RIYADH: Saudi Arabia and Tajikistan have signed a memorandum of understanding to accelerate non-oil exports and knowledge sharing.

According to the Kingdom’s press agency, the MoU was signed by the Saudi Export Development Authority and the Export Agency of Tajikistan on the sidelines of an event which agreed to establish a bilateral business council between the countries.

That agreement was reached by the Federation of Saudi Chambers and the Chamber of Commerce and Industry in Tajikistan, and will see the promotion of trade and investment relations.

Bolstering non-oil exports and promoting trade between nations is a crucial goal outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom is on an economic diversification journey by reducing its dependence on crude revenues. 

The Saudi-Tajik Business Council is expected to serve as a platform for private sector communities in the Kingdom and Tajikistan to network, showcase their activities, and foster commercial partnerships.

The council will also work to open new areas for economic collaboration, facilitate continuous interaction between the private sectors of both countries, and exchange information on market opportunities.

During the ongoing 28th edition of the World Investment Conference in Riyadh, Bandar Alkhorayef, Saudi Arabia’s minister of industry and mineral resources, held a bilateral meeting with the First Deputy Prime Minister of Tajikistan, Hakim Khalikzoda, and discussed ways to enhance cooperation in the mining and industrial sectors. 

Alkhorayef also met with the Tunisian Minister of Economy and Planning, Samir Abdel Hafeez, and discussed ways to develop bilateral relations in the industrial sector between both nations. 

Earlier this month, the Kingdom and Tunisia signed an MoU to strengthen bilateral cooperation and promote direct investments between the two nations.

The deal, which was inked by Saudi Arabia’s Minister of Investment Khalid Al-Falih and Tunisia’s Minister of Economy and Planning, focuses on sharing regulations and laws to enhance the investment environment in both countries.

The agreement between Tunisia and Saudi Arabia is seen as a crucial step in deepening the economic and industrial ties between both nations as they seek to diversify their economies and create new growth opportunities through strategic partnerships.

A report released by Saudi Arabia’s General Authority for Statistics in November revealed that the country’s non-oil exports reached SR79.48 billion ($21.16 billion) in the third quarter of this year, representing a rise of 16.76 percent compared to the same period in 2023.

TOKYO: Oil prices steadied on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday’s OPEC+ meeting of producers.

Brent crude futures rose 5 cents to $72.86 a barrel by 7:15 a.m. Saudi time, while US West Texas Intermediate crude futures were up 3 cents at $68.80 a barrel.

Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon’s Hezbollah.

A ceasefire between Israel and Hezbollah will take effect on Wednesday after both sides accepted an agreement brokered by the US and France, US President Joe Biden said on Tuesday.

The accord cleared the way for an end to a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza war last year.

Israeli Prime Minister Benjamin Netanyahu said he was ready to implement the deal with Lebanon and would “respond forcefully to any violation” by Hezbollah.

“Market participants are assessing whether the ceasefire will be observed,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“We expect WTI to trade within the range of $65-$70 a barrel, factoring in weather conditions during the Northern Hemisphere’s winter, a potential increase in shale oil and gas production under the incoming Donald Trump administration in the US, and demand trends in China,” he said.

On the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, sources said the group is discussing a further delay to a planned oil output hike that was due to start in January, ahead of a Dec. 1 meeting to decide policy for early 2025.

The group pumps about half the world’s oil and had planned to gradually roll back oil-production cuts with small increases over many months in 2024 and 2025. But a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.

“Our longstanding base case has been that OPEC+ defers the tapering of output cuts all the way through 2025,” Citi Research analysts said in a note, adding that the tapering could start in April instead of January.

“From the producer group’s point of view, holding off the unwind could allow the market the chance to be more balanced, via supply disruptions or more resilient demand, while bringing barrels back makes lower prices a foregone conclusion.”

In the US, President-elect Donald Trump said he would impose a 25 percent tariff on all products coming into the US from Mexico and Canada. Crude oil would not be exempt from the trade penalties, sources told Reuters on Tuesday.

Meanwhile, US crude oil stocks fell while fuel inventories rose last week, market sources said, citing API figures on Tuesday.

Crude stocks fell by 5.94 million barrels in the week ended Nov. 22, exceeding analysts’ forecast of a drop of about 600,000 barrels.