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Saudi Arabia Appoints 4 International Consultants For Mining Project

A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
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Saudi Arabia Appoints 4 International Consultants For Mining Project

A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi

A Saudi official revealed the signing of agreements with four international consultants to implement the projects of the General Program for the Geological Survey.

Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Geological Survey, Bandar bin Ibrahim Al-Khorayef, visited the headquarters of the Geological Survey Authority in Jeddah to review the progress of the eight initiatives currently undertaken by the SGS.

Eng. Abdullah Al-Shamrani, CEO of the SGS, noted that the authority enjoyed scientific expertise and technical capabilities that help it carry out procedures, studies and research, as well as advanced technical geological surveys, which produce a high-accuracy geological database that supports aspects of local and international investment in the field of mining.

He noted that the SGS has signed four contracts with international experts and consultants, who will work with the authority to implement the projects of the General Program for Geological Survey, which is one of the most important initiatives of the comprehensive strategy for mining.

The current project stage is very important, according to Al-Shamrani, as it aims to survey about 600,000 square kilometers of the mineral-rich Arab Shield area - west of the Kingdom.

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Oil Slips as Investors Eye Trump Move on Russian Export Curbs

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 Slips as Investors Eye Trump Move on Russian Export Curbs

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 fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia's energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 16 cents, or 0.2%, to $80.63 a barrel by 0453 GMT after closing down 0.62% in the previous session.
The more active US West Texas Intermediate crude April contract fell 6 cents to $77.33 a barrel. The front-month contract, which expires on Tuesday, was at $78.03 a barrel, up 15 cents, or 0.19%, after settling down 1.02% on Friday.
Trump, who will be inaugurated later on Monday, is widely expected to make a flurry of policy announcements in the first hours of his second term, including an end to a moratorium on US liquefied natural gas export licences - part of a wider strategy to strengthen the economy.
"There is a fair amount of uncertainty across markets coming into this week given the inauguration of President Trump and the raft of executive orders he reportedly is planning to sign," ING analysts said in a note.
"This combined with it being a US holiday today, means that some market participants may have decided to take some risk off the table."
Both contracts gained more than 1% last week in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.
While the new sanctions could impact the supply of nearly 1 million barrels per day of oil from Russia, recent price gains could be short lived depending on Trump action, ANZ analysts said in a client note.
Trump has promised to help end the Russia-Ukraine war quickly, which could involve relaxing some curbs to enable an accord, they said.
Analyst Tim Evans said the new sanctions are seen curtailing supply, at least in the near term.
"Higher tanker rates on unencumbered vessels and a widening backwardation in crude oil calendar spreads have been among the notable ripple effects, reinforcing the concern over supplies," he said in his newsletter Evans on Energy.
Backwardation refers to prompt prices being higher than those in future months, indicating tight supply.
The prompt Brent monthly spread <LCOc1-LCOc2> widened in backwardation by 5 cents to $1.27 a barrel on Monday. The WTI spread <CLc1-CLc2> was at 63 cents a barrel, up 14 cents.
Easing tension in the Middle East also kept a lid on oil prices.
Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war.
Separately, investors are watching out for the impact from a cold snap in Texas and New Mexico which may affect US oil production, analysts at ANZ and ING said.