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Saudi Aramco Says Pump Malfunction Behind Fuel Shortage in Jazan

Saudi Aramco said it is working to fix a technical failure at a pump in Jazan as quickly as possible to provide petroleum derivatives on Wednesday. (File/AFP)
Saudi Aramco said it is working to fix a technical failure at a pump in Jazan as quickly as possible to provide petroleum derivatives on Wednesday. (File/AFP)
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Saudi Aramco Says Pump Malfunction Behind Fuel Shortage in Jazan

Saudi Aramco said it is working to fix a technical failure at a pump in Jazan as quickly as possible to provide petroleum derivatives on Wednesday. (File/AFP)
Saudi Aramco said it is working to fix a technical failure at a pump in Jazan as quickly as possible to provide petroleum derivatives on Wednesday. (File/AFP)

Saudi Aramco announced on Wednesday a malfunction in one of the pumps at the petroleum derivatives distribution station in Saudi Arabia’s southern region.

The state oil giant said its teams were working to fix the issue shortly.

“Our technical teams are working around the clock to fix the technical malfunction, as soon as possible, and provide the petroleum products that the Jazan region needs from the station, without interruption.”

It also said that supplies of petroleum products have gradually returned.

The failure occurred in one of the pumps at the petroleum derivatives distribution station in Jazan and led to a shortage in some petroleum derivatives at a number of fuel stations in the region.

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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.