Saudi Environment Minister Inaugurates Int'l Fair and Forum on Afforestation Techniques

The event will run through May 31. (SPA)
The event will run through May 31. (SPA)
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Saudi Environment Minister Inaugurates Int'l Fair and Forum on Afforestation Techniques

The event will run through May 31. (SPA)
The event will run through May 31. (SPA)

Saudi Minister of Environment, Water and Agriculture, Chairman of the Board of Directors of the National Center for Vegetation Development and Combating Desertification, Eng. Abdulrahman Al-Fadhli, inaugurated in Riyadh on Sunday the International Exhibition and Forum on Afforestation Technologies.

The event is being held under the patronage of Crown Prince Mohammed bin Salman, Deputy Prime Minister, Minister of Defense.

Held at the Riyadh International Convention and Exhibition Center, and organized by the National Center for Vegetation Development and Combating Desertification, in coordination and cooperation with the Ministry of Environment, the event will continue until May 31.

Opening the ceremony, Al-Fadhli thanked Crown Prince Mohammed for his patronage of the event, which reflects the keenness of the Saudi leadership to preserve and develop the environment, especially the vegetation cover, which is a fundamental pillar of the environment and wildlife.

He also highlighted Crown Prince Mohammed's Saudi Green and the Middle East Green Initiatives.

"The Kingdom is moving towards achieving a qualitative and unprecedented leap in the Middle East in environmental protection and vegetation development," he remarked.

"Such pioneering and ambitious initiatives locally and regionally will be reflected globally in reducing desertification and enhancing biodiversity, and push towards a cleaner and more sustainable future, thus improving human quality of life,” the minister added.

Al-Fadhli underlined the keenness and support of the Crown Prince to encourage innovation, stimulate young Saudi minds, and their determination in environment protection and the development of vegetation cover.

CEO of the National Center for Vegetation Development and Combating Desertification, Dr. Khalid Al-Abdulqader, said the exhibition and the international forum on afforestation techniques aim to bring together visions, experiences, opinions, and ideas of a group of specialists, experts and environmentalists, and parties concerned with vegetation cover and combating desertification, afforestation techniques, and investment in parks and reserves.

He added that more than 90 speakers from 20 countries and organizations from around the world will engage in 20 dialogue sessions and workshops discussing more than 50 scientific papers.

Al-Abdulqader stressed that the exhibition and the international forum will build bridges of communication between more than 80 exhibitors from government agencies, the private sector, international organizations and bodies, and environmental associations to display their projects and products and qualitative innovations.

Deputy Executive Secretary of the UN Convention to Combat Desertification (UNCCD) Andrea Meza participated expressed the importance of the exhibition in preserving the environment and combating desertification.

NEOM CEO, Eng. Nadhmi Al-Nasr announced during the opening session an initiative launched by NEOM, in cooperation with the national center, to plant 100 million local trees as part of the 10 billion trees that will be planted around the world. It will also rehabilitate 1.5 million hectares of land and natural reserves and wildlife habitat restoration in NEOM.



Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Gains Capped by Uncertainty over Sanctions Impact

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT. US West Texas Intermediate crude was up 26 cents, or 0.34%, at $77.76.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday, adding that "the full impact on the oil market and on access to Russian supply is uncertain".

A fresh round of sanctions angst seems to be supporting prices, along with the prospect of a weekly US stockpile draw, said Ole Hansen, head of commodity strategy at Saxo Bank, Reuters reported.

"Tankers carrying Russian crude seems to be struggling offloading their cargoes around the world, potentially driving some short-term tightness," he added.

The key question remains how much Russian supply will be lost in the global market and whether alternative measures can offset the , shortfall, said IG market strategist Yeap Jun Rong.

OPEC, meanwhile, expects global oil demand to rise by 1.43 million barrels per day (bpd) in 2026, maintaining a similar growth rate to 2025, the producer group said on Wednesday.

The 2026 forecast aligns with OPEC's view that oil demand will keep rising for the next two decades. That is in contrast with the IEA, which expects demand to peak this decade as the world shifts to cleaner energy.

The market also found some support from a drop in US crude oil stocks last week, market sources said, citing American Petroleum Institute (API) figures on Tuesday.

Crude stocks fell by 2.6 million barrels last week while gasoline inventories rose by 5.4 million barrels and distillates climbed by 4.88 million barrels, API sources said.

A Reuters poll found that analysts expected US crude oil stockpiles to have fallen by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration (EIA) is due at 10:30 a.m. EST (1530 GMT).

On Tuesday the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day (bpd) while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted that Brent crude will drop 8% to average $74 a barrel in 2025 and fall further to $66 in 2026 while WTI was projected to average $70 in 2025, dropping to $62 in 2026.