LONDON: Oil prices extended gains on Tuesday, buoyed by US-China trade talks and a dip in Saudi Arabian crude supply to China.
Brent crude futures rose 23 cents, or 0.3 percent, to $67.27 a barrel by 03:31 p.m. Saudi time, hovering near their highest since April 28.
US West Texas Intermediate crude was up 17 cents, or about 0.3 percent, at $65.46, near highs reached on April 4.
US-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth minerals, risking global supply chain disruptions and slower growth.
“There’s a sense of optimism around these trade talks; the market is waiting to see what this will produce, and that is supporting prices,” said Harry Tchilinguirian, group head of research at Onyx Capital.
Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favorable US jobs report, while there are risks to North American supply from wildfires in Canada, Goldman Sachs analysts said.
US President Donald Trump said on Monday that the talks with China were going well and he was “only getting good reports” from his team in London.
A trade deal between the two nations could support the global economic outlook and boost demand for oil and other commodities.
On the supply side, allocations to Chinese refiners showed that Saudi Arabian state oil company Saudi Aramco will ship about 47 million barrels of oil to China in July, 1 million barrels less than June’s allotted volume, Reuters reported.
The Saudi allocations could be an early sign that the unwinding of OPEC+ production cuts might not result in much additional supply, Tchilinguirian said.
OPEC+, which pumps about half of the world’s oil and includes OPEC members and allies such as Russia, put forward plans for an output increase of 411,000 barrels per day (bpd) for July as it looks to unwind production cuts for a fourth straight month.
A Reuters survey found that OPEC’s May increase in oil output was limited, with Iraq pumping below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates making smaller increases than agreed.
“The prospect of further hikes in OPEC supply continues to hang over the market,” ANZ senior commodity strategist Daniel Hynes said in a note.
Elsewhere, Iran said it would soon make a counter-proposal for a nuclear deal in response to a US offer that Tehran deems “unacceptable,” while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil.
Iran is the third-largest OPEC producer and any easing of US sanctions on Iran would allow it to export more oil, weighing on global prices.
Oil Updates — prices rise on US-China talks and Saudi supply dip
https://arab.news/5mptg
Oil Updates — prices rise on US-China talks and Saudi supply dip
- US and China enter second day of talks in London
- Saudi crude exports to China set to fall slightly
Jordan’s industry fuels 39% of Q2 GDP growth
JEDDAH: Jordan’s industrial sector emerged as a major contributor to economic performance in 2025, accounting for 39 percent of gross domestic product growth in the second quarter and 92 percent of national exports.
Manufactured exports increased 8.9 percent year on year during the first nine months of 2025, reaching 6.4 billion Jordanian dinars ($9 billion), driven by stronger external demand. The expansion aligns with the country’s Economic Modernization Vision, which aims to position the country as a regional hub for high-value industrial exports, the Jordan News Agency, known as Petra, quoted the Jordan Chamber of Industry President Fathi Jaghbir as saying.
Export growth was broad-based, with eight of 10 industrial subsectors posting gains. Food manufacturing, construction materials, packaging, and engineering industries led performance, supported by expanded market access across Europe, Arab countries, and Africa.
In 2025, Jordanian industrial products reached more than 144 export destinations, including emerging Asian and African markets such as Ethiopia, Djibouti, Thailand, the Philippines, and Pakistan. Arab countries accounted for 42 percent of industrial exports, with Saudi Arabia remaining the largest market at 955 million dinars.
Exports to Syria rose sharply to nearly 174 million dinars, while shipments to Iraq and Lebanon totaled approximately 745 million dinars. Demand from advanced markets also strengthened, with exports to India reaching 859 million dinars and Italy about 141 million dinars.
Industrial output also showed steady improvement. The industrial production index rose 1.47 percent during the first nine months of 2025, led by construction industries at 2.7 percent, packaging at 2.3 percent, and food and livestock-related industries at 1.7 percent.
Employment gains accompanied the sector’s expansion, with more than 6,000 net new manufacturing jobs created during the period, lifting total industrial employment to approximately 270,000 workers. Nearly half of the new jobs were generated in food manufacturing, reflecting export-driven growth.
Jaghbir said industrial exports remain among the economy’s highest value-added activities, noting that every dinar invested generates an estimated 2.17 dinars through employment, logistics, finance, and supply-chain linkages. The sector also plays a critical role in narrowing the trade deficit and supporting macroeconomic stability.
Investment activity accelerated across several subsectors in 2025, including food processing, chemicals, pharmaceuticals, mining, textiles, and leather, as manufacturers expanded capacity and upgraded production lines to meet rising demand.
Jaghbir attributed part of the sector’s momentum to government measures aimed at strengthening competitiveness and improving the business environment. Key steps included freezing reductions in customs duties for selected industries, maintaining exemptions for production inputs, reinstating tariffs on goods with local alternatives, and imposing a 16 percent customs duty on postal parcels to support domestic producers.
Additional incentives in industrial cities and broader structural reforms were also cited as improving the investment climate, reducing operational burdens, and balancing consumer needs with protection of local industries.
