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Saudi Arabia Promotes 500 tons of Premium Coffee Beans

A Saudi farmer inspects the crops of his farm in the south of Saudi Arabia (Asharq Al-Awsat)
A Saudi farmer inspects the crops of his farm in the south of Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Promotes 500 tons of Premium Coffee Beans

A Saudi farmer inspects the crops of his farm in the south of Saudi Arabia (Asharq Al-Awsat)
A Saudi farmer inspects the crops of his farm in the south of Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia opened the 10th Saudi Coffee Festival, one of the major marketing outlets for premium coffee beans, referred to as Khawlani, in the Jazan region.

Coffee is an important tourist attraction for the area, highlighting the Kingdom's most mountainous regions and its culture and traditions.

More than 100 farmers are preparing to display more than 500 tons of the finest types of Saudi coffee.

CEO of the Saudi Coffee Festival, Mufarh al-Malki, said that the al-Dayer governorate was delighted to host the annual festival and represent a product that embodies a tremendous economic boon for the Kingdom.

The annual festival is organized by the region's Ministry of Environment, Water, and Agriculture.

Last year, the Public Investment Fund (PIF) launched the Saudi Coffee Company to promote the Kingdom's coffee beans.

PIF said the Company would support the national coffee industry through the entire supply chain and play a key role in developing products in the southern Jazan region, home to the Coffea Arabica.

The Saudi Coffee Company is expected to invest nearly $319 million over the next ten years in the national coffee industry to help boost annual production from 300 to 2,500 tons.

In 2022, Saudi Arabia launched the "Year of Saudi Coffee" initiative under the auspices of the Ministry of Culture to support the Quality of Life Program, one of Vision 2030 programs to focus on creating innovative ideas that promote Saudi coffee.

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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
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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.