Saudi Industry Minister Discusses Mining Cooperation with Jordanian Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
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Saudi Industry Minister Discusses Mining Cooperation with Jordanian Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi to discuss ways of enhancing cooperation in the mining sector.
Alkhorayef and Al-Shehhi explored opportunities to leverage the mining resources available in both Saudi Arabia and Jordan. Eng. Khalid bin Saleh Al-Mudaifer, the vice minister of mining affairs, also attended the meeting, according to SPA.
During his official visit to Jordan, Alkhorayef also held meetings with officials from Jordanian companies operating in the mining sector.
In his discussions with officials from Jordan Phosphate Mines Company, they explored avenues of cooperation in phosphate extraction and production in light of Saudi Arabia's substantial phosphate reserves.
Additionally, the minister discussed cooperation with officials from the Arab Potash Company, reviewing the progress made in implementing the memorandum of understanding signed between the company and the Saudi Arabian Mining Company (Ma'aden). The deal aims to enhance collaboration in specialized fertilizers and products in both countries.
Alkhorayef’s visit to Jordan reflects the Kingdom's commitment to strengthen Saudi-Jordanian economic cooperation, particularly in the industrial and mining fields, exchange expertise, attract investments, and create jobs. These efforts aim to deepen the economic integration between Saudi Arabia and Jordan on multiple levels.



Oil Prices Edge Higher as Supply Risks Mount

FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo
FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk//File Photo
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Oil Prices Edge Higher as Supply Risks Mount

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

Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
Brent crude futures for August settlement, which expire on Friday, rose 15 cents, or 0.2% to $86.54 a barrel by 0020 GMT. The Brent contract for September was also up 0.2% at $85.44 a barrel.
US West Texas Intermediate crude futures for August delivery rose 24 cents, or 0.3%, to $81.98 a barrel.
Oil prices have shrugged off signs of weak demand in the United States, the biggest oil consuming nation, and rallied higher as cross-border strains between Israel and Lebanon's Hezbollah escalated. A widening war in the Middle East could draw in countries like Iran, one of the top oil exporters in the region.
The French foreign ministry expressed concern over the situation in Lebanon on Thursday, while Türkiye earlier said it stands in solidarity with Lebanon and called on regional governments' support.
Oil supplies have also come under pressure from weather-related disruptions which could worsen in the coming weeks. Heavy rains have caused Ecuador's production to decline by 100,000 barrels a day over the past week, FGE Energy said on Friday.
The US Gulf Coast, home to a bulk of the country's energy and export infrastructure, could also be hit by adverse weather in the coming days with the US National Hurricane Center tracking at least one weather system that could become a cyclone and headed towards the region.
Brent and WTI futures have gained 1.5% so far on a weekly basis.
On the demand front, rising US crude stockpiles and weak gasoline consumption has kept a ceiling above oil prices. Government data this week showed an unexpected jump in crude inventories in the country as fuel demand weakened.
However, expectations of record travel over the July 4th weekend in the US could lift gasoline demand and help draw stockpiles.