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First Int’l Forum and Exhibition for Sustainable Agriculture Kicks off in Riyadh

Officials are seen at the International Forum and Exhibition for Sustainable Agriculture (IFESA) in Riyadh. (SPA)
Officials are seen at the International Forum and Exhibition for Sustainable Agriculture (IFESA) in Riyadh. (SPA)
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First Int’l Forum and Exhibition for Sustainable Agriculture Kicks off in Riyadh

Officials are seen at the International Forum and Exhibition for Sustainable Agriculture (IFESA) in Riyadh. (SPA)
Officials are seen at the International Forum and Exhibition for Sustainable Agriculture (IFESA) in Riyadh. (SPA)

Saudi Minister of Agriculture, Environment and Water, Eng. Abdulrahman Al-Fadhly inaugurated on Monday the inaugural International Forum and Exhibition for Sustainable Agriculture (IFESA) in Riyadh.

Held under the slogan "Agricultural Development with Optimal Use of Natural Resources", the event is organized by the National Research and Development Center for Sustainable Agriculture (Estidamah) in cooperation with the Ministry of Environment, Water and Agriculture.

Several international, regional and local experts and specialists in the agricultural sector are attending the event.

Al-Fadhly also inaugurated the forum's accompanying exhibition, featuring both local and international exhibitors. He toured various pavilions showcasing their offerings.

Several agreements were signed between the Estidamah Center, the Agricultural Development Fund, the Saudi Coffee Company, solutions by stc, the Food Development Company, and the Saudi Agricultural Development Company.

The international event serves as a platform to showcase cutting-edge research, studies, and practices in agricultural sustainability. It highlights the latest technologies and innovations contributing to sustainable agriculture.

The forum will host lectures, seminars, discussions, presentations, and workshops led by global experts, presenting the newest practices, research, and studies in sustainable agriculture.

It offers a platform for national and international companies to exhibit and share their latest innovations and experiences in the field of sustainable agriculture.

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Business

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.