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Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 
Brent crude futures rose 60 cents, or 0.8 percent, to $74.59 a barrel as of 08:30 a.m. Saudi time. Shutterstock
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Updated 31 December 2024

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

SINGAPORE: Oil prices rose on Tuesday after data showed China’s manufacturing activity expanded in December, but they are on track to end lower for a second consecutive year due to demand concerns in top consuming countries, according to Reuters. 

Brent crude futures rose 60 cents, or 0.8 percent, to $74.59 a barrel as of 08:30 a.m. Saudi time. US West Texas Intermediate crude gained 62 cents, or 0.9 percent, to $71.61 a barrel. For the year, Brent declined 3.2 percent, while WTI was down 0.1 percent. 

China’s manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy. 

Chinese authorities have also agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive economic growth, Reuters reported last week. 

A weaker demand outlook in China has forced both OPEC and the International Energy Agency to cut their oil demand expectations for 2025. 

OPEC and its allies earlier this month delayed their plan to start raising output until April 2025 against a backdrop of falling prices. The IEA expects global oil supply to exceed demand in 2025 even if OPEC+ cuts remain in place, as rising production from the US and other outside producers outpaces sluggish demand. 

While a weak longer-term demand outlook has weighed on prices, they could find short-term support from declining US crude stockpiles, which are expected to have fallen by about 3 million barrels last week. 

Both Brent and WTI were buoyed by a larger-than-expected drawdown from US crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand.  

Investor focus next year will be on the Federal Reserve’s rate path after the central bank earlier this month projected just two rate cuts, down from four in September, due to stubbornly high inflation. 

Lower interest rates generally incentivize borrowing and fuel growth, which in turn is expected to boost oil demand. 

The shifting expectations around US rates and the widening interest rate differentials between the US and the other economies have lifted the dollar and weighed on other currencies. 

A stronger dollar makes purchases of oil more expensive for consumers outside the US, weighing on demand. 

Markets are also gearing up for President-elect Donald Trump’s policies around looser regulation, tax cuts, tariff hikes and tighter immigration that are expected to be both pro-growth and inflationary - and ultimately dollar-positive.


ֱ eyes top 10 global tourism ranking, says Al-Khateeb

ֱ eyes top 10 global tourism ranking, says Al-Khateeb
Updated 10 November 2025

ֱ eyes top 10 global tourism ranking, says Al-Khateeb

ֱ eyes top 10 global tourism ranking, says Al-Khateeb

JEDDAH: ֱ is on track to rank among the world’s top 10 tourist destinations, according to Minister of Tourism Ahmed Al-Khateeb.

Speaking at a press conference on Monday, Al-Khateeb highlighted that the 26th UN Tourism General Assembly in Riyadh focused on digital transformation in tourism, with member states committed to advancing initiatives, particularly in artificial intelligence.

UN Tourism Secretary-General Zurab Pololikashvili and Shaikha Al-Nowais, newly elected secretary-general of the organization, were also present.

Al-Nowais becomes the first woman and the youngest person to lead the global tourism body in its 50-year history.

Al-Khateeb described the Riyadh Declaration as a roadmap for the organization’s future.
“Through the executive council, the member states will work with the current and future secretary general to ensure the implantation of the Riyadh Declaration.”

He stressed that the declaration emphasizes sustainability, air connectivity, investment attraction, and the training and empowerment of human resources.

“Using technology, we are enhancing the tourist journey with solutions that require minimal human intervention, such as facial recognition at airports to streamline the travel process,” he said.

Al-Khateeb also highlighted the importance of human interaction in tourism. “We are also keen to develop human capabilities in the sector.” He added that tourism serves as a bridge between cultures.

Al-Nowais underscored sustainable and responsible growth as her top priority, alongside transparency, ethical governance, digital transformation, and smart tourism. She noted the organization has already launched initiatives like the Best Tourism Village program, which certifies rural villages and small destinations within larger regions to promote development and support local communities.

She added that the entity has done a “great” job in this regard and stressed that technology and innovation will play an increasing role in managing growing numbers of travelers.
“We need to see how we can propose or advocate or suggest areas where we can ask destinations and governments to empower themselves with those tools and see how we can instead divert the crowd or the travelers to new destinations and emerging destinations,” she said.

Commenting on her election, Al-Nowais called it a profound honor to represent women in such a leadership role.
“I think my message is with dedication, with passion, with commitment, with hard work, you know things like that will always pay off.”

She added: “No matter how difficult it is, you have to live by your principles, your values, and believe in yourself. And I think nothing is ever impossible,” she added.

Pololikashvili described the Riyadh Declaration as a shared commitment among countries.
“All these three days we were talking. It's not the idea of one or two countries, and it's the process to support sustainable development.”

He emphasized that the declaration aims to leave a lasting legacy, noting that it is fully transparent and clearly outlines priorities for the coming years.
“And priorities are the same, more or less now, the digitalization, education, investments, and it is a more concrete and more detailed document and guideline,” he said.

In response to a question about this year’s focus on AI-powered tourism and making the technology accessible for countries with limited infrastructure, Pololikashvili said that it is a new area for them as well. He highlighted the pioneering role of ֱ and the UAE in establishing innovation hubs, a first-of-its-kind initiative globally.

“These hubs are designed to transfer expertise to less developed countries, particularly in the tourism sector, over the next two to three years,” he said, adding that the initiative is seen as a strategic investment to attract knowledge and skills from leading countries and support member states’ development.

Under the theme “AI-Powered Tourism: Redefining the Future,” the four-day event brought together representatives from more than 150 countries, including ministers, global tourism leaders, and industry experts, to discuss the future of travel, innovation, and sustainable development.

The General Assembly is the highest decision-making body within the UNWTO, comprising more than 159 member states, as well as representatives from the private sector and nongovernmental organizations.