Saudi Local Companies Produce around 11 Million Tons of Feed Annually

Local companies produce approximately 11 million tons of integrated feed annually. (Asharq Al-Awsat)
Local companies produce approximately 11 million tons of integrated feed annually. (Asharq Al-Awsat)
TT

Saudi Local Companies Produce around 11 Million Tons of Feed Annually

Local companies produce approximately 11 million tons of integrated feed annually. (Asharq Al-Awsat)
Local companies produce approximately 11 million tons of integrated feed annually. (Asharq Al-Awsat)

Eng. Abdulmohsen Al-Mezayani, head of the National Committee for Feed Manufacturers in the Federation of Saudi Chambers, said that local companies produce approximately 11 million tons of integrated feed annually through 65 specialized factories.

He highlighted the vital importance of the sector in the food security system, pointing to the presence of high manufacturing capabilities with international quality and specifications.

Al-Mezayani was addressing a workshop on the optimal use of integrated livestock feed, which was held at the headquarters of the Federation of Saudi Chambers and organized by the Ministry of Environment, Water and Agriculture, and the National Committee for Feed Manufacturers.

For his part, Dr. Al-Arabi Al-Ameem, Director General of the Animal Production Department at the Ministry of Environment, Water and Agriculture, stated that fodder was one of the most important elements in providing food security in the Kingdom, indicating that work was underway on a set of initiatives to support the growth of the sector and enhance its capabilities.

The Ministry of Environment recently stated that the optimal use of integrated feed for livestock in the Kingdom would increase sales profitability by 41 percent compared to conventional feed (barley and alfalfa), and would reduce annual costs by 35 percent.

On a different note, Yousef Al-Benyan, Minister of Education, recently met with the National Committee for Training and Private Education in the Federation of Saudi Chambers, stressing the importance of the private sector in the education system and the Kingdom’s Vision 2030.

Al-Benyan pointed to the high demand for private and international schools, stressing that through joint work and cooperation, the participation of the private sector in education would exceed 25 percent.

President of the Federation of Saudi Chambers Ajlan Al-Ajlan emphasized the importance of the private education sector in the Kingdom, adding that cooperation with the ministry was underway, with the aim to overcome challenges, raise the quality and efficiency of the sector’s outputs and attract more investors.

Meanwhile, the Riyadh Chamber of Commerce, in cooperation with the National Industrial Development and Logistics Program (NIDLP), organized on Tuesday a workshop to present the program to a group of investors, manufacturers and entrepreneurs.

Eng. Suliman Almazroua, CEO of NIDLP, stated that the program was based on creating a strong link with the targeted business sectors and manufacturers in particular.

The workshop reviewed the stages of the investor’s journey in the targeted sectors, the general and qualitative enablers, the competitive advantage, and the “Thousand Miles” entrepreneurship support initiative.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
TT

OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.