Saudi Arabia Operates New Salwa Crossing with Qatar

The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
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Saudi Arabia Operates New Salwa Crossing with Qatar

The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)

Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, launched on Monday the trial operation of the passengers’ section at the new Salwa crossing, which links Saudi Arabia with Qatar.

He noted that the crossing would primarily contribute to enhancing vehicle and passenger traffic, in addition to promoting trade volume exchange and economic relations between the two Gulf states.

“The Kingdom’s advancement in various fields contributed to achieving sustainable development,” Prince Saud said, adding that many vital projects implemented in Saudi Arabia have become the focus of the world’s attention.

These projects “draw a road map towards a promising future in line with the Kingdom’s 2030 vision, through the development of the infrastructure of the land ports in the Kingdom,” he remarked.

For his part, Governor of Zakat, Tax and Customs Authority of Saudi Arabia Eng. Suhail bin Mohamed Abanmi said that the new Salwa border crossing project has been fully equipped with the essential integrated services and utilities for the clearance of all passing vehicles and passengers.

The border crossing would represent a vital factor in enhancing vehicle and passenger traffic, in addition to promoting trade volume and economic relations between the two countries, he added.

He stressed that the authority has worked on holding a number of strategic partnerships with entities in the public and private sectors, relying on best practices in the design, development and operation of the port infrastructure, thus contributing to strengthening the Kingdom’s economy, and facilitating all land transit operations between the Kingdom and neighboring countries.



Oil Prices Steady as Markets Weigh Demand against US Inventories

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 Prices Steady as Markets Weigh Demand against US Inventories

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 were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.