Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)
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Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)

The Saudi Ministry of Environment, Water and Agriculture is seeking to develop bee pastures to maximize the economic return, in light of the continuous growth of the number of beekeepers who practice modern methods of honey production.

In remarks to Asharq Al-Awsat, the ministry said that the Kingdom’s annual imports of honey amounted to approximately 25,000 tons of honey, while its production is estimated at 2,646 tons.

The ministry noted that in 2018 it had launched programs to develop the honey bee industry and production sector.

“Honey contributes to about 660 million riyals (176 million dollars), representing 1.07 percent of the total agricultural GDP as an economic tributary to the country,” a ministry official said.

Six programs were identified to support the industry, including improving and developing the local honey bee breeds, promoting the infrastructure, raising the efficiency of local content and capacity-building, organizing bee pastures and encouraging investment and scientific research.

The consumption of honey in Saudi Arabia this year is estimated at approximately 320 grams per person, which is equivalent to twice the global average consumption of honey.

Samer Kurdi, head of the Sunbulah Group for the manufacture of food and natural honey in Saudi Arabia, said in an interview with Asharq Al-Awsat that in 2020, honey consumption in the Kingdom was estimated at approximately 320 grams per person.

He said this reflected the awareness of consumers in Saudi Arabia about eating quality food products and maintaining a healthy lifestyle.



Oil Trades in Tight Range Ahead of US Election

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
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Oil Trades in Tight Range Ahead of US Election

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 traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel by 0600 GMT, while US West Texas Intermediate crude was at $71.43 a barrel, down 4 cents, or 0.06%.
"We are now in the calm before the storm," IG market analyst Tony Sycamore said.
Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets, Reuters said.
Still, risk-taking remains limited with a busy week - including the US election, the Federal Reserve's policy meeting, and China's National People's Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.
For now, polls suggest the US presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.
"Eyes are also on China's NPC meeting for any clarity on fiscal stimulus to uplift the country's demand outlook, but we are unlikely to see any strong commitment before the US presidential results, and that will continue to keep oil prices in a near-term waiting game," Yeap said.
Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
More oil could come from OPEC producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
In the US, a late season tropical storm predicted to intensify into a category 2 hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.
"Technically, crude oil needs to rebound above resistance at $71.50/72.50 to negate the downside risks," IG's Sycamore said, referring to WTI prices.
"All of which suggests there won't be a scramble to chase it higher in the short term."
Ahead of US weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that US crude stockpiles likely rose last week, while distillate and gasoline inventories fell.