Oil Updates – crude nudges higher after OPEC+ extends output cuts

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SINGAPORE: Oil prices nudged higher on Monday after OPEC+ members agreed to extend voluntary oil output cuts to the end of the second quarter, largely in line with market expectations, while Russia pledged to cut production and exports, according to Reuters. Brent futures was 14 cents, or 0.2 percent higher, at $83.69 a barrel at … Read more

Oil Updates – crude rises, markets await OPEC+ decision amid mixed demand drivers

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JEDDAH: Multinational technology company Siemens unveiled its new electrical equipment factory in Jeddah in the presence of the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef. In partnership with its Saudi partner, Arabia Electric Ltd Equipment Co, the firm inaugurated the facility on Feb. 29 at the Modon Oasis in Jeddah. The 6,000 sq. m factory produces electrical equipment such … Read more

Oil Updates – prices ease as Fed caution, stock build outweigh OPEC+ news

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RIYADH: Saudi healthcare is poised to benefit from advanced medical interventions after Johnson & Johnson’s technology firm, J&J MedTech KSA, announced the launching of its direct operations in the Kingdom.   The company provides high-tech medical and surgical equipment and aims to bring customers closer to a more streamlined experience, according to a statement.    This … Read more

GCC keen on working with OPEC to ensure stable global oil markets

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Dubai real estate market soars amid record residential transactions in 2023: report  RIYADH: Dubai’s real estate market experienced robust growth in 2023, reaching an all-time high with residential transactions totaling 118,993 units, a report from CBRE revealed.  The report highlighted a 29.6 percent year-on-year increase in deal volumes, driven by growth in both the off-plan … Read more

OPEC expects strong oil demand growth in 2024, 2025

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RIYADH: More than SR180 billion ($48 billion) has been loaned to projects by the Saudi Industrial Development Fund over the last 50 years, according to figures released to mark the organization’s half-century. The total value of the 4,000 projects that the fund has invested in now stands at around SR700 billion. The leading financial institution … Read more

More countries express interest in joining OPEC+, says top official

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RIYADH: Achieving global power security is everyone’s responsibility, according to Saudi Energy Minister Prince Abdulaziz bin Salman.  Speaking at the International Petroleum Technology Conference in Dahran on Feb. 12, the minister said that the Kingdom is continuously working toward ensuring market stability.  He added that Saudi Arabia has significant surplus oil production capabilities. “We are … Read more

OPEC Fund invests $1.7bn for global climate change and energy transition in 2023

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Saudi Arabia in prime position to become global leader in AI regulation, expert says LONDON: Saudi Arabia is well placed to become a global leader in the regulation of artificial intelligence by initiating the discussions that will help craft a consensus on how such rules should operate, an expert on the emerging technology said. Ian Khan, … Read more

Oil Updates – crude gains after OPEC+ maintains output cuts, but heads for weekly losses

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SINGAPORE: Oil prices rose in early trade on Friday following a decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to keep its oil output policy unchanged, according to Reuters. Benchmarks were headed for weekly losses though amid unsubstantiated reports of a ceasefire between Israel and Hamas. Brent crude futures … Read more

OPEC+ keeps oil output policy unchanged

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RIYADH: A meeting of the top ministers of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, has reportedly kept oil output policy unchanged. The officials met online on Thursday to discuss market fundamentals. The Joint Ministerial Monitoring Committee can call for a full OPEC+ meeting or make recommendations on policy.