Saudi Arabia Joins the Largest Arab Union of Iron Producers

Saudi Arabia’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (Shutterstock)
Saudi Arabia’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (Shutterstock)
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Saudi Arabia Joins the Largest Arab Union of Iron Producers

Saudi Arabia’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (Shutterstock)
Saudi Arabia’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. from Wednesday (Shutterstock)

The National Committee for Steel Industry in the Council of Saudi Chambers has joined the largest Arab gathering of iron producers, the Saudi Press Agency reported.

Joining the Arab Iron & Steel Union enhances the Kingdom’s position in the sector, SPA reported, citing a statement from the committee.

Based in Algeria, the union is among the bodies approved by the League of Arab States and works to achieve Arab integration in the field of steel and iron industry.

Raed Al-Ajaji, Chairman of the National Committee for Steel Industry in the Council of Saudi Chambers, said that joining Arab Iron and Steel Union is a qualitative achievement.

According to al-Ajaji, iron and steel represent some of the most important strategic economic sectors, the backbone of the construction and development process in the Kingdom, and an essential element in the discussions and agenda of the G20 summit meetings.

Al-Ajaji explained that the membership would give access to the Arab database related to the steel industry, related reports, studies, and statistics.

Moreover, it influences the performance and trends of the steel sector in the region by allowing participation in market development programs and initiatives, communicating with experts, specialists, and industry giants, and joining work teams and expert committees in the field.

Al-Ajaji stressed the Committee's support for the efforts and activities of the Arab Iron and Steel Union, especially in terms of achieving economic integration, developing the steel industry in the region, and enhancing its competitiveness against foreign counterparts.

In other news, Saudi Arabia’s Ministry of Human Resources and Social Development announced that it will issue a ban on working under the sun between noon and 3:00 p.m. starting Wednesday.

The decision will go into effect on June 15 and continue until September 15, to safeguard the health and safety of workers during the hot summer months.

The ministry called on employers to outline working hours and implement the decision to limit injuries and diseases, and to also improve the productivity of employees.

Employees and employers can find more information on the procedures for worker health and vocational safety on the ministry’s website.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

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
TT

Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

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 trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.