KSA: Mawani Initiatives Limit Rise in Commodity Prices

 Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
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KSA: Mawani Initiatives Limit Rise in Commodity Prices

 Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)

The measures and initiatives launched by the Saudi Ports Authority (Mawani) resulted in curbing the sharp rise in global shipping costs, thus limiting the increase of commodity prices that was registered globally following the Covid-19 pandemic.

Thanks to the initiatives launched by Mawani, the increase in commodity prices in the Kingdom was below international rates.

Logistics Specialist Nashmi Al-Harbi told Asharq Al-Awsat that the success of the economic plans could raise the Kingdom’s position in the global logistic performance index, and ensure huge flows in supply chains.

He underlined that Saudi ports were witnessing a significant growth in the number of ships and transshipments. This is a positive and motivating indicator for shipping companies and ship owners, who will put the Saudi ports on the master traffic plan, instead of some other ports, Al-Harbi said.

He added that the programs launched by Mawani were aligned with the goals of Saudi Vision 2030, which seek to transform the Kingdom into a global logistics platform.

The Saudi Ports Authority had implemented 17 qualitative initiatives in support of all beneficiaries of maritime transport services. Those programs contributed to achieving food security and a continued flow of goods and supply chains, in line with the objectives of the national strategy for transport and logistics services.

Moreover, Mawani has adopted a number of exceptional measures, including strengthening partnership with shipping lines, ensuring the efficiency of ship handling operations and facilitating and re-engineering the procedures for loading transshipment containers.

The authority worked on reviewing the obstacles facing shipping lines and finding the appropriate solutions, and organized a number of joint workshops with the private sector to discuss opportunities to support exporters and importers, with the aim of improving the customer experience, facilitating and simplifying procedures and increasing operational efficiency.



Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers. Brent crude futures were up 43 cents, or 0.7%, at $61.55 a barrel, while US West Texas Intermediate crude rose 49 cents, or 0.8% to $58.56 a barrel at 0803 GMT.

The market has almost stabilized at slightly above $61 a barrel, said SEB analyst Ole Hvalbye, which along with some optimism around the current tariff situation with talks due between the US and China, was providing support.

US Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. The countries are the world's two largest economies and the fallout from their trade dispute is likely to lower crude consumption growth. At the same time, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase its oil output, adding to pressure on prices.

Analysts at Citi Research lowered their three-month price forecast for Brent to $55 per barrel from $60 earlier, but maintained its long-term forecast of $60 a barrel this year.

A US-Iran nuclear deal could drive Brent prices down towards $50 per barrel on increased supply in the market, but if no deal were to happen, prices could go up to over $70, they added.

Overnight, the US Federal Reserve left the policy rate unchanged, but highlighted the risks of higher inflation and unemployment.

"The Fed signaled that rates will likely remain on hold until the effects of tariffs become clearer. This boosted the US dollar, which added to headwinds facing the broader commodity markets," said ING analysts in a report on Thursday.