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Saudi Arabia Poised To Raise Oil Prices To Asia, Reaching 14-Month High

by THEFUTURE.TEAM

Saudi Arabia is set to significantly increase its official selling prices (OSPs) for crude oil to Asia for March shipments, marking the largest hike since January 2024. This move is driven by tighter supply and rising benchmark prices, largely influenced by OPEC+ production cuts, reduced exports from Iran and Russia, and recent U.S. sanctions on Russian oil.

As the Middle East’s key crude benchmarks continue to surge on the back of limited Russian supply to major Asian markets like China and India, Saudi Arabia’s state-owned oil giant, Aramco, is expected to raise its flagship Arab Light grade prices by up to $2.50 per barrel over Oman and Dubai benchmarks, according to a Reuters survey of Asian refiners. Some refinery sources predict the hike could reach as high as $3 per barrel.

If the expected increase is confirmed next week, the price of Arab Light could rise to a premium of at least $3.50 per barrel over the Oman/Dubai average, the highest premium since early 2024. This would follow Saudi Arabia’s February price hike, which surpassed expectations due to tightening supply in Asia, exacerbated by ongoing OPEC+ cuts and the decline in Russian and Iranian oil exports.

The surge in Oman and Dubai benchmarks in the past month has been driven by the decrease in Russian and Iranian output, with the U.S. imposing stricter sanctions on Russian oil trade starting January 10. Saudi Arabia typically announces its pricing for the next month by the 5th, setting the pace for other Middle Eastern oil producers’ prices in Asia.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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