SINGAPORE: Oil prices fell on Monday, giving up earlier gains, squeezed by plentiful supply and US firms in particular increasing exports in competition with traditional producers from the Middle East in key markets like Asia.
International Brent crude oil futures were at $66.88 a barrel at 0449 GMT, down 24 cents, or 0.4 percent, from their last close. They ended Friday little changed after touching their highest since November 16 at $67.73 a barrel.
US West Texas Intermediate (WTI) crude futures were at $57.11 per barrel, down 15 cents, or 0.3 percent, from their last settlement. WTI futures climbed 0.5 percent on Friday, having marked their highest since November 16 at $57.81 a barrel.
Traders said the dips were a result of ample oil supply amid surging exports from the United States, forcing other producers especially in the Middle East to start offering their crude at discounts.
Under pressure from a surge in US supply, Abu Dhabi’s flagship Murban crude has sold at a discount in Asia to its official selling price (OSP) for four straight months — the longest stretch in nearly two years.
Cargoes bought for loading in the first four months of 2019 were sold at discounts ranging from 5 cents to 40 cents a barrel, even as producer Abu Dhabi National Oil Company cut the grade’s benchmark price for four consecutive months.
US crude oil production has hit a record 12 million barrels per day (bpd), an increase of more than 2 million bpd since early 2018. Exports hit a record 3.6 million bpd this month.
The surge in US oil output counters efforts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) to cut output in order to tighten the market and prop up prices.
The OPEC-led cuts as well as US sanctions against Iran’s and Venezuela’s oil exports pushed oil prices to 2019 highs last week.
Oil prices dip as record US exports undermine OPEC-led efforts to cut supply
Oil prices dip as record US exports undermine OPEC-led efforts to cut supply
- Traders said the dips were a result of ample oil supply amid surging exports from the United States
- Other producers especially in the Middle East forced to start offering their crude at discounts
SAL agrees $30m Aviapartner Liege acquisition to expand into Europe
RIYADH: SAL Saudi Logistics Services Co. has agreed to acquire Belgium-based Aviapartner Liege SA for €28 million ($30.3 million), giving the Saudi logistics firm a foothold at one of Europe’s major air cargo hubs.
Under a sale and purchase agreement signed with Aviapartner Belgium NV and Aviapartner Holding NV, SAL will acquire 100 percent of the company’s share capital on a cash-free, debt-free basis, according to a filing on Saudi Exchange.
The acquisition gives SAL a full operational presence at Liege Airport in Belgium, a key European cargo hub, and is expected to support the company’s long-term growth strategy.
SAL, which provides cargo handling and logistics services across Saudi airports, has been expanding its service portfolio as the Kingdom invests heavily in aviation and supply-chain infrastructure under Vision 2030.
In the Tadawul filing, the company stated: “This acquisition supports SAL’s international expansion strategy by establishing an operational footprint at a key European cargo hub, expanding its cargo ground handling and logistics service offerings at international airports, geographically diversifying its revenue streams, and leveraging operational synergies through access to established infrastructure, airline relationships, and a mature operating environment.”
The deal is strategically significant because Liege Airport has emerged as one of Europe’s most important air cargo hubs and a rapidly expanding gateway for global freight flows.
The Belgian airport is the fifth-largest cargo airport in Europe and has recorded strong growth in recent years, handling more than 1.3 million tonnes of cargo in 2025 as volumes rose about 14 percent year on year.
The transaction will be financed through the company’s available cash resources and remains subject to customary closing conditions and regulatory approvals.
Aviapartner Liege, based in Liege, Belgium, primarily provides ground handling and cargo services.
Financial disclosures show Aviapartner Liege generated revenues of €24.7 million in 2023, rising to €28.6 million in 2024 before declining to €24.3 million in 2025.
SAL said it expects the transaction to have a positive long-term impact on its financial performance following completion and consolidation of the acquired company’s financial results.
The company added that no related parties were involved in the transaction, which was signed on March 4.
