Prices of Rice Reach 15-Year High

Farm workers are seen at a paddy field on the outskirts of Ahmedabad, India. (Reuters)
Farm workers are seen at a paddy field on the outskirts of Ahmedabad, India. (Reuters)
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Prices of Rice Reach 15-Year High

Farm workers are seen at a paddy field on the outskirts of Ahmedabad, India. (Reuters)
Farm workers are seen at a paddy field on the outskirts of Ahmedabad, India. (Reuters)

The FAO All Rice Price Index rose by 9.8 percent in August from July to reach a 15-year nominal high, reflecting trade disruptions in the aftermath of a ban on Indica white rice exports by India.

The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 121.4 points in August, down 2.1 percent from July and as much as 24 percent below its March 2022 peak.

The drop reflected declines in the price indices for dairy products, vegetable oils, meat, and cereals.

The FAO Cereal Price Index declined by 0.7 percent from July. Maize prices fell for the seventh month in a row to the lowest levels in three years amid ample global supplies of maize from a record harvest in Brazil and the imminent start of the harvest in the US.

The FAO Sugar Price Index rose by 1.3 percent from July, averaging in August as much as 34 percent higher than its value a year ago.

In August, dairy products prices declined 4 percent, recording a decline for the eighth month in a row, influenced by abundant supplies, especially from Oceania, and a slowdown in the pace of imports by China.

FAO also released a new Cereal Supply and Demand Brief, which forecasts that world cereal production in 2023 will increase by 0.9 percent from the previous year to reach 2.815 million tons, on par with the record output realized in 2021.



Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 
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Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 

For decades, Saudi Arabia heavily relied on traditional energy sources as a cornerstone of its national energy mix. This reliance led to significant fossil fuel consumption and a rise in carbon emissions. Despite the Kingdom’s abundant natural resources in solar and wind energy, previous investments in these renewable sources were not scaled to their full potential.

However, with the launch of Vision 2030, a transformative shift began. Diversifying energy sources became a strategic priority for achieving environmental sustainability and reducing carbon emissions. Saudi Arabia introduced the National Renewable Energy Program and the Custodian of the Two Holy Mosques Initiative for Renewable Energy. According to the Vision 2030 Report for 2024, these initiatives have significantly accelerated the diversification of the national energy portfolio.

Under these frameworks, Saudi Arabia has achieved notable milestones in the renewable energy sector, including setting a global record for the lowest cost of electricity production from solar and wind energy. The Kingdom has also begun implementing sustainable transportation solutions utilizing hydrogen, while actively supporting the broader transition to a low-carbon energy future.

As part of these efforts, Saudi Arabia has taken practical steps to develop hydrogen-powered transportation solutions and to expand its reliance on low-carbon energy sources. These initiatives are aimed at ensuring the long-term sustainability of the Kingdom’s energy resources, thereby advancing sustainable development and supporting the creation of a thriving green economy.

In the field of energy storage, Saudi Arabia now ranks among the world’s top ten markets. Current projects provide 26 gigawatts of storage capacity, with a target of reaching 48 gigawatts by 2030. Among these projects is the Bisha Energy Storage Project, one of the largest of its kind in the Middle East and Africa, boasting a capacity of 2,000 megawatt-hours and housing 488 state-of-the-art battery containers.

The Kingdom has also made significant advancements in the conventional energy sector. Two new oil fields and two unconventional reservoirs were discovered in the Eastern Province, reinforcing Saudi Arabia’s standing as a leading global energy supplier. These new discoveries produce approximately 11,437 barrels per day of Arabian oil and 9.39 million standard cubic feet per day of associated gas.

In addition, two natural gas fields and two reservoirs were discovered in the Empty Quarter, yielding 140 barrels per day of condensates and 19.5 million standard cubic feet per day of associated gas.