Saudi Arabia Revamps Water Security Plans

Saudi Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al-Fadhli inaugurates the Saudi Water Forum in Riyadh. (SPA)
Saudi Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al-Fadhli inaugurates the Saudi Water Forum in Riyadh. (SPA)
TT

Saudi Arabia Revamps Water Security Plans

Saudi Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al-Fadhli inaugurates the Saudi Water Forum in Riyadh. (SPA)
Saudi Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al-Fadhli inaugurates the Saudi Water Forum in Riyadh. (SPA)

Saudi Arabia has stepped up its efforts to rationalize local water consumption, sustain and maintain water security, and provide high quality water supplies to consumers. This is perceived to contribute positively to economic development in the Kingdom and to embody a leap in materializing initiatives and programs presented by the National Water Strategy 2030.

The water situation in Saudi Arabia demands cooperation between the public and private sectors for developing technologies pertaining to cost-efficient desalination and distribution mechanisms, said Saudi Minister of Environment, Water and Agriculture, Abdulrahman bin Abdulmohsen Al-Fadhli. The minister also predicted an increasing flow of investment to that effect.

He noted that projects, currently under construction, will provide up to 3 million cubic meters of water.

In an interview with Asharq Al-Awsat, head of the General Establishment for Irrigation, Fuad bin Ahmad Al-Asheikh Mubarak, said that raising irrigation efficiency and cutting consumption rates of non-renewable water figures high on the ministry’s agenda. He pointed out multiple measures have been taken to preserve groundwater.

Mubarak added that the National Water Strategy approved by the Council of Ministers aims to cut water consumption in the agricultural sector from an annual rate of 21 billion cubic meters per year to 12 billion cubic meters by 2030.

The Saudi Water Forum, organized by the Environment Ministry under the title “Sustainable Water for Sustainable Development,” was launched in Riyadh Sunday. According to Mubarak, eight Memoranda of Understanding (MoU) have been signed at the event so far. The event’s first day saw the holding of four workshops attended by a large number of officials from the water sector.

The ministry, through this forum, seeks to benefit from international experts and use its outcomes and recommendations to achieve the goals listed in the Kingdom’s Vision 2030 plan for transformation and the National Water Strategy.

The first workshop tackled water sustainability. It addressed modern technical and technological processes that can be employed to manage water projects, as well as the main challenges facing the water sector globally and in the Kingdom.

The second workshop dealt with smart technologies in water distribution management, their role in providing accurate measurements and readings, and their ability to detect malfunctions and leaks.

It also presented a new distribution mechanism that could promote water sustainability and help achieve the sector’s goals if adopted. The latest designs and operating methods of membrane desalination plants were discussed in the third workshop.



Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
TT

Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.