Morocco: Agricultural Activity, Production to Continue Despite Coronavirus

Agricultural activity and production continue normally in Morocco despite measures taken to face the coronavirus outbreak. (Reuters)
Agricultural activity and production continue normally in Morocco despite measures taken to face the coronavirus outbreak. (Reuters)
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Morocco: Agricultural Activity, Production to Continue Despite Coronavirus

Agricultural activity and production continue normally in Morocco despite measures taken to face the coronavirus outbreak. (Reuters)
Agricultural activity and production continue normally in Morocco despite measures taken to face the coronavirus outbreak. (Reuters)

Morocco’s Ministry of Agriculture, Maritime Fisheries, Rural Development and Water and Forests (MAPMDREF) has affirmed that agricultural activity and production are ongoing despite the health emergency state announced to face the coronavirus outbreak.

“Workers in the sector will maintain the level of production, packaging, transfer and distribution at a normal pace,” the ministry said in a statement on Thursday.

Prices of some goods which witnessed occasional hikes, returned to normal, while the prices of the most consumed food products remained stable, the statement noted.

It reassured people that agricultural production will continue normally in full respect for the pre-determined timetable, allowing continued supply to the market and sufficient quantities of agricultural and food products.

“We have overcome the pressure faced by some markets in the past few days as a result of the sharp rise in demand for some of the most consumed agricultural products, especially potatoes, tomatoes and onions. This happened thanks to the continued stocking of the market with these products,” the MAPMDREF explained.

“From the period between early April and June, supplies will be provided through the available stocks and the crops of the winter season in several areas, which are currently in the production stage,” according to a document published on its official website.

“The estimated production quantities during this period are 352,000 tons for tomatoes, 910,000 tons for potatoes, and 412,000 tons for onions (mainly green onions).”

It pointed out that these available quantities meet Moroccan people’s needs, including during the Holy month of Ramadan, when demand rises.

The Ministry said the distribution of spring crops is carried out normally, reaching 50 percent of the specified schedule late March, while the rest will be planted during April.

The expected production of spring and summer crops will adequately meet consumers’ needs for the period between June and December 2020, it noted.



Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year.

Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel as of 1306 GMT. US West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel.

At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65.

In September, Brent futures closed below $70 a barrel for the first time since December 2021, while their highest closing price of 2024 at $91.17 was also the lowest since 2021, as the impacts of a post-pandemic rebound in demand and price shocks from Russia's 2022 invasion of Ukraine began to fade.

According to Reuters, oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.

A weaker demand outlook in China in particular forced both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) to cut their oil demand growth expectations for 2024 and 2025.

With non-OPEC supply also set to rise, the IEA sees the oil market going into 2025 in a state of surplus, even after OPEC and its allies delayed their plan to start raising output until April 2025 against a backdrop of falling prices.

Investors will also be watching the Federal Reserve's rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.

Lower interest rates generally incentivise borrowing and fuel growth, which in turn is expected to boost oil demand.

Markets are also gearing up for US President-elect Donald Trump's policies around looser regulation, tax cuts, tariff hikes and tighter immigration, as well as potential geopolitical shifts from Trump's calls for an immediate ceasefire in the Russia-Ukraine war, as well as the possible re-imposition of the so-called "maximum pressure" policy towards Iran.

Prices were supported on Tuesday by data showing China's manufacturing activity expanded for a third straight month in December but at a slower pace, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.

However, that was balanced out by potential for higher supply next year, as Nigeria said it is targeting national production of 3 million barrels per day (bpd) next year, up from its current level of around 1.8 million bpd.