Saudi Arabia Stresses Food, Water Supplies Unaffected by Virus

Fish on display at a market in Saudi Arabia. (SPA)
Fish on display at a market in Saudi Arabia. (SPA)
TT

Saudi Arabia Stresses Food, Water Supplies Unaffected by Virus

Fish on display at a market in Saudi Arabia. (SPA)
Fish on display at a market in Saudi Arabia. (SPA)

Saudi Arabia stressed that the pumping water, as well as agricultural activity and supply chains, are operating regularly and are unaffected by the coronavirus outbreak. It added that operations on food security projects were working at the highest levels amid the global pandemic.

According to the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli, the ministry’s various sectors are working smoothly and in continuous coordination to secure food and water supplies.

While inspecting food security projects in Riyadh, Fadhli said water pumping is operating smoothly throughout the Kingdom, with 9.7 million cubic meters being provided daily. Operations at desalination plants are moving smoothly.

On the agriculture sector, Fadhli said that the Saudi Grains Organization (SAGO) is capable, when needed, to produce about 270,000 flour bags, weighing 45 kilograms each, per day.

A statement by the ministry, a copy of which was obtained by Asharq Al-Awsat, revealed that the Kingdom’s storage capacity of wheat stands at about 3.3 million tons, with production at 15,100 tons per day.

On fresh food, the ministry said the country can produce over 180,000 tons of various vegetables per month.

There are no shortages in the market, it stressed. Poultry production is at 3.5 billion chickens and 15 million eggs per day. Milk production exceeds 7.5 million liters and seafood 437 tons per day.



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
TT

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.