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Saudi Arabia Contributes to Space Sector

The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
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Saudi Arabia Contributes to Space Sector

The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat

As Saudi Arabia announced on Thursday sending the first Saudi astronauts to the International Space Station (ISS) in May, the Saudi space sector has imposed its presence on the international map, making Riyadh a regional leader in this field.

Astronauts Rayana Bernawi and Ali Al-Qarni will join the Axiom Space crew (AX-2) in order to take advantage of the promising opportunities offered by the space industries and to contribute to scientific research that serves humanity in a number of priority areas, such as health, sustainability and space technology.

Eng. Abdullah bin Amer Alswaha, Minister of Communications and Information Technology, said: “With the support and empowerment of the Crown Prince, Chairman of the Supreme Council for Space… the first Saudi female astronaut, Rayana Bernawi, and astronaut Ali Al-Qarni, [will conduct] a historical scientific mission to the International Space Station to empower people through research and innovations.”

The minister described the astronauts as “the heroes of the nation.”

Saudi Arabia’s contribution to the space sector includes steady and rapid steps in all directions. The Kingdom has succeeded in graduating qualified Saudi cadres in the global space industry.

Dr. Hussein Al-Zahrani, expert in the aviation and space sector, told Asharq Al-Awsat that sending the first Saudi woman to space underlines the Kingdom’s support for the sector, on the one hand, and its endeavor to empower women and highlight their important contribution to society.

Al-Zahrani added that Saudi Arabia has been a pioneer in the field of space, since the establishment of the Saudi Space Commission in 2018.

Today, the Kingdom is increasing its capabilities, as has built terrestrial space stations and used them in many fields.

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Oil Falls on Signs of Progress in US-Iran Talks amid More Market Stress

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
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Oil Falls on Signs of Progress in US-Iran Talks amid More Market Stress

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo

Oil prices fell more than 2% on Monday on signs of progress in talks between the US and Iran while investors remained concerned about economic headwinds from tariffs which could curb demand for fuel.

Brent crude futures slipped $1.51, or 2.2%, to $66.45 a barrel by 1115 GMT after closing up 3.2% on Thursday. US West Texas Intermediate crude was at $63.11 a barrel, down $1.57, or 2.4%, after settling up 3.54% in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday, Reuters reported.

"The US-Iran talks seem relatively positive, which allows for people to start thinking about the possibility of a solution," said Harry Tchilinguirian, group head of research at Onyx Capital Group. "The immediate implication would be that Iranian crude would not be off the market."

Markets also have lower liquidity due to the Easter holiday, which can exacerbate price moves, he added. In the talks, the US and Iran agreed to begin drawing up a framework for a potential nuclear deal, Iran's foreign minister said, after discussions that a US official described as yielding "very good progress." The progress follows further sanctions by the US last week against a Chinese independent oil refinery that it alleges processed Iranian crude, ramping up pressure on Tehran.

Markets also came under stress on Monday, after US President Donald Trump last week made criticisms about the Federal Reserve. Gold prices rose to another record, with jitters rippling into energy markets due to concerns about demand, according to analysts.

"The broader trend remains tilted to the downside, as investors may struggle to find conviction in an improving supply-demand outlook, especially amid the drag from tariffs on global growth and rising supplies from OPEC+," said IG Market Strategist Yeap Jun Rong. OPEC+, the group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to increase output by 411,000 barrels per day starting in May, though some of that increase may be offset by cuts from countries that have been exceeding their quotas. A Reuters poll on April 17 showed investors believe the tariff policy will trigger a significant slowdown in the US economy this year and next, with the median probability of recession in the next 12 months approaching 50%. The US is the world's biggest oil consumer.

Investors are watching for several US data releases this week, including April flash manufacturing and services PMI, for direction on the economy.

"This week's series of PMI releases could further underscore the economic impact of tariffs, with both manufacturing and services conditions across major economies expected to soften," IG's Yeap said, adding oil prices face resistance at the $70 level.