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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA
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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA

The Saudi Minister of Environment, Water and Agriculture, Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli, has signed a memorandum of understanding (MoU) with Turkish Minister of Agriculture and Forestry İbrahim Yumaklı to strengthen cooperation and enhance production capabilities in agriculture, livestock, and water management.

During Sunday's signing ceremony of the MoU in Riyadh, the two parties expressed their commitment to preparing the agricultural sector in both countries for climate change.

They also pledged to introduce technologies in agriculture and crop production, develop the livestock sector, and strengthen plant and animal health, including their protection and safeguarding.

As per the MoU, the two parties will collaborate on the advancement of biotechnology, organic agriculture, fisheries, aquaculture, and the formulation of quality policies in the agricultural sector. Additionally, the agreement covers cooperation in agricultural water management, monitoring water pollution from agricultural activities, and optimizing water usage in agriculture.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.