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National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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National Minerals Program Propels Saudi Arabia’s Global Mining Footprint

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The National Minerals Program, recently approved by the Saudi Cabinet, represents a cornerstone of the Kingdom’s strategy to strengthen its position on the global mining map and respond to economic transformations that have made minerals essential for modern industries.

Managed by the Ministry of Industry and Mineral Resources, the program seeks to establish an integrated system that bridges supply chain gaps and standardizes governance and coordination across relevant entities, the Saudi Press Agency said on Thursday.

It aims to ensure the sustainability of mineral raw material supplies, reduce risks associated with foreign mining investments, enhance the efficiency and quality of existing and future supply chains, and secure the Kingdom’s strategic mineral needs.

The program responds to rapid global changes that have challenged supply chains, from the impacts of the COVID-19 pandemic to geopolitical tensions, making the securing of critical minerals a top priority for industrial economies and a prerequisite for sustaining clean energy, digital technologies, and AI industries.

Saudi Arabia leverages significant competitive advantages, with untapped mineral resources valued at approximately SAR9.3 trillion. The Kingdom also aims to raise the share of renewable energy in electricity generation to 50% by 2030, enhancing the competitiveness and sustainability of local mineral processing investments.

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Business

Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Barclays boosted its Brent crude oil futures price forecast to around $100 per barrel on Saturday, up from $80 on Friday, after the United States and Israel bombed several sites in Iran.

"Oil markets might have to face their worst fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a ⁠potential supply disruption amid ⁠a spiraling security situation in the Middle East," the bank said in a report.

The United States and Israel attacked Iran on Saturday, targeting its top leaders and calling for the overthrow ⁠of its government, while Iran responded with missiles fired at Israel and neighboring Gulf countries.

Oil prices rose about 2% on Friday, with traders bracing for supply disruptions as nuclear talks between the US and Iran had yet to reach an agreement.

Brent settled at $72.48 a barrel.

About a fifth of the oil consumed globally passes through the Strait of ⁠Hormuz between ⁠Oman and Iran, making any disruptions in the area a major risk to global oil supplies.

Business

Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
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Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)

Oil markets currently closed for the weekend are set to see price swings next week as the impact from the US and Israeli strikes on oil supplies from the Middle East remains unclear.

Scenarios before the latest conflict with Iran foresaw a quick price spike that fades if the attacks didn't affect oil shipping and infrastructure such as Iranian pipelines and its Kharg island terminal. However, there would be a bigger price spike and longer-lasting impact if oil infrastructure or supplies were interrupted, for instance because of disruption of tanker traffic through the Strait of Hormuz.

Oil prices have already risen on war fears. International benchmark Brent crude closed at a seven-month high of $72.87 on Friday, Reuters reported.

Iran exports some 1.6 million barrels of oil a day, most of it going to China, where privately owned refineries are less concerned about the US sanctions that prevent Iran from selling its oil elsewhere. If that supply is disrupted, Chinese customers would look elsewhere for oil on the global market, potentially driving up prices.

Another question is around the Strait of Hormuz, through which 20% of global oil supply pass through each day. Middle East exporters Saudi Arabia, Iraq and the United Arab Emirates send most of their exports through the strait. However analysts say Iran has no incentive to try to close the strait because it would cut off its own exports and hurt its only big customer, China.

Limited strikes on Iran’s nuclear program and the Revolutionary Guard that avoid regime change or all-out war could see prices jump $5-$10 based on fear alone, according to Rystad Energy in a prewar scenario.

A wider war involving Iranian disruption of tanker traffic could see crude push past $90 per barrel and US gas prices “well above” $3 per gallon, according to another prewar scenario from Clayton Seigle at the Center for Strategic & International Studies. US gas prices averaged $2.98 per gallon last week according to US motoring club AAA.

Business

Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
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Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch

The Israeli Energy Ministry has ordered the temporary shutdown of parts of the country's natural gas reservoirs after Israel and the United States launched strikes on Iran on Saturday.

The Leviathan gas field offshore Israel, operated by Chevron has been shut down, three sources told Reuters. Energean’s production vessel that serves several Israeli fields has also been shut down, the company said in a statement.

Israel’s ministry said the decision was based on “the current situation and in accordance with security assessments”, Reuters reported.

It said country’s energy needs would be met through alternative sources and that the electricity sector was prepared to operate power stations using alternative fuels if necessary.