Saudi Arabia Achieves Surplus in Self-Sufficiency for Top 3 Food Items

Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
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Saudi Arabia Achieves Surplus in Self-Sufficiency for Top 3 Food Items

Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)
Dates recorded the highest rate of self-sufficiency in Saudi Arabia (SPA)

The Kingdom has recorded surpluses in its top three food products during the past year as a result of the intensive efforts undertaken by the government to achieve self-sufficiency in food commodities.

Dates lead the way with a remarkable 124% increase, followed by dairy products at 118%, and table eggs at 117%.

At the beginning of 2023, Saudi Arabia decided to transform the Saudi Grains Organization (SAGO) into the General Food Security Authority (GFSA), a move aimed at improving performance indicators and achieving national objectives in the development and growth of the sector.

This underscores the Kingdom’s determination to attain self-sufficiency in all food items and products.

According to the agricultural statistics report issued by the General Authority for Statistics (GASTAT) on Thursday, the self-sufficiency rate for potato crops in the past year reached 80%, while poultry meat stood at 68%, and tomatoes at 67%.

Red meat followed at 60%, carrots at 50%, fish at 48%, and onions at 44%.

Citrus fruits, on the other hand, ranked at the lowest end of the spectrum, with a self-sufficiency rate of 15%.

Ibrahim Al-Turki, the head of the National Agriculture Committee at the Saudi Chambers of Commerce and Industry, stated that the two wings of the Kingdom’s national transformation plan, Vision 2030, are working in harmony: one in the public sector, and the other in the private sector.

Speaking to Asharq Al-Awsat, Al-Turki pointed out that the efforts of relevant agencies to facilitate local companies and farmers have borne fruit in achieving the targeted food security goals in Saudi Arabia.

Al-Turki emphasized the importance of food security, especially in the wake of the coronavirus crisis and the Russia-Ukraine conflict, affirming that the high level of self-sufficiency in strategic food commodities such as dairy, eggs, dates, and potatoes has also positively influenced prices, making them competitive and accessible to all.

The chairman of the agriculture committee further explained that the surplus in certain products has a positive impact on the local market and consumers.



Oil Recovers after Slide as US Inventory Drop

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
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Oil Recovers after Slide as US Inventory Drop

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights
A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/ File Photo Purchase Licensing Rights

Oil climbed more than 1% on Wednesday, paring some of the previous day's losses, as a drop in US crude inventories and concern about Hurricane Francine disrupting US output countered concerns about weak global demand.

US crude stocks fell by 2.793 million barrels, gasoline declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, according to market sources citing the latest week's American Petroleum Institute figures on Tuesday.

Brent crude futures were up $1.10, or 1.6%, to $70.29 a barrel at 0807 GMT, while US crude futures gained $1.11, or 1.7%, to $66.86.

"The API provided some comfort as it showed a sizable decline in crude oil stocks, a forecast-beating draw in gasoline and a tiny build in distillate inventories," said Tamas Varga of oil broker PVM, Reuters reported.

Both oil benchmarks tanked on Tuesday, with Brent falling below $70 to its lowest since December 2021 and US crude dropping to its lowest since May 2023, after OPEC revised down its 2024 oil demand growth forecast for a second time.

Concern about Hurricane Francine disrupting output in the United States, the world's biggest producer, also lent support, other analysts said.

"The market rebounded autonomously as Tuesday's drop was substantial," said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support.

About 24% of crude production and 26% of natural gas output in the US Gulf of Mexico were offline due to the storm, the US Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday.

Following Tuesday's report from the API, an industry group, official inventory figures from the US government are due out at 1430 GMT.

Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels.