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SINGAPORE: Oil prices nudged higher on Monday, adding to gains of more than 2 percent from Friday, as investors eyed further US sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.

Brent crude futures rose 21 cents, or 0.3 percent, to $70.57 a barrel by 09:51 a.m. Saudi time, extending a 2.51 percent gain on Friday. US West Texas Intermediate crude futures climbed 20 cents, 0.3 percent, to $68.65, after settling 2.82 percent higher in the previous session.

US President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a “major statement” on Russia on Monday.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia’s intensifying bombardment of Ukrainian cities.

In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan US bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump.

EU envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.

Last week, Brent rose 3 percent, while WTI had a weekly gain of around 2.2 percent, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.

However, ANZ analysts said price gains were limited by data showing ����ֱ�� lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement.

The IEA said ����ֱ�� exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the Kingdom’s implied OPEC+ target of 9.37 million bpd.

����ֱ��’s energy ministry said on Friday that it had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.

China’s June oil imports increased 7.4 percent to 49.89 million tonnes from a year earlier, equivalent to 12.14 million barrels per day, reaching the highest daily rate since August in 2023, according to customs data released on Monday.

China is likely to continue stockpiling, but with storage at 95 percent of the peak inventory build from 2020, these inventories are likely to emerge in “visible” Western market locations that are crucial for price formation, exerting downward pressure on prices, JP Morgan’s research team said in a client note.

Investors are also eyeing the outcome of US tariff talks with key trading partners that could impact global economic growth and fuel demand.

RIYADH: ����ֱ�� has issued 1,346 new industrial licenses in 2024, attracting over SR50 billion ($13.3 billion) in new investments, a recent report revealed.

Private sector investments in industrial cities and zones totaled SR1.9 trillion, and the number of licensed workers in the field was 1.09 million, with a 36 percent Saudization rate, the analysis by the Kingdom’s Ministry of Industry and Mineral Resources said.

The new figures are consistent with the nation’s efforts to transform its industrial sector to boost the number of factories to 36,000 by 2035, of which 4,000 will be fully automated. The goal is part of the Kingdom’s strategy to foster a dynamic, innovation-driven industrial sector.

They also align with data from January, when the country’s industrial production index rose by 1.3 percent year-on-year, driven by ongoing growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained stable at 103.9, unchanged from December.

“We have all the capabilities to achieve a competitive and sustainable industrial economy, including ambitious young talent, a distinguished geographical location, rich natural resources, and leading national industrial companies,” the report said, citing Crown Prince Mohammed bin Salman. 

“Through the National Industrial Strategy and in partnership with the private sector, the Kingdom will become a leading industrial power, contributing to securing global supply chains and exporting high-tech products to the world,” he added.

The ministry has also developed 454 investment opportunities worth SR143 billion, which are linked to the industrial sectors targeted in the National Industrial Strategy.

The report shed light on how ����ֱ�� has achieved a global ranking of 33 in the Competitive Industrial Production Index.

“This progress reflects the Kingdom’s significant efforts to strengthen its industrial sector as part of Saudi Vision 2030, which aims to diversify the economy and reduce dependence on oil. This achievement also represents an advance of two places from the target, which is 35th place globally,” the Minister of Industry and Mineral Resources, Bandar Alkhorayef, said.

“These visions and objectives set forth major ambitions to align with the Kingdom’s position as an influential regional power within the G20 group and achieve ����ֱ�� 2030, which envisions the Kingdom as a leading industrial nation in which the mining sector is the third pillar of the national economy,” Alkhorayef added.

In June, ����ֱ�� launched the second phase of its standardized industrial incentives program to enhance competitiveness and strengthen the Kingdom’s trade balance.

Speaking at the Saudi Industry Forum in Dhahran at the time, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said the initiative supports the government’s efforts to drive high-value investments in priority sectors.

This comes as the nation works to position itself as a regional and global industrial hub. Since its initial launch, the program has drawn more than 1,000. Of the 118 applications received, 12 have reached the final qualification stage.