Saudi Arabia Maintains Role in Drawing Up Global Customs Policies

Governor of Zakat, Tax and Customs authority Suhail bin Mohammed Abanmi led the Saudi delegation to the meetings with the World Customs Organization (Asharq Al-Awsat)
Governor of Zakat, Tax and Customs authority Suhail bin Mohammed Abanmi led the Saudi delegation to the meetings with the World Customs Organization (Asharq Al-Awsat)
TT

Saudi Arabia Maintains Role in Drawing Up Global Customs Policies

Governor of Zakat, Tax and Customs authority Suhail bin Mohammed Abanmi led the Saudi delegation to the meetings with the World Customs Organization (Asharq Al-Awsat)
Governor of Zakat, Tax and Customs authority Suhail bin Mohammed Abanmi led the Saudi delegation to the meetings with the World Customs Organization (Asharq Al-Awsat)

Saudi Arabia has been re-elected as a member of the Customs Policies and Financial Committees of the World Customs Organization (WCO), Saudi Press Agency (SPA) reported on Saturday.

The move followed an agreement among North African and Near and Middle East countries reached at the 56th coordination meeting held at the headquarters of the WCO in Brussels.

Governor of Zakat, Tax and Customs authority Suhail bin Mohammed Abanmi led the Saudi delegation to the meetings.

The WCO’s Customs Policies and Financial Committees are considered some of the most important and prominent committees of the group.

These committees are concerned with drawing up the organization’s policies by submitting recommendations.

Abanmi and the Saudi delegation witnessed discussions on international standards, practices and recommendations prepared for implementation during the next fiscal year.

These standards and recommendations aim at enhancing the management and facilitation of cross-border trade.

Abanmi stressed that Saudi Arabia's re-election comes as a continuation of the country's excellence in supporting action plans that achieve WCO goals.

Moreover, the Kingdom has proved its role in supporting activities aimed at developing and improving the effectiveness of customs work performance among WCO member states.

WCO members focused their discussions on several areas, including data strategy, performance measurement, capacity building, rules of origin, assessment, in addition to classification, compliance, trade facilitation, as well as many issues related to customs work.

Saudi Arabia had recently issued an order requiring the Zakat, Tax and Customs Authority to expand the implementation of the “clearance within two hours” initiative.

The Kingdom also ordered the Authority to coordinate with the relevant state institutions to realize the initiative.

The order confirms the Saudi government’s interest in supporting efforts to achieve national transformation goals set by Vision 2030. The Kingdom has ambitions for becoming a global platform for logistics services.



Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

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
TT

Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

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 rose on Friday and headed towards a fourth consecutive weekly gain as the latest US sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
Brent crude futures rose 44 cents, or 0.5%, to $81.73 per barrel by 0443 GMT, US West Texas Intermediate crude futures were up 62 cents, or 0.8%, to $79.3 a barrel.
Brent and WTI have gained 2.5% and 3.6% so far this week.
"Supply concerns from US sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential US interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"The anticipated increase in kerosene demand due to cold weather in the US is another supportive factor," he added.
The Biden administration last Friday announced widening sanctions targeting Russian oil producers and tankers, followed by more measures against Russia's military-industrial base and sanctions-evasion efforts.
Moscow's top customers China and India are now scouring the globe for replacement barrels, driving a surge in shipping rates.
Investors are also anxiously waiting to see any possible more supply disruptions as Donald Trump takes office next Monday.
"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding the incoming Donald Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.
Better demand expectations also lent some support to the oil market with renewed hopes of interest rate cuts by the US Federal Reserve after data showed easing inflation in the world's biggest economy.
Inflation is likely to continue to ease and possibly allow the US central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday.
Meanwhile, China's economic data on Friday showed higher-than-expected economic growth for the fourth quarter and for the full year 2024, as a flurry of stimulus measures came into effect.
However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants pruned output in response to stagnant fuel demand and depressed margins.
Also weighing on the market was that Yemen's maritime security officials said the Houthi militia is expected to announce a halt in its attacks on ships in the Red Sea, after a ceasefire deal in the war in Gaza between Israel and the Palestinian group Hamas.
The attacks have disrupted global shipping, forcing firms to make longer and more expensive journeys around southern Africa for more than a year.