LONDON: The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks after Hurricane Harvey disrupted a large chunk of US refining and some production facilities, it said on Friday.
The Paris-based agency, which coordinates energy policies of industrialized nations, said it was monitoring the situation in Texas and Louisiana to assess the hurricane’s impact on oil and gas markets and was in very close contact with US authorities.
“To date, market mechanisms and government assistance have been adequate. The IEA stands ready to act as required,” it said in a statement.
“There are high levels of stocks in the affected regions and in the United States as a whole. These stocks are being supplemented by imports of gasoline to the East Coast of the United States and the US Secretary of Energy has taken action to ease localized crude oil shortages in Texas by providing crude oil loans from the US Strategic Petroleum Reserve.”
Still no need to release oil stocks, IEA says
Still no need to release oil stocks, IEA says
Saudi Export-Import Bank signs reinsurance agreement with the German Export Credit Agency
RIYADH: The Saudi Export-Import Bank has signed a reinsurance agreement with Germany’s official Export Credit Agency, managed by Euler Hermes Aktiengesellschaft, with the aim of enhancing credit risk insurance coverage to meet the needs of local exporters of capital goods and production inputs from the Federal Republic of Germany.
This agreement is part of the bank’s efforts to strengthen partnerships with international export credit agencies, ensuring the safe and sustainable flow of essential raw materials and capital goods, and enhancing the efficiency of export activities by local enterprises, according to the Saudi Press Agency.
The agreement was signed by Saad bin Abdulaziz Al-Khalb, CEO of the Saudi Export-Import Bank, and Edna Schone, board member of Euler Hermes Aktiengesellschaft and head of its Export Credit Agency.
Al-Khalb stated that the reinsurance agreement with ECA represents an important step in expanding credit risk management tools and enabling local exporters to obtain the production inputs and capital goods necessary to grow their businesses with greater confidence.
He noted that cooperation with international export credit agencies reflects the bank’s commitment to developing advanced insurance solutions that contribute to the growth of the Kingdom’s foreign trade, as part of its pivotal role in strengthening the non-oil national economy.
Through this agreement, the Saudi Export-Import Bank continues to support the growth of Saudi non-oil exports and expand its network of international partnerships, in alignment with the goals of Vision 2030 to diversify the national economy and enhance the Kingdom’s position in global trade.
