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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
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Saudi Shura Council Calls for Addressing Pandemic Repercussions on Labor Market

The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)
The Saudi Shura Council demands the Ministry of Human Resources and Social Development help provide jobs to those affected by pandemic lay-offs (Asharq Al-Awsat)

Saudi Arabia’s Shura Council on Monday demanded that the Ministry of Human Resources and Social Development coordinates with specialized parties to reinforce efforts for resolving the repercussions the coronavirus pandemic had on employment in the Kingdom.

Saudi authorities had launched several initiatives like the government covering 60% of salaries in private sector industries hit by the pandemic.

The move came as part of a 9 billion riyal ($2.4bn) economic package, and allows companies forced to consider staff lay-offs to apply for government aid of up to 9,000 Saudi riyals for the next three months.

In other news, the General Authority for Statistics (GASTAT) released its Labor Market Publication for Q3 of 2021.

The publication’s results showed that the unemployment rate of the total population (Saudis and Non-Saudis +15) remained stable at (6.6%) in Q3, 2021. However, the unemployment rate of the male population reached (3.3%), while the female population recorded (17.1%) according to the estimates of the Labor Force Survey for Q3, 2021.

As for the unemployment rate of Saudis (Males and females +15) in Q3 of 2021, the results revealed that it remained stable at (11.3%) compared to the previous quarter. The results also showed that the unemployment rate of Saudi males (+15) in Q3, 2021 fell to (5.9%) compared to (6.1%) in the previous quarter. Furthermore, the unemployment rate of Saudi females (+15) decreased to (21.9%) in Q3, 2021 compared to the previous quarter (22.3%).

The results of the Labor Market Publication for Q3 of 2021 also revealed that the labor force participation rate of total population (Saudis and Non-Saudis +15) in Q3 of 2021 increased to (61.2%) compared to (60.8%) in the previous quarter. However, the labor force participation rate of male population (+15) reached (78.3%), whereas the female population (+15) recorded (35.9%). Moreover, the results indicated that the labor force participation rate of total Saudis (Males and females +15) increased to (49.8%) in Q3 of 2021 compared to (49.4%) in the previous quarter.

On the other hand, the labor force participation rate of Saudi females (+15) in Q3 of 2021 went up from (32.4%) in Q2, 2021 to (34.1%) in Q3, 2021.

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Oil Slips on Higher US Crude Stocks, Easing Mideast Tensions

FILE PHOTO: A view of the Stena forth drill rig for Springfield Group, the first independent African energy company to discover oil in deep sea, is pictured at the sea near Takoradi, Ghana November 15, 2019. REUTERS/Kweku Obeng/File Photo
FILE PHOTO: A view of the Stena forth drill rig for Springfield Group, the first independent African energy company to discover oil in deep sea, is pictured at the sea near Takoradi, Ghana November 15, 2019. REUTERS/Kweku Obeng/File Photo
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Oil Slips on Higher US Crude Stocks, Easing Mideast Tensions

FILE PHOTO: A view of the Stena forth drill rig for Springfield Group, the first independent African energy company to discover oil in deep sea, is pictured at the sea near Takoradi, Ghana November 15, 2019. REUTERS/Kweku Obeng/File Photo
FILE PHOTO: A view of the Stena forth drill rig for Springfield Group, the first independent African energy company to discover oil in deep sea, is pictured at the sea near Takoradi, Ghana November 15, 2019. REUTERS/Kweku Obeng/File Photo

Oil prices slipped on Wednesday on estimates showing swelling US crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. US West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03, Reuters reported.
US crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources.
The United States is the world's biggest producer and consumer of oil, and growing inventories point to oversupply that could pressure prices.

Meanwhile, US Secretary of State Antony Blinken wrapped up a trip to the Middle East intended to help broker a ceasefire agreement in Gaza.
Blinken and mediators from Egypt and Qatar have raised hopes for a US "bridging proposal," which could shrink the gaps between the two sides in the 10-month-old war.
"Hopes of a cease-fire between Israel and Hamas have weighed on oil, along with lingering demand concerns," ING commodities strategists said.
"While weaker Chinese demand has been well reported, refinery margins around the globe have been under pressure for much of August, suggesting that these demand concerns are not isolated to just China," they said.
The economic struggles in top crude importer China have continued to hobble the market, as weak processing margins and low fuel demand curbed operations at state-run and independent refineries.
Imports of crude oil from top supplier Russia fell in July by 7.4% from a year ago, while fuel oil imports retreated for a third straight month, customs data showed this week.