Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

Saudi Minister of Transport and Logistics Engineer Saleh bin Nasser Al-Jasser has signed a cooperation agreement on maritime transport with Oman, the Saudi Press Agency (SPA) reported Thursday.

Al-Jasser signed the agreement with Oman’s Minister of Transport, Communications and Information Technology Eng. Saeed bin Hamoud Al Maawali during his visit to Muscat, SPA said.

The agreement aims to enhance areas of cooperation in the maritime transport sector for passengers and goods, facilitate the traffic of commercial ships, develop economic relations between the two countries and contribute to raising the efficiency of maritime transport services.
It also aims to facilitate technology transfer and encourage maritime studies and training, which contributes to the localization of the vital industry, as well as providing the necessary facilities for building and maintaining ships in both countries, protecting the marine environment and reducing environmental pollution.

Saudi Deputy Minister of Transport and Logistics and Acting Head of the Public Transport Authority Dr. Rumaih bin Mohammed Al-Rumaih also signed an MoU for mutual recognition of certificates issued under the provisions of the International Agreement on Levels of Training, Certification and Shift Work for Sea Workers of 1978 and its amendments with the Omani Ministry of Transport, Communications and Information Technology.

Another MoU was signed with Al Maawali to raise the levels of quality and efficiency of officers and sailors working aboard the ships of the two countries, and their suitability to carry out their tasks and meet the optimal standards for maritime safety, protection of property, preservation of the marine environment, and to ensure keeping pace with developments and exchange of expertise in the transfer of knowledge, training, qualification and evaluation programs to award certificates.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.