RIYADH: Oil stayed below $80 amid reports OPEC+, due to meet on Monday, has discussed how to increase output faster in the coming months, while the White House said it had spoken with Saudi Arabia about oil prices.
Benchmark U.S. crude oil for November delivery rose 85 cents to $75.88 a barrel Friday. Brent crude oil for December delivery rose 97 cents to $79.28 a barrel.
Wholesale gasoline for November delivery was unchanged at $2.25 a gallon. November heating oil rose 4 cents to $2.38 a gallon. November natural gas fell 25 cents to $5.62 per 1,000 cubic feet.
Four OPEC+ sources said on Thursday the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month, Reuters reported.
A senior aide to President Joe Biden raised the issue of oil prices in conversations this week with Saudi Crown Prince Mohammed bin Salman, according to the White House.
Biden’s national security adviser, Jake Sullivan, met in Saudi Arabia with the Crown Prince on Tuesday to discuss the war in Yemen. But White House press secretary Jen Psaki said oil was also “of concern” and on the agenda.
Oil is also finding support as a surge in natural gas prices globally prompts power producers to move away from gas. Generators in Pakistan, Bangladesh and the Middle East have started switching fuels.
Asian liquefied natural gas (LNG) prices surged to a record high this week on sustained demand from China amid a power crunch and high gas prices in Europe as the winter season begins.
The average LNG price for November delivery into Northeast Asia was estimated at about $32 per metric million British thermal units (mmBtu), up nearly 20 percent from the previous week, industry sources told Reuters.
Chinese buyers are seeking more cargoes despite record prices, bidding above market rates as the winter season starts with the country’s gas inventory not full, trade sources said.
Sharply higher oil and gas prices have pushed annual inflation in the 19 countries that use the euro to its highest in more than a decade in September.
The European Union statistics agency Eurostat said Friday that inflation came in at 3.4 percent, up from 3.0 percent in August and the highest since 2008.
The overall inflation level was boosted by a jolting 17.4 percent increase in energy prices.
The world cannot afford to underinvest in oil, Mohammed Barkindo, secretary general of the Organization of the Petroleum Exporting Countries, told the Wall Street Journal in an interview.
Recent periods of underinvestment risk price shocks and energy poverty for developing countries, he said.
Oil closes the week below $80 as OPEC+ said to plan supply increase; LNG at record
https://arab.news/6v6w7
Oil closes the week below $80 as OPEC+ said to plan supply increase; LNG at record
- OPEC+ sources said the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month
- Average LNG price for delivery to North Asia rose 20 percent from last week
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
