Saudi Shura Council Demands Development of Supervisory Tools to Monitor Commodity Prices

The Shura Council called for conducting a study to compare the prices of basic food items in the local market. (Asharq Al-Awsat)
The Shura Council called for conducting a study to compare the prices of basic food items in the local market. (Asharq Al-Awsat)
TT
20

Saudi Shura Council Demands Development of Supervisory Tools to Monitor Commodity Prices

The Shura Council called for conducting a study to compare the prices of basic food items in the local market. (Asharq Al-Awsat)
The Shura Council called for conducting a study to compare the prices of basic food items in the local market. (Asharq Al-Awsat)

The Saudi Shura Council has called on the Ministry of Commerce to cooperate with the relevant authorities, in order to develop the supervisory and procedural tools for monitoring commodity prices.

The Council called for conducting a study to compare the prices of basic food items in the local market and to develop procedural and technical mechanisms to include the “non-delivery of products” within the commercial violations.

In this regard, it underlined the necessity to develop the consumer protection sector, in a way that enables it to perform its supervisory role and preserve consumers’ rights.

During its 42nd regular session on Monday to study the annual report of the Ministry of Commerce, the Shura Council underlined the importance of coordinating with the competent authorities to find solutions for financial compensation in jobs that cannot be filled by national cadres in small and medium enterprises, as well as reviewing the Saudi regions’ competitive advantages in the business sector to adopt the appropriate mechanisms for their development.

The Council also discussed tightening control over the maintenance of roads, bridges, and tunnels, as well as ensuring quality and speed in the design and implementation of relevant projects, while accelerating the shift towards a digital system in the entire sector.

The Council has also called on the Saudi Space Authority to activate the memoranda of understanding with the Ministry of Education and a number of Saudi universities to expand the development of scientific specializations that serve the sector, and to study the launching of internal scholarships with possible employment to develop human capital.

The Council urged the concerned bodies to benefit from the experiences and infrastructure available in some relevant government agencies to integrate and unify efforts and achieve the strategic goals of the space sector in the Kingdom.



China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
TT
20

China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.