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Saudi Arabia Says Factories with Environmental Permits Increased to 72%

Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
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Saudi Arabia Says Factories with Environmental Permits Increased to 72%

Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources has announced that the number of factories obtaining an environmental permit has increased from 18 percent at the beginning of 2021 to 72 percent at the end of the second half of 2023.

The Ministry revealed on Tuesday that 7,239 factories obtained an environmental permit, which is a primary condition for granting an industrial license.

The rising numbers are in implementation of Saudi government decisions to include environmental permits among the prerequisites for issuing licenses to practice activities with an environmental impact.

The Ministry said that this rise reflects its efforts to protect the environment and improve sustainability in the industrial sector.

It is keen to provide factories with the facilities needed to obtain environmental permits, including coordination with competent authorities to resolve any challenges they may face.

The Ministry of Industry called on all factories to quickly apply to obtain the permit by completing the necessary procedures, available on the National Center for Environmental Compliance website.

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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.