Exports boost as SEDA registers more national firms

Updated 19 September 2015
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Exports boost as SEDA registers more national firms

RIYADH: The Saudi Exports Development Authority (SEDA) has registered more than 1,350 national firms during the first half of 2015, SPA reports.
The authority has also updated its assessment procedure for exporting companies and their readiness to offer services for national establishments and factories.
SEDA has so far carried out the assessment procedure for 177 national establishments to certify their export readiness via the authority's website: Saudi exports.sa.
During its review of the work for the first half of 2015, SEDA explained that the beginning of the year marked the actual launch of its activities and events related to the development of Saudi Arabia's globally competitive nonoil exports.
This was done by stimulating and encouraging the national companies to export and through their business growth strengthen their presence in international markets.
Meanwhile, the SEDA revealed that in cooperation with the exporters, it managed to identify 51 procedural hurdles faced by them; however, its strategic partnership with the relevant government agencies helped in removing 25 of them.
The authority is currently working to remove the remaining problems, studying the current status of the environment and export procedures applicable in the Kingdom and comparing them with global practices applicable in some neighboring countries.
SEDA highlighted that organizing trade missions is one of the most important services provided by the authority in the list of services to promote the access of national products to international markets.
In this context, SEDA facilitated a number of agreements and organized the Saudi Business Forum in Kazakhstan-Azerbaijan, in which more than 85 Saudi businessmen participated.


Brent eases from 2019 highs as markets await US-China trade talks outcome

Updated 18 min 48 sec ago
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Brent eases from 2019 highs as markets await US-China trade talks outcome

  • The slight downward correction was driven by concerns about the health of the global economy this year
  • Bank of America Merrill Lynch expects Brent prices to average between $50 and $70 per barrel

SINGAPORE: Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by OPEC still meant markets were relatively tight.
International Brent crude oil futures were at $66.08 per barrel at 0220 GMT, down 42 cents, or 0.6 percent from their last close, but still not far off the 2019 high of $66.83 a barrel hit in the previous session.
US West Texas Intermediate (WTI) crude futures were at $55.71 per barrel. While that was up 12 cents from their last settlement, it was below the $56.33 2019 high from the previous day.
Traders said the slight downward correction was driven by concerns about the health of the global economy this year.
Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally.
“Addressing global trade tensions is key for improving the economic outlook,” it said in a note.
China’s vice premier and chief trade negotiator, Liu He, and US Trade Representative Robert Lighthizer lead a round of trade talks this week in Washington.
Considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between $50 and $70 per barrel, “anchored around $60.”
Despite some caution around trade, global oil markets remain relatively tight because of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), with top crude exporter Saudi Arabia cutting the most.
Saudi seaborne crude exports fell in the first half of February, with departures standing at 6.204 million barrels per day (bpd), a 1.341 million bpd decline on the previous month and 0.91 million bpd decline on the year, data intelligence firm Kpler said.
Further providing oil markets with support are US sanctions against petroleum exporters Iran and Venezuela.
Venezuela is a major crude supplier to US refineries while Iran is a key exporter to major demand centers in Asia, especially China and India.