Saudi Arabia ranks Kingdom's internet speeds for Q3 2020

Saudi Arabia ranks Kingdom's internet speeds for Q3 2020
The report compared the speeds of service providers in the Kingdom through download, upload and 5G speeds. (Shutterstock)
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Updated 30 November 2020

Saudi Arabia ranks Kingdom's internet speeds for Q3 2020

Saudi Arabia ranks Kingdom's internet speeds for Q3 2020
  • STC came in the first place in terms of mobile internet average download speed

The Communications and Information Technology Commission (CITC) released its report on internet speeds in the Kingdom (Meqyas) for Q3 2020.

The report compared the speeds of service providers in the Kingdom through download, upload and 5G speeds, ranks the best performing operators in each region.

Saudi Telecom Co. (STC) came in the first place in terms of mobile internet average download speed, with 78.17 Mbps. Meanwhile, Etihad Etisalat Co. (Mobily) and Mobile Telecommunication Company Saudi Arabia (Zain KSA) came in the second and third places with 67.71 Mbps and 61.58 Mbps, respectively.

Zain KSA ranked first in terms of fixed mobile internet average download speed, with 110.88 Mbps, followed by Integrated Telecom with 84.79 Mbps and Mobily with 76.68 Mbps.

Meanwhile, STC took the first place in terms of the mobile average download speed in Riyadh, Makkah, Northern Province, Northern Province, Qassim, Al Jouf, Tabuk, Al Baha, Jazan. Mobily came first among telecom operators in Madina, Hail, Najan and Aseer.

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WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range
Updated 33 min 43 sec ago

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

Oil prices have been stable since early January, with Brent crude price hovering around $55. Brent crude closed the week slightly higher at $55.41 per barrel,
while West Texas Intermediate (WTI) closed slightly lower at $52.27 per barrel.

Oil price movement since early January in a narrow range above $50 is healthy, despite pessimism over an increase in oil demand, while expectations of US President Joe Biden taking steps to revive energy demand growth are
still doubtful. The US Energy Information Administration (EIA) reported a hike in US refining utilization to its highest since March 2020, at 82.5 percent. The EIA reported a surprise weekly surge in US commercial crude stocks by 4.4
million barrels. Oil prices remained steady despite the bearish messages sent from the International Energy Agency (IEA), which believes it will take more time for oil demand to recover fully as renewed lockdowns in several countries weighed on oil demand recovery.

The IEA’s January Oil Market Report came as the most pessimistic monthly report among other market bulletins from the Organization of the Petroleum Exporting Countries (OPEC) and EIA. It forecast oil demand will bounce back to 96.6 million bpd this year, an increase of 5.5 million bpd over 2020 levels.

Though the IEA has lowered its forecast for global oil demand in 2021 due to lockdowns and vaccination challenges, it still expects a sharp rebound in oil consumption in the second half of 2021,
and the continuation of global inventory depletion.

The IEA reported global oil stocks fell by 2.58 million bpd in the fourth quarter of 2020 after preliminary data showed hefty drawdowns toward the end of the year. The IEA reported OECD industry stocks fell for a fourth consecutive month at 166.7
million barrels above the last five-year average. It forecast that global refinery throughput is expected to rebound by 4.5 million bpd in 2021, after a 7.3 million bpd drop in 2020.

The IEA monthly report has led to some short term concern about weakness in the physical crude spot market, and the IEA has acknowledged OPEC’s firm role in stabilizing the market.

Controversially, the IEA believes that a big chunk of shale oil production is profitable at current prices, and hence insinuated that shale oil might threaten OPEC market share.

It also believes that US shale oil producers have quickly responded to oil price gains, winning market share over OPEC producers. However, even if US shale oil drillers added more oil rigs for almost three months in a row, the number of operating rigs is still less than half that of a year ago, at 289 rigs.

The latest figures from the Commodity Futures Trading Commission show that crude futures “long positions” on the New York Mercantile Exchange are at 668,078 contracts, down by 18,414 contracts from the previous week (at 1,000 barrels for each contract).