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 Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.