Oil Updates — Crude fluctuates; Bahrain appoints new oil minister; Colombia increases oil production

US West Texas Intermediate crude eased 4 cents to $120.89 a barrel at 0156 GMT. (Shutterstock)
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Updated 14 June 2022
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Oil Updates — Crude fluctuates; Bahrain appoints new oil minister; Colombia increases oil production

RIYADH: Oil prices seesawed in positive and negative territory on Tuesday, holding up despite recession fears and potential new COVID-19 curbs in China that could dampen demand as the market remains tightly supplied.

US West Texas Intermediate crude eased 4 cents to $120.89 a barrel at 0156 GMT, while Brent crude futures dipped 6 cents to $122.21 a barrel.

Bahrain gets a new oil minister

Bahrain’s King Hamad bin Isa Al-Khalifa ordered a cabinet reshuffle on Monday that included appointing a new oil minister, state media reported.

Mohammed bin Mubarak Bin Dainah, who was the country’s envoy for climate affairs, was named minister of oil and environment, replacing Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa‮.‬

The reshuffle included appointing Sheikh Khalid bin Abdulla Al Khalifa as deputy prime minister and minister of infrastructure, Zayed bin Rashid Al Zayani as industry and commerce minister and Fatima bint Jaafer al Sairafi as tourism minister.

Crown Prince and Prime Minister Salman bin Hamad Al-Khalifa said the reshuffle “will bring new ideas and a renewed drive to continue advancing the public sector,” the state news agency quoted him as saying on Monday.

“The reshuffle, the largest in the country’s history, has resulted in a change of 17 out of 22 ministers, with the introduction of a large proportion of young ministers, including four females,” a government spokesperson said.

Colombia stepping up oil and coal production

Colombia is set to increase the production of coal and petroleum as it steps up to fill the void created by sanctions against Russia, Energy Minister Diego Mesa said on Monday.

The Andean county has restarted coal exports to Ireland, Mesa said on the sidelines of Canada’s PDAC conference in Toronto.

The European country stopped buying Colombian coal in 2016 on human rights concerns.

“Six years ago Ireland had replaced Colombian coal with Russian coal ... but at the beginning of the war they came knocking at our doors again,” Mesa said.

The demand for coal is so high that mining companies like Drummond, one of Colombia’s largest producers, have managed to secure contracts for the next 18 months, Mesa said.

Poland has signed for one million tons of coal from Drummond and is expected to place a contract for an additional two million tons, he said.

Colombia has also increased its coal exports to the Netherlands, Spain, and Canada since Russia’s invasion of Ukraine, he added.

(With input from Reuters)


Egypt accounts for 19% of global date output

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Egypt accounts for 19% of global date output

JEDDAH: Egypt has emerged as the world’s largest producer of dates, generating around 2 million tonnes annually from more than 24 million date palms, according to the Ministry of Agriculture and Land Reclamation.

The government is seeking to further strengthen the sector by expanding the cultivation of high-value export varieties, the Egyptian Cabinet said, noting that more than 200 facilities — including processing plants and packing centers — support the industry. Many of these facilities have undergone recent upgrades through combined public and private investment.

Global demand for dates is rising steadily. According to market research firm Mordor Intelligence, the global dates market is projected to grow from about $29.33 billion in 2025 to approximately $44.07 billion by 2031.

Growth is being driven by increasing consumer preference for natural sweeteners, health-oriented diets, and improved cold-chain infrastructure that supports broader distribution and exports.

Egypt’s date exports have recorded significant growth, supported by quality improvements and successful efforts to access new markets across Europe, Asia, and Africa, the Cabinet statement said.

The release highlighted contributions from the UAE, which helped rehabilitate the date factory in Siwa Oasis at a cost of roughly 14 million Egyptian pounds ($298,000), renovated and upgraded the date complex in El-Kharga in the New Valley for about 17 million pounds, and established a date cooling complex in the Western Desert oases with a storage capacity of 4,000 tonnes. These investments have helped enhance efficiency across the production chain.

Further expansion is underway through the development of specialized industrial complexes for dates in key industrial hubs, including Sadat City, Borg El Arab, 10th of Ramadan City, and 6th of October City.

Agriculture and Land Reclamation Minister Alaa Farouk said Egypt accounts for approximately 19 percent of global date production, reiterating plans to focus on export-oriented varieties with higher added value.

Speaking during a tour of the sixth Cairo Date Festival at the Agricultural Museum in Dokki, Farouk emphasized the need to improve post-harvest systems such as sorting, grading, and packaging to ensure compliance with international quality standards.

He also urged research institutions and agricultural faculties to accelerate innovation in disease-resistant varieties and adopt smart farming technologies to address climate change and pest-related challenges.

Matrouh Gov. Maj. Gen. Khaled Shoaib underscored the importance of coordination between the agriculture ministry and major palm-growing governorates to boost production and enhance value through processing and packaging.

Cairo Gov. Ibrahim Saber said exhibitions such as the Cairo Date Festival play a key role in supporting local producers, expanding marketing channels, and stimulating economic activity, particularly for small and medium-sized enterprises, while ensuring the availability of high-quality products at affordable prices ahead of Ramadan.