Saudi, Bahraini Transport Ministers Discuss King Hamad Causeway Study

King Fahd Causeway, Asharq Al-Awsat
King Fahd Causeway, Asharq Al-Awsat
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Saudi, Bahraini Transport Ministers Discuss King Hamad Causeway Study

King Fahd Causeway, Asharq Al-Awsat
King Fahd Causeway, Asharq Al-Awsat

Saudi Arabia's Transport Minister Dr. Nabil Al-Amoudi met on Wednesday with Bahraini Transport Minister Kamal Al-Amoudi in Riyadh. The two discussed a report issued by the assigned consulting company for the King Hamad Causeway project.

After exchanging opinions and listening to third party observations, the attendees recommended studying other aspects related to the project and then presenting them to the team for further review and opinion.

The Bahraini Minister of Transport revealed in previous statements that the preliminary feasibility study of the railway project and King Hamad Causeway between the two countries estimated their budget at four billion dollars, and that the project contains two tracks for railway, transport of goods and passengers, Saudi Arabia with his country, with the establishment of 4 tracks for cars on the new bridge.

King Hamad Causeway aims to connect Saudi Arabia and Bahrain, running parallel to the existing King Fahd Causeway. The causeway is expected to be about 25 kilometers and allow passenger trains, freight trains and vehicles so as to reduce the traffic on the King Fahd Causeway.



Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
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Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)

Oil prices were little changed on Thursday, maintaining almost all of the previous session's losses on uncertainty over how US President Donald Trump's proposed tariffs and energy policies would affect global economic growth and energy demand.

Brent crude futures were up 18 cents at $79.18 a barrel by 1315 GMT. US West Texas Intermediate crude (WTI) rose 14 cents to $75.58.

"Oil markets have given back some recent gains due to mixed drivers," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

"Key factors include expectations of increased US production under President Trump's pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions."

The broader economic implications of US tariffs could further dampen global oil demand growth, she added, Reuters reported.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.

He also vowed to hit the European Union with tariffs and impose 25% tariffs against Canada and Mexico. On China, Trump said his administration was discussing a 10% punitive duty because fentanyl is being sent from there to the United States.

On Monday he declared a national energy emergency intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be "more potential downward choppy movement in the oil market in the near term due to the Trump administration's lack of clarity on trade tariffs policy and impending higher oil supplies from the US", OANDA senior market analyst Kelvin Wong said in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.

Gasoline inventories rose by 3.23 million barrels and distillate stocks climbed by 1.88 million barrels, they said.