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Saudi Arabia Seeks Development of Vegetation by Planting 10 Million Trees in 2020

The Saudi Ministry of Environment, Water and Agriculture launched several initiatives to develop vegetation in the Kingdom. (SPA)
The Saudi Ministry of Environment, Water and Agriculture launched several initiatives to develop vegetation in the Kingdom. (SPA)
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Saudi Arabia Seeks Development of Vegetation by Planting 10 Million Trees in 2020

The Saudi Ministry of Environment, Water and Agriculture launched several initiatives to develop vegetation in the Kingdom. (SPA)
The Saudi Ministry of Environment, Water and Agriculture launched several initiatives to develop vegetation in the Kingdom. (SPA)

The Saudi Ministry of Environment, Water and Agriculture launched on Monday several initiatives to develop vegetation in the Kingdom, including a project to develop tree locations and grow forests.

The aim is to plant 10 million trees and improve vegetation in 60,000 hectares by the end of 2020, said the Minister of Environment, Water and Agriculture Abdulrahman Al-Fadle.

This initiative will use local plants and renewable water sources.

Fadle, meanwhile, revealed that the ministry has completed preparations for the national strategy on water, which includes a comprehensive assessment of environment components, such as forests, marine life, air quality and waste management.

The strategy was prepared by following global practices adopted by several developed countries, said the minister.

He made his remarks during the inauguration of a workshop on fighting deforestation and reaching innovative means to manage dry regions in Riyadh.

Fadle continued that the ministry prepared the “green kingdom program” that aims at building the required cognitive foundation and executive framework to develop vegetation and combat deforestation.

The minister said that his ministry completed a strategy on pastures, which aims at achieving sustainable management of pastoral resources. This includes introducing modern patterns in livestock breeding.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

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)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

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 stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.