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Aviation Meeting in Riyadh Draws Emphasis on Enhancing Capabilities

Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
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Aviation Meeting in Riyadh Draws Emphasis on Enhancing Capabilities

Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)
Saudi Arabia chairs the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO). (Asharq Al-Awsat)

President of the General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej chaired in Riyadh on Tuesday the second meeting of the Steering Committee of Regional Safety Oversight Organization for Middle East and North Africa (MENA RSOO), with the participation of International Civil Aviation Organization (ICAO), Arab Civil Aviation Organization and officials in charge of civil aviation authorities in member states.

The meeting was held on the sidelines of the Future Aviation Forum, organized by GACA over three days at the King Abdulaziz International Conference Center in Riyadh.

The meeting aimed at following up on the outcomes of steps to announce establishing the organization and embarking on its works, the most important of which is supporting member states in implementing the SSP program to enhance the capabilities of countries in the field of safety oversight.

The meeting looked into areas to realize regional priorities and goals and compliance to international safety oversight requirements, in addition to supporting the implementation of the ICAO General Assembly Resolution No. A39~12 and supporting ICAO's international plans for air safety and navigation GASP & GANP.

Al-Duailej welcomed participants from the member states of the organization, expressing hope for the meeting to reach better experiences and practices in the field of air safety oversight in civil aviation, benefit from expertise and personnel, apply the highest levels of air safety and raise awareness on the latest developments for aviation safety in the MENA region.

He also noted that the meeting is an opportunity for communication and reaching an agreement on the future of the regional organization and to discuss joint issues, praising the continuous efforts of ICAO over the past decade in supporting the establishment of MENA RSOO.

During the meeting, participants exchanged opinions and proposals and means to boost coordination and cooperation among civil aviation authorities and commissions in the region, in addition to following up on the implementation of the outcomes of the first meeting of the steering committee held in 2018, and accrediting the outcomes of the second meeting of the technical committee.

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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Set for Steepest Weekly Decline in Two Years as Risk Subsides

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while US West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73.

During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.

That put both contracts on course for a weekly fall of about 12%.

"The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah.

"The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be."

The OPEC+ members will meet on July 6 to decide on August production levels.

Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.

Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week.

Additionally, China's Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.

China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day (bpd) of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.