The Deputy Governor for Strategy and Trade Facilitation of Saudi Arabia’s Zakat, Tax, and Customs Authority, Abdullah Al-Fantoukh, and the Director of Resources and Auditing of Morocco’s General Directorate of Taxes, Mohamed Sebai, signed a memorandum of understanding (MoU) on Wednesday, according to Asharq Al Awsat media outlet.
Signed at the Zakat, Tax, and Customs Conference in Riyadh, the agreement is intended to enhance cooperation in tax administration by facilitating the exchange of expertise and knowledge between the two nations. The initiative is seen as a step toward strengthening bilateral relations and improving tax governance.
Oil prices remained mostly stable on Thursday as markets awaited the outcome of a meeting of the Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) scheduled for later in the day. Brent crude futures edged up by 5 cents, or 0.07%, to USD 72.36 per barrel, while US crude futures rose by 6 cents, or 0.09%, to USD 68.60 per barrel, according to Reuters. Both benchmarks had seen a nearly 2% drop the previous day due to the sell off of a large volume of US oil futures contracts by a single bank.
The meeting of OPEC+ is anticipated to result in extending the current oil production cuts by at least another three months starting in January.
Sources close to the discussions revealed that OPEC+ is weighing the options of either maintaining production cuts to support prices or easing cuts to defend its market share. Analysts suggest that geopolitical tensions in the Middle East and expectations of a US economic recovery could drive oil prices higher toward the end of the year.
“The OPEC+ decision may prompt a short-term reaction, but the oil market is likely to rise by year-end,” said Satoru Yoshida, a commodity analyst at Rakuten Securities.
However, some market strategists, like Yeap Jun Rong of IG, noted investor caution, as concerns linger over the potential for OPEC+ to disappoint market expectations.
US crude stockpiles saw a larger-than-expected draw last week, according to the Energy Information Administration (EIA), providing some support for prices. However, gasoline and distillate inventories increased, keeping markets balanced for now.
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