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Saudi Arabia Supports Compound Feed Industry

The two parties sign the agreement in Riyadh on Thursday. Asharq Al-Awsat
The two parties sign the agreement in Riyadh on Thursday. Asharq Al-Awsat
    Riyadh, Shuja Al-Baqmi
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Saudi Arabia Supports Compound Feed Industry

The two parties sign the agreement in Riyadh on Thursday. Asharq Al-Awsat
The two parties sign the agreement in Riyadh on Thursday. Asharq Al-Awsat

At a time when the Saudi market is considered among the top feed importing countries, the kingdom has started to take some steps that would reduce imports and increase dependency on national factories to produce compound feed.

This would lead to a drop in prices in domestic markets and an enhancement in food security.

In this context, Agricultural Development Fund Director General Munir bin Fahd al-Sahli and Saudi Industrial Development Fund (SIDF) Assistant Director Adel al-Suhaimi signed a joint agreement to support the compound feed industry for the purpose of funding feed industry to fulfill stock farmers’ need and to unite efforts to avoid duality.

This significant agreement is based on the joint MoU signed between the Agricultural Development Fund and SIDF with the aim of reinforcing cooperation to support the feed industry in the kingdom.

By this joint funding deal, SIDF would evaluate the economic feasibility presented by investors and provide technical consultancy regarding the project to be funded.

Funding would reach up to 75 percent in less growing regions and cities and between 60 to 70 percent in medium and main cities.

This initiative reflects both funds’ conviction that supporting initiatives and partnerships with related parties is a must since this compels agricultural and industrial development in tandem with Saudi Vision 2030.

Saudi Arabia’s target is to limit water scarcity through halting green feed agriculture, while the Ministry of Environment, Water and Agriculture shows relentless efforts to enhance water security, achieve sustainable development and increase investment opportunities in various sectors.

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Hormuz LNG Traffic Hits Highest in October since Iran War Began

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
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Hormuz LNG Traffic Hits Highest in October since Iran War Began

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer

The monthly ‌tally of laden liquefied natural gas (LNG) tankers exiting the Strait of Hormuz reached its highest in October since the US-Iran conflict disrupted shipping this year, vessel tracking data showed.

-Last month, 31 LNG tankers went through the key waterway, according to data from S&P Global Energy, of which 23 were loaded at Ras Laffan in Qatar and eight at Das Island in ‌the United Arab Emirates.

-October exports were the highest ‌since ⁠February when the war ⁠started and were up from September's corresponding tally of 23 vessels exiting the strait, the data showed.

-"We are looking at UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits," said Eric ⁠Yep, a senior principal analyst at S&P ‌Global Energy.

-Kpler's ‌shiptracking data showed 42 LNG cargoes were loaded in ‌October, up from 27 in September.

-The ‌changes come as Ras Laffan's October loadings reached 35 cargoes, surpassing 2.7 million tons, the highest since the war started, according to Kpler data. Qatar exported ‌nearly 6.2 million tons in February.

-Two of the vessels carrying LNG ⁠from ⁠Ras Laffan that exited the strait subsequently conducted ship-to-ship (STS) transfers off the coast of Oman's Sohar anchorage, Kpler data showed. The SC Prestige transferred LNG to the BW ENN Crystal Sky, which is now bound for South Korea.

-The Al Mafyar moved its LNG to Shandong Redwood and Ejnan, both of which delivered the cargoes to Pakistan.

-Das Island exports held steady at seven loadings in October, flat with September, Kpler data showed.

Business

Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
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Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)

Gold prices eased on Tuesday as investors locked in profits after bullion's more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve's policy path.

Spot gold was down 0.4% at $4,124.42 per ounce, as of 0618 GMT. US gold futures for December delivery rose 0.5% to $4,133.00.

"It's just ‌a bit of ‌churn in the market. Prices are ‌easing back ⁠from the highs ⁠reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.

"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very ⁠beneficial for gold because of its impact on ‌the dollar, inflation and interest ‌rate expectations," Rodda said.

US President Donald Trump said on Monday he plans ‌to hold off on new military strikes against Iran for ‌the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks. Oil prices fell on Tuesday, extending losses from the previous day, Reuters said.

Meanwhile, the US central bank ‌should move its monetary policy "with care" as it maps a response to inflation that remains its ⁠greatest risk, ⁠Richmond Federal Reserve President Tom Barkin said on Monday, adding he had no base case for what should be done at the December meeting.

Traders currently see an 84% chance that the US Fed will raise rates in December, according to CME's FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal.

Investors now await the consumer price index report, due later in the day, followed by the producer price index data on Friday.

Among other metals, spot silver slid 0.3% to $53.22 per ounce, platinum steadied at $1,577.57 and palladium dropped 0.2% to $1,039.16.

Business

Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
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Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).

Oil prices fell on Tuesday, adding to the previous day's losses after US President Donald Trump downplayed the need for military action against Iran "at this point", easing fears of sustained supply disruptions in the Middle East.

Brent crude futures declined 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, while US West Texas Intermediate (WTI) futures fell 78 cents, or 0.90%, to $86.07 a barrel. Both benchmarks had fallen 1% earlier in the session.

Brent settled down 5.85% in the previous session after sliding to its lowest since ‌August 31.

Trump said ‌on Monday he plans to hold off ‌on ⁠new military strikes against ⁠Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for now.

"The market continues to prioritize President Trump's ⁠more conciliatory tone toward Iran since the midterms," ‌said Tim Waterer, chief market analyst at ‌KCM Trade.

"While attacks on shipping around the Strait of Hormuz are still occurring, ‌they have not escalated in a way that has forced a ‌fresh risk premium into the market," he said.

On the supply side, OPEC oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports.

Brent has retreated ‌about 22% from the six-month high of $118 it touched on October 30 as fears that ⁠Trump might step ⁠up attacks on Iran following the US midterms have eased, however there is still concern shipping could be disrupted.

"Despite the recent selloff, prices are unlikely to fall below $90 per barrel for Brent without more durable signs of de-escalation and a US-Iran deal," Gregory Brew, a senior analyst with Eurasia Group said in a note.

"At the same time, risks to shipping remain high, as Iran continues to attack vessels transiting the Strait of Hormuz," Brew said.

Elsewhere, Russian and Ukrainian officials planned to meet on Tuesday for two days of US-brokered talks — their first since February — after Trump suggested last week that a broad peace deal was possible in their 4-1/2-year-old war and could incorporate Europe's security.