LONDON: Oil prices rose on Tuesday as expectations of a drawdown in US crude and product inventories outweighed news of higher Libyan production.
Benchmark Brent crude oil was up 40 cents at $53.52 a barrel by 1310 GMT. US light crude was 25 cents higher at $50.49 a barrel.
Both benchmarks recovered from four-month lows last week on expectations that the Organization of the Petroleum Exporting Countries (OPEC) would manage to tighten supply by cutting production under a deal agreed at the end of last year.
Demand is picking up ahead of summer in key markets, including the US, the world’s biggest oil consumer, where analysts forecast industry data this week will show a decline in oil inventories.
US crude stocks probably declined last week after rising for two consecutive weeks, and refined product inventories were also expected to have fallen, a Reuters survey showed.
But global inventories remain stubbornly high and investors are betting that it will take many months for oil prices to respond convincingly to lower OPEC output.
Libya’s crude output increased after state-owned National Oil Corp. (NOC) lifted a force majeure on loadings of Sharara oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters.
UBS analyst Giovanni Staunovo said OPEC was taking longer than expected to tighten the oil market but recent data suggested the process was now well under way.
“We believe the implemented production cuts will trigger a material drawdown in the Organization for Economic Co-operation and Development (OECD) oil inventories and thus higher crude oil prices,” Staunovo said. “We expect Brent oil prices to rise above $60 a barrel in three months.”
US light crude may drop to $49.62 a barrel as it failed to break resistance at $50.95, said Reuters commodities markets technical analyst Wang Tao. Brent crude may retrace back to $52.79 per barrel, he said.
Oil prices rise on forecasts of lower US inventories
Oil prices rise on forecasts of lower US inventories
Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah
JEDDAH: Saudi Arabia is accelerating its push to become a global cruise hub, with Cruise Saudi — a wholly owned Public Investment Fund subsidiary — expanding international partnerships to draw more travelers to the Kingdom’s Red Sea and Arabian Gulf ports.
The latest milestone came as award-winning Greek cruise line Celestyal completed its first-ever calls to Jeddah, signaling rising global interest in Saudi Arabia’s cultural and natural attractions.
The visits form part of Cruise Saudi’s strategy to build a year-round cruise ecosystem that supports tourism growth, boosts local supply chains, and contributes to the Kingdom’s broader economic diversification.
Three UNESCO World Heritage Sites — AlUla, Jeddah Historic District, and Al-Ahsa Oasis — are now accessible by sea, with curated shore excursions designed to deepen visitor engagement.
Cruise Saudi aims to welcome 1.3 million cruise passengers annually by 2035, creating 50,000 direct and indirect jobs and positioning the Kingdom as a premier international cruise destination.
The 1,360-passenger Celestyal Discovery arrived in Jeddah on Dec. 5, following the 1,260-passenger Celestyal Journey, which made its maiden call on Nov. 29. The Journey concluded a seven-night Athens–Jeddah itinerary with stops in Turkiye and Egypt, marked by a traditional plaque exchange ceremony attended by Cruise Saudi executives, port officials and Celestyal representatives.
Passengers were welcomed with traditional Saudi hospitality and toured Jeddah’s historic Al-Balad district, bustling souks, and cultural sites. Some Muslim travelers also visited Makkah to perform Umrah.
“We are honored to celebrate our maiden call in Jeddah alongside our partners at Cruise Saudi, marking the beginning of a long and effective relationship,” said Lee Haslett, chief commercial officer at Celestyal.
He added that Jeddah’s role as “the cultural heart of Saudi Arabia” presents strong potential for cruise tourism.
Barbara Buczek, chief destination experiences officer at Cruise Saudi, told Arab News: “This maiden Red Sea sailing highlights the strong appeal of the region and aligns with Cruise Saudi's commitment to developing seamless, high-quality cruise experiences in Saudi Arabia.”
She noted that Celestyal’s expanded itineraries reflect rising demand for distinctive Red Sea and Arabian Gulf voyages.
Since its launch in 2021, Cruise Saudi has activated five cruise ports, introduced Aroya Cruises, the Kingdom’s first homegrown cruise line, and established Aman at Sea, an ultra-luxury JV with Aman Group set to launch in 2027. The company manages the full value chain — from terminals and berths to curated excursions — and has already welcomed more than 600,000 passengers of over 120 nationalities.
Celestyal, which carries more than 140,000 passengers annually across two refurbished vessels, is aligning with the Kingdom’s Vision 2030 ambition to transform coastal tourism. After departing Jeddah, both Celestyal ships continued to Abu Dhabi to begin the company’s second Arabian Gulf season.
Aroya Cruises has also launched a new seasonal program featuring stops in Mykonos, Athens, Crete, and coastal cities in Turkiye, expanding on a successful inaugural season that attracted over 95,000 guests.
The growing activity underscores Saudi Arabia’s emergence as a world-class cruise destination, supported by modern infrastructure, expanding routes, and experiences that highlight the Kingdom’s culture, heritage and hospitality.
