LONDON: The Organization of the Petroleum Exporting Countries on Thursday predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, while saying there was a chance the world economy could do better than expected this year, according to Reuters. OPEC, in a … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have kept its output policy unchanged, as oil prices hit their highest in five months. The producers’ alliance made the decision during the 53rd meeting of the Joint Ministerial Monitoring Committee that took place via videoconference on Wednesday. The meeting … Read more
RIYADH: Calls for completely abandoning oil and fully relying on renewable energy have been deemed “wrong” and “unrealistic” by Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries. “If oil disappeared, this would also affect the production of renewable energy, such as manufacturing of wind turbines and solar panels, as their production … Read more
NEW YORK: Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the US, the world’s two biggest crude consumers, according to Reuters. Brent crude futures were up 17 cents to $82.21 a barrel at 7:40 a.m. Saudi … Read more
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
CAIRO: The International Monetary Fund said on Sunday that larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal and external accounts. “Iraq needs to increase non-oil exports and government revenue, and reduce the economy’s vulnerability to oil price shocks,” they said in a concluding statement.
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
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
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
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