688 Trucks Loaded With Syrian Goods Enter Saudi Market

A woman shops for snacks at a supermarket in the capital Riyadh, Saudi Arabia, Oct. 18, 2020. (AFP Photo)
A woman shops for snacks at a supermarket in the capital Riyadh, Saudi Arabia, Oct. 18, 2020. (AFP Photo)
TT

688 Trucks Loaded With Syrian Goods Enter Saudi Market

A woman shops for snacks at a supermarket in the capital Riyadh, Saudi Arabia, Oct. 18, 2020. (AFP Photo)
A woman shops for snacks at a supermarket in the capital Riyadh, Saudi Arabia, Oct. 18, 2020. (AFP Photo)

The Saudi General Authority of Customs confirmed the smooth flow of Syrian exports through Saudi ports to the local markets, indicating that trucks coming from Syria have entered according to the approved regulations and in line with the customs procedures.

In remarks to Asharq Al-Awsat, the Customs Authority said that Al Haditha crossing, which is located on the northern borders of the Kingdom, saw the passage of more than 688 trucks from August 2016 until the end of last October, loaded with goods from Syria, while more than 799 trucks left Saudi territory during the same period.

There is no specific mechanism or procedure for Syrian trucks, Customs officials said. The same procedures and regulations are applied for all exporting countries.

Asked whether there was a list of specific Syrian goods allowed to enter the Saudi territory, the officials said: “There are no specific goods; but only items and goods that are permitted to enter according to the approved regulations in the Kingdom.”

Meanwhile, sources in the Saudi retail markets told to Asharq Al-Awsat that Syrian products were always available, “and they include various types of vegetables, fruits, and other products and commodities that are sold in many Saudi cities.”



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
TT

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.