Saudi Arabia Issues Travel Ban for Violators of Anti-Commercial Fraud Law

Saudi Arabia moves to prevent violators of anti-commercial fraud law from traveling. (SPA)
Saudi Arabia moves to prevent violators of anti-commercial fraud law from traveling. (SPA)
TT

Saudi Arabia Issues Travel Ban for Violators of Anti-Commercial Fraud Law

Saudi Arabia moves to prevent violators of anti-commercial fraud law from traveling. (SPA)
Saudi Arabia moves to prevent violators of anti-commercial fraud law from traveling. (SPA)

Saudi authorities allowed the Public Prosecution to issue a travel ban against the violators of the provisions of the anti-commercial fraud law until the final verdict is issued in the case.

Sources told Asharq Al-Awsat that the top authorities directed the Ministry of Interior to deport any non-Saudi convicted of committing any violations stipulated in Article Two of the law and bar them from entering the country again.

The government recently issued amended articles of the law adopted in the Kingdom allowing the Public Prosecution to issue a travel ban against any violator.

The cabinet had reviewed a recommendation prepared by the Council of Economic and Development Affairs. After considering the Shura Council’s decision and the recommendation of the Council’s General Committee, it issued approval to amend Article 23 of the system to comply with the state’s directions and combat violators of the law.

Judicial officers search and investigate the reports and then withdraw samples of the products in question for examination and analysis and issue a statement.

They can also enter and inspect facilities, storage places, and vehicles to investigate the violation and ultimately destroy the product.

Fines against violators of the law can reach $266,000 or imprisonment for a period of up to 3 years or both.

The Ministry of Commerce stressed its aim to protect consumer rights and apply legal penalties to establishments that violate the law.

It urged all consumers to submit their reports about violating facilities through the application of a “commercial fraud notification” or the Call Center at 1900 or the Ministry's official website.



Oil Prices Climb on Summer Demand Optimism

FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo
FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo
TT

Oil Prices Climb on Summer Demand Optimism

FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo
FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo

Oil prices climbed on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.
Brent crude futures rose 53 cents, or 0.6%, to $85.53 a barrel by 0729 GMT, while US West Texas Intermediate crude futures were at $82.05 a barrel, up 51 cents, or 0.6%.
Both contracts gained around 6% in June, with Brent settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, extended most of its deep oil output cuts well into 2025, Reuters said.
That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles.
On Friday, the Energy Information Administration's (EIA) reported that oil production and demand for major products rose to a four-month high in April, supporting prices.
"We continue to hold a supportive view towards Brent, although there are concerns around demand, such as US gasoline demand and Chinese apparent demand," ING analysts led by Warren Patterson said in a note.
Factory activity among smaller Chinese manufacturers grew at the fastest pace since 2021 due to overseas orders, a private index showed, even as a broader survey indicated weak domestic demand and trade frictions had led to another industrial sector contraction. China is the world's no.2 consumer and top crude importer.
Hopes of an interest rate cut by the US Federal Reserve and rising geopolitical concerns in Europe and between Israel and Lebanon's Hezbollah have also kept a floor under prices, IG analyst Tony Sycamore said in a note.
WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said.
Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas.
The Atlantic hurricane season started with Hurricane Beryl on Sunday. Beryl, the earliest Category 4 hurricane on record, headed toward the Caribbean's Windward Islands where it is expected to bring life-threatening winds and flash flooding on Monday, the US National Hurricane Center said.