The Saudi Arabian Ministry of Energy announced last week that the country has reduced its total oil production capacity by 600,000 barrels per day due to the conflict in Iran, which has led to the suspension of operations at some of the country’s main energy facilities.

The local authority stated that “the Manifa oil processing plant, located in the Eastern Province on the country’s east coast, has suffered a reduction of approximately 300,000 barrels per day in its production capacity due to the attacks it has sustained.”

The attacks have also affected “a pumping station on the 1,200-kilometer East-West pipeline that connects the Abqaiq oil field in the Eastern Province, across the Arabian Peninsula to Yanbu,” resulting in losses of approximately 700,000 barrels per day in the volume pumped through this infrastructure.

The country’s authorities have identified energy sectors affected by the escalation of hostilities in the region, including “production, transportation, petrochemical, and oil and gas refinery facilities, as well as the electricity sector in Riyadh, the country’s capital, the Eastern Province, and the industrial port city of Yanbu.”

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According to an announcement issued by OPEC+ this Sunday, January 4, the oil alliance led by Saudi Arabia and Russia will maintain a stable crude oil supply at least until April.

The group of oil-producing countries announced the measure without indicating they will take any precautions regarding potential market turbulence following the US military intervention in Venezuela.

The energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman announced the measure in a teleconference on Sunday, according to a statement published on the website of the Vienna-based Organization of the Petroleum Exporting Countries (OPEC).

The announcement comes in reference to the voluntary production cuts agreed upon in 2023, and in April 2025, these countries “began to gradually reverse those reductions with monthly increases that represented a strategic shift to recover lost market share.”

The group of eight countries still needs to complete a little over one million barrels per day to dismantling the voluntarily cut volumes (one of 2.2 million barrels per day and another of 1.65 million barrels per day), but in November decided to pause monthly increases during the first quarter of 2026, a measure that the ministers reaffirmed on Sunday.

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Source: intereconomia

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Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

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Crude oil pumping will increase to 548,000 barrels per day starting August 1, according to a decision by OPEC+.

The measure was agreed upon by 22 members of the Saudi-led organization through a virtual meeting last Saturday, July 5.

In an official statement, OPEC+ announced the increase in crude oil production to 548,000 barrels per day, “a volume 137,000 bpd higher than the previous three months and what was expected in the markets.”

OPEC+ has dismissed criticism of the measure and justifies opening the taps to increased production by expressing optimism regarding supply and demand in the coming months.

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Source: primicia

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At the start of his first international tour, the US president Donald Trump signed the largest defense trade deal with Saudi Arabia, worth €127 billion.

The president arrived in Riyadh on Tuesday, May 13, to establish agreements in strategic areas. According to the White House, “the agreement includes an investment valued at $600 billion (approximately €138 billion), including arms contracts of nearly $142 billion, more than €127 billion.”

Trump was received by Saudi Crown Prince Mohammed bin Salman, thus ushering in “a new golden era of alliance between the two countries.”

Investment in defense and security

Two fundamental issues in bilateral relations are defense and security. “In addition to future contracts for the sale of ‘state-of-the-art war material,’ about which the White House has not gone into detail, the United States also plans to collaborate in the training of local forces.”

That is, the agreement will focus on topics such as air and missile defense materials, air power and space development, as well as elements for maritime security and communications.

In this regard, the host, bin Salman, stated: “Today we expect investment opportunities worth $600 billion,” adding that in the coming months they will work on agreements in the second phase of these negotiations to increase investments to $1 trillion.

Other areas that both nations hope to strengthen are the cultural, educational, and scientific fields.

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Source: lasexta

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The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

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Source: finanzasdigital

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This Tuesday will be the meeting scheduled by the Kremlin between the delegates of Russia and the United States in Riyadh, Saudi Arabia, to begin negotiations that will end the war with Ukraine.

The envoys of each country will discuss crucial issues such as “the normalization of bilateral relations, preparations for a summit between the presidents of both countries and future peace negotiations on Ukraine.”

The Russian presidency indicated that the head of government, Vladimir Putin, will be represented at this meeting by Foreign Minister Sergei Lavrov and presidential adviser Yuri Ushakov.

Representing the United States, US Secretary of State Marco Rubio is already in Riyadh, who could be accompanied by other officials from Trump’s cabinet such as national security adviser Mike Waltz and the White House envoy for the Middle East, Steve Witkoff.

For his part, the president of Ukraine, Volodymyr Zelensky, is in the region, having arrived in the United Arab Emirates this Sunday.

The eyes of the world will be on this first meeting to end the conflict between Russia and Ukraine that began in 2022.

 

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Una publicación compartida por Nacional Cuenta Alterna (@elnacionalweb)

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Saudi Arabia inaugurated the new metro in the city of Riyadh at the beginning of December. A real display of technology, as it runs driverless for 176 kilometers, six lines and 85 stations.

The company RATPDev is in charge of this work, which made the announcement on December 1. The residents of Riyadh, the capital, have this innovative automated transport system, which requires an adaptation of the surrounding buildings.

In this sense, in the big city The Line “priority has been given to the construction of new buildings to host world sporting events.”

Among the 85 stations, four are included “designed by world-renowned architects.” In addition, it offers citizens “80 bus lines, three bus rapid transit routes, and parking facilities.”

The new metro is designed to provide faster transportation to offices, schools, universities, hospitals, shopping malls and government offices. Furthermore, it is estimated that it will contribute to reducing traffic jams as well as polluting emissions.

“In the future, the Riyadh metro network is expected to have a maximum capacity of 3.6 million passengers per day, taking into account that it will significantly reduce dependence on private vehicles,” said the RATPDev company.

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The decrease in oil demand by China and the United States is said to be one of the main reasons that has led the Organization of the Petroleum Exporting Countries (OPEC) to announce that it is postponing an increase in production of 180,000 barrels per day until January 2025.

According to a statement from OPEC+, published this Sunday, November 3, the joint oil production that was delayed until January of next year “is part of a plan to gradually return a total of 2.2 million barrels of crude oil per day (mbd) to the market.”

The main objective of this measure would be to reconvert part of the “5.86 mbd that OPEC+ has cut since October 2022,” which represents approximately 6% of global demand, to support crude oil prices.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman made the decision to postpone the increase in production that was initially approved last June.

According to the statement, the rest of the applied cut, which corresponds to 3.66 mbd, would come into effect at the end of 2025.

In any case, OPEC+ is expected to address the situation at its next ministerial conference, scheduled for December 1.

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Source: expansion

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Saudi Arabia decided not to renew the petrodollar agreement it had had with the United States for 50 years and which expired on June 9.

The country located in Western Asia did not renew the agreement through which it sold oil in US dollars, opening the door to marketing in other currencies, such as the yen, yuan, euro, among others.

The petrodollar agreement was signed in 1974 with Henry Kissinger as its architect. Saudi Arabia maintained the commitment until 2022, when it began to fail to comply with the agreement. The Saudi kingdom made the decision to “handle itself with complete freedom in the marketing of oil through different currencies.”

The change assumed by Saudi Arabia is expected to accelerate the de-dollarization process that the BRICS are already talking about.

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Source: canal26

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