direct link between the technological systems of government and the banks operating in the Kingdom for the sake of integration.

SAMA clarified that it seeks through the program to promote the level of cooperation with government agencies to overcome difficulties and obstacles that may face the joint work between SAMA and other entities.

Moreover, it aims to keep pace with the objectives of the Saudi Vision 2030, which focuses on benefiting from modern technologies and e-government applications in addition to upgrading the level of government services in a way that contributes to the reduction of administrative procedures and raises their quality and speed.

SAMA pointed out that the electronic link with Tanfeeth program ensures the confidentiality of information and informs judges thereof within the framework of the procedures of handling cases considered by them including personal status cases.

Governor of SAMA Dr. Ahmad al-Kholifey expressed gratitude to the ministry of justice as the first government authority with which the electronic linking procedures were completed.

Tanfeeth program was established based on the technological platform "Watheiq", which will transform the business sector of SAMA into an electronic service provider. 

This would occur by adopting the best and most reliable technological solutions, providing integrated linking between SAMA and other government technological systems benefiting from the services, and building connections with the financial sector.



Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT. US West Texas Intermediate crude was up 26 cents, or 0.34%, at $77.76.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that "the full impact on the oil market and on access to Russian supply is uncertain".

A fresh round of sanctions angst seems to be supporting prices, along with the prospect of a weekly US stockpile draw, said Ole Hansen, head of commodity strategy at Saxo Bank, Reuters reported.

"Tankers carrying Russian crude seems to be struggling offloading their cargoes around the world, potentially driving some short-term tightness," he added.

The key question remains how much Russian supply will be lost in the global market and whether alternative measures can offset the , shortfall, said IG market strategist Yeap Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day (bpd) in 2026, maintaining a similar growth rate to 2025, the producer group said on Wednesday.

The 2026 forecast aligns with OPEC's view that oil demand will keep rising for the next two decades. That is in contrast with the IEA, which expects demand to peak this decade as the world shifts to cleaner energy.

The market also found some support from a drop in US crude oil stocks last week, market sources said, citing American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 2.6 million barrels last week while gasoline inventories rose by 5.4 million barrels and distillates climbed by 4.88 million barrels, API sources said.

A Reuters poll found that analysts expected US crude oil stockpiles to have fallen by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration (EIA) is due at 10:30 a.m. EST (1530 GMT).

On Tuesday the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day (bpd) while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted that Brent crude will drop 8% to average $74 a barrel in 2025 and fall further to $66 in 2026 while WTI was projected to average $70 in 2025, dropping to $62 in 2026.