KSA imports of pearls, precious stones hit SR19bn

Updated 20 May 2014

KSA imports of pearls, precious stones hit SR19bn

Saudi markets imported pearls and precious stones worth more than SR19 billion in 2013 compared to SR11 billion in 2012, or an increase of 73 percent, local media said.
Based on 2012 data, Switzerland and the UAE topped the list of countries mostly exporting pearls and precious stones to the Kingdom in 2012 in terms of value where Switzerland captured 62 percent of all Saudi imports at SR 6.8 billion, followed by the UAE at 18 percent (SR1.9 billion), an analytical study conducted by Al-Eqtisadiah daily said.
In terms of quantity, the Saudi markets imported 5,000 tons of pearls and precious stones in 2012, of which 3,700 tons or 80 percent, were imitated ornaments and jewelry. China alone exported 2,500 tons of imitated ornaments and jewelry, or 67 percent, to the Kingdom, the report said.
Despite the big amount of pearls and precious stones coming from China, their value stood at only SR 231 million because 78 percent of the Chinese exports to the Kingdom, or 2,500 tons, are imitated items, the report said.
Going into details, the pearls and precious stones sector contained a variety of types, notably gold bullion, of which the Saudi markets imported some 42 tons at the value of SR8.5 billion, or 78 percent of total values, the report said.
Other types of pearls and precious stones sector imported by Saudis were as follows: Gold at the value of SR 1.6 billion (14 percent), platinum valued at SR443 million (4 percent), imitated ornaments valued at SR163 million (1 percent); silver valued at SR65 million (1 percent), ordinary metal plated with precious metal valued at SR61 million (1 percent), metal works of ordinary or precious metals valued SR44 million, silver valued at SR 26 million, gold works valued at SR24 million and silver alloy at SR11 million, the report added.


Libya’s NOC says production to rise as it seeks to revive oil industry

Updated 22 September 2020

Libya’s NOC says production to rise as it seeks to revive oil industry

  • Libya produced around 1.2 million bpd – over 1 percent of global production – before the blockade
  • Libya’s return to the oil market is sustainable

LONDON: Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.
Oil prices fell around 5 percent on Monday, partly due to the potential return of Libyan barrels to a market that’s already grappling with the prospect of collapsing demand from rising coronavirus cases.
Libya produced around 1.2 million bpd — over 1 percent of global production — before the blockade, which slashed the OPEC member’s output to around 100,000 bpd.
NOC, in a statement late on Monday, said it is preparing to resume exports from “secure ports” with oil tankers expected to begin arriving from Wednesday to load crude in storage over the next 72 hours.
As an initial step, exports are set to resume from the Marsa El Hariga and Brega oil terminals, it said.
The Marlin Shikoku tanker is making its way to Hariga where it is expected to load a cargo for trader Unipec, according to shipping data and traders.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports.
NOC insists it will only resume oil operations at facilities devoid of military presence.
Nearly a decade after rebel fighters backed by NATO air strikes overthrew dictator Muammar Qaddafi, Libya remains in chaos, with no central government.
The unrest has battered its oil industry, slashing production capacity down from 1.6 million bpd.
Goldman Sachs said Libya’s return should not derail the oil market’s recovery, with an upside risk to production likely to be offset by higher compliance with production cuts from other OPEC members.
“We see both logistical and political risks to a fast and sustainable increase in production,” the bank said. It expects a 400,000 bpd increase in Libyan production by December.
The Organization of the Petroleum Exporting Countries and allies led by Russia, are closely watching the Libya situation, waiting to see if this time Libya’s return to the oil market is sustainable, sources told Reuters.