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Saudi Arabia: Producers, Importers Compelled to Specify Water Rationalization Average

Image used for illustrative purpose An Asian worker carries a water bottle at his accommodation in Qadisiya labour camp, Saudi Arabia August 17, 2016. Picture taken August 17, 2016. REUTERS/Faisal Al Nasser
Image used for illustrative purpose An Asian worker carries a water bottle at his accommodation in Qadisiya labour camp, Saudi Arabia August 17, 2016. Picture taken August 17, 2016. REUTERS/Faisal Al Nasser
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Saudi Arabia: Producers, Importers Compelled to Specify Water Rationalization Average

Image used for illustrative purpose An Asian worker carries a water bottle at his accommodation in Qadisiya labour camp, Saudi Arabia August 17, 2016. Picture taken August 17, 2016. REUTERS/Faisal Al Nasser
Image used for illustrative purpose An Asian worker carries a water bottle at his accommodation in Qadisiya labour camp, Saudi Arabia August 17, 2016. Picture taken August 17, 2016. REUTERS/Faisal Al Nasser

Starting the beginning of next year, Saudi Arabia will be demanding that producers and importers specify the water consumption rationalization average in their products.

Saudi Standards, Metrology and Quality Org. (SASO) Deputy Governor Saud al-Askar announced that the obligatory implementation of the technical list of water rationalizing tools will start on Jan.1 2018.

This came during a news conference for SASO, Ministry of Environment, Water and Agriculture, Ministry of Commerce and Investment, Saudi Customs, Ministry of Energy, Industry and Mineral Resources and National Water Company at the headquarters of SASO in Riyadh.

Askar affirmed that the relevant government parties will start with the beginning of next year obliging importers and producers to place a card that shows the average of water consumption rationalization for every product mentioned on the list.

These parties have granted all those concerned an adequate time before the list becomes applicable so that they enjoy the chance to fulfill all demands of the list. In coordination with commerce chambers, SASO held introductory workshops.

Breaching this list would make violators probe to sanctions, said Askar as he urged producers and importers to register soon in the e-system on SASO website.

Undersecretary of Ministry of Environment, Water and Agriculture for Agricultural Affairs Dr. Faisal al-Subaie pointed out that there is a scarcity in water storage in the kingdom, and this mounts the importance of
rationalizing consumption and reinforces sustainability of natural resources.

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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 Steady as Investors Shift Focus to Demand Signals

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 edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in the United States.

Brent crude futures rose 34 cents, or 0.5%, to $68.02 a barrel by 1055 GMT US West Texas Intermediate crude gained 35 cents, or 0.5%, to $65.27 a barrel.

Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient. US demand. Brent futures are trading below their close of $69.36 on June 12, the day before Israel started air strikes on Iran, Reuters reported.

Investors are shifting their focus to macroeconomics and oil balances, while monitoring the Israel-Iran truce, said PVM analyst Tamas Varga.

UBS analyst Giovanni Staunovo said oil prices had tracked equity markets so far on Thursday, while ANZ analysts said the US driving season had started slowly but was now stoking demand.

US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw.

Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.

On Saturday, Igor Sechin, the head of Russia's largest oil producer Rosneft, said OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.

Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Trump also said on Wednesday that the US was maintaining maximum pressure on Iran - including restrictions on sales of Iranian oil - but signalled a potential easing in enforcement to help the country rebuild.