OPEC Secretary General Warns of Price Hike in All Commodities

Energy ministers of Arab countries during the opening of the Arab Energy Conference in Doha (Asharq Al-Awsat)
Energy ministers of Arab countries during the opening of the Arab Energy Conference in Doha (Asharq Al-Awsat)
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OPEC Secretary General Warns of Price Hike in All Commodities

Energy ministers of Arab countries during the opening of the Arab Energy Conference in Doha (Asharq Al-Awsat)
Energy ministers of Arab countries during the opening of the Arab Energy Conference in Doha (Asharq Al-Awsat)

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham al-Ghais warned Monday of price increases in commodities and other products during the coming period due to a decline in investments in the oil and gas sector.
He explained that crude oil and its derivatives are the basic material in most goods and products.
At the 12th Arab Energy Conference, which is held in Doha, Qatar, al-Ghais said the world is shifting to investments in renewable energy while the volume of investments in fossil fuels declined over the past years due to the COVID-19 crisis and the global fight to end the use of fossil fuels.
He said the impact of this decline may not appear now, adding that the world needs investments amounting to $14 trillion until 2045 in the oil and gas sector.
Speaking at the ministerial panel session titled “International Developments in Energy Markets and their Implications for the Arab Energy Sector,” al-Ghais underscored that all forms of energy will be required in the future to meet rising energy demand.
He spoke about the energy transition challenges, amid expectations for the global economy to double and the world population to surge to about 9.5 billion by 2050.
Listing an example to illustrate the scale of the challenges facing the global energy sector, the OPEC Secretary-General said, “About 9-10 million citizens currently live in the city of London... There are expectations that about 500,000 people will move from remote areas to new cities around the world by 2030... Therefore, by 2030, we will need 50 cities like London.”
For his part, Qatari Minister of State for Energy Affairs Saad bin Sherida Al Kaabi stressed the difficulty of dispensing with fossil energy, pointing out its importance as an intermediate product that enters into the composition of a number of other products.
The Minister warned that less dependence on oil and gas without finding other alternatives will surely undermine global energy security.
The 12th Arab Energy Conference is held in Doha under the slogan “Energy and Arab Cooperation.”
The conference examines the efforts of Arab countries to tackle the challenges of energy security, and issues of energy, environment, and sustainable development. The conference also discusses topics related to Arab and global energy resources, downstream industries, and energy demand management in Arab countries.

 

 

 

 



Oil Prices Rise as Supply Concerns Linger amid Middle East Attacks

Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
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Oil Prices Rise as Supply Concerns Linger amid Middle East Attacks

Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)
Oil pumps operate after sunset outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. (Reuters)

Oil prices rose on Friday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the Middle East.

Brent crude futures climbed 58 cents, or 0.5%, to $113.75 a barrel as of 0439 GMT, while US West Texas Intermediate crude futures rose 66 cents, or 0.7%, to $100.13.

On a weekly basis, Brent, which settled at its highest since May 4 on Thursday, is set to close higher for a third ‌successive week, while WTI ‌is on track to finish lower, ‌following ⁠two weeks of gains.

"Markets are increasingly worried about renewed escalation in the Gulf, a scenario that could threaten oil ⁠flows that have so far remained remarkably ‌resilient," ING analysts said in a ‌note on Friday.

"Re-escalation seems the most likely path. Even ‌if tensions don't re-escalate, the mere possibility is likely ‌to keep a sizeable geopolitical risk premium embedded in prices."

"The key factors ⁠to monitor ⁠now are the extent of actual disruption and the time needed to restore operations, as these will ultimately determine how much of a supply risk premium the market is willing to pay," said Linh Tran, an analyst at XS.com.

"If attacks persist and delay deliveries, elevated prices will have a firmer foundation."

In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday.


Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
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Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)

Port competitiveness is no longer just about handling more ships and containers. Keeping trade moving and infrastructure secure against physical and cyber threats has become just as critical, as ports grow more reliant on digital systems and supply chains become increasingly complex.

The economic fallout from port disruptions and their impact on global trade took center stage at a session titled "Securing Infrastructure" during the Saudi Maritime and Logistics Congress 2026, which opened Wednesday in Jeddah with maritime and infrastructure security experts in attendance.

Discussions focused on threats facing ports and shipping companies, particularly cyberattacks capable of crippling operations and disrupting trade, and the need to strengthen port readiness to keep services running and limit economic losses.

Professor Waheed Sami Abu Shanab, a professor of marine engineering at King Abdulaziz University's Faculty of Maritime Studies, said Saudi ports now face a challenge that goes beyond expanding capacity: withstanding disruptions while keeping trade flowing at the lowest possible cost.

Speaking to Asharq Al-Awsat on the sidelines of the session, Abu Shanab said Saudi Arabia's ports on the Red Sea and Arabian Gulf gave the kingdom a strategic advantage as international trade routes shift. But making the most of that position requires greater investment in operational resilience, logistics connectivity and cybersecurity.

Investments top $3.7 billion

The challenges come as Saudi Arabia ramps up investment in port infrastructure. Its ports now have 34 logistics centers, including 17 at Jeddah Islamic Port, backed by investments exceeding 14 billion riyals ($3.7 billion), alongside projects to upgrade container terminals and boost handling capacity.

Abu Shanab said the investments include more than 2 billion riyals to develop a container terminal at Jubail Port and an initial 1.6 billion riyals for a fourth container terminal at Jeddah Islamic Port. Other projects involve upgrading cargo-handling equipment and expanding the use of modern operating systems.

He said future investment must focus on operational efficiency, reserve capacity and stronger links between ports, roads, railways and logistics hubs to absorb sudden surges in shipping volumes and redirect cargo when routes are disrupted.

Abu Shanab floated a preliminary proposal for an additional 10 billion to 20 billion riyals in investment over five years to strengthen strategic ports' readiness.

He stressed that the figure was a proposed planning scenario, not an official assessment of the sector's needs or an approved budget.

Cyberattacks threaten trade beyond ports

Abu Shanab warned that growing reliance on digital systems exposes ports to cyber threats whose economic impact could ripple through factories, markets and supply chains.

He pointed to the 2017 cyberattack on global shipping group Maersk, which the company estimated cost it between $200 million and $300 million after widespread disruption to its operations and systems.

A failure of digital systems managing containers, vessel schedules and cranes could leave cargo stranded, drive up delay and insurance costs, and undermine shipping companies' commitments and customer confidence, he said.

To illustrate the potential costs, Abu Shanab offered a hypothetical scenario: a delay affecting 5,000 twenty-foot equivalent units (TEUs), each incurring an additional 1,000 riyals in costs, would generate a direct bill of 5 million riyals before indirect losses.

He stressed that the calculation did not reflect actual losses at Saudi ports but illustrated the potential cost of disruptions. Investing in prevention and business continuity, he argued, could be cheaper than shutting down a strategic port.

Competitiveness goes beyond handling fees

Abu Shanab said regional ports should be judged not simply by their handling charges but by the total cost of getting goods from ships to markets, including customs clearance, storage, inland transport and schedule reliability.

Saudi ports overseen by the Saudi Ports Authority handled about 8.3 million TEUs in 2025, up 10.58% from a year earlier, highlighting growing activity and the need to expand capabilities without compromising service efficiency.

Artificial intelligence could help schedule vessel arrivals and allocate berths, while upgraded handling equipment could cut waiting times and fuel, storage and transportation costs, making services more reliable for shipping lines, he said.

"The most competitive port is not necessarily the one with the lowest fees, but the one offering the lowest total logistics cost, the greatest reliability and the fastest access to markets," Abu Shanab said.

Simulating crises before they strike

Abu Shanab called for a national simulation model using digital twins and artificial intelligence to test how ports and supply chains would respond to facility shutdowns or shifting maritime routes, and measure the time and cost of restoring operations.

He also urged stronger protection for critical infrastructure, including submarine cables, energy and telecommunications facilities, alongside improved vessel monitoring systems, disaster recovery centers and backup operating plans to keep essential services running.

Saudi Arabia's ports on two coastlines, coupled with expanding logistics services and transport networks, offer a foundation for more reliable supply chains, he said. But realizing that potential depends on matching existing investments with operational and technological readiness.

Protecting maritime infrastructure, Abu Shanab concluded, is no longer a standalone security or technical concern. It is central to port competitiveness and Saudi Arabia's ability to keep trade flowing, attract shipping lines and secure long-term investment.


Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)
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Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)

Türkiye's central bank cut its key interest rate on Thursday to 36 percent in the first cut in nine months, pointing to a recent slowdown in inflation.

At a policy meeting, the bank "decided to reduce the policy interest rate ... from 37 percent to 36 percent," it said in a statement.

It was the first cut since January when the bank cut the key rate from 38 to 37 percent, a rate which it held until Thursday's meeting.

"Despite monthly fluctuations, recent inflation figures and leading indicators confirm the downward trend," a bank statement said.

"Data on economic activity and the limited impact of supply shocks on domestic prices suggest that the weak trend in domestic demand continues," it added.

However, ongoing geopolitical tensions were keeping energy prices high, which could push inflation higher, it warned, saying the effects of such geopolitical developments "are being closely monitored".

Türkiye's annual inflation rate eased to 29.7 percent in September from 31.5 percent in August - the first time it had fallen below 30 percent in nearly five years, official figures showed.

At the time, Finance Minister Mehmet Simsek said it was at its lowest level since November 2021. "Disinflation is spreading across the board, excluding transportation," he wrote on X.

The official figures are disputed by the ENAG group of independent economists that publishes its own data, which said its figures showed year-on-year inflation stood at 46.6 percent in September.