Oil coup for Saudi Arabia as output cuts are extended

Saudi Arabia's Energy Minister Prince Abdul Aziz bin Salman. The Kingdom pulled off a coup in the world of oil diplomacy with an agreement to extend the historic output cuts credited with pulling energy markets out of chaos. (Screenshot)
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Updated 07 June 2020
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Oil coup for Saudi Arabia as output cuts are extended

  • ‘Compliance is vital,’ Prince Abdul Aziz says

DUBAI: Saudi Arabia pulled off a coup in the world of oil diplomacy on Saturday with an agreement to extend the historic output cuts credited with pulling energy markets out of chaos.

At a virtual meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia, 23 exporters agreed to roll over the record-breaking cuts until the end of July, with a monthly option to renew the agreement after that.

The deal has strict provisions against producers who fail to comply. Some countries, notably Iraq and Nigeria, have been accused of ignoring the agreed caps on crude production.

“Effective compliance is vital if we are to secure the hard-won stability in global oil markets and restore confidence in the unity and effectiveness of the OPEC+ group,” said Prince Abdul Aziz bin Salman, the Saudi Energy Minister. “This stability and positive market sentiment will bring its own rewards.”

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OPEC+ agreed unanimously that countries that have fallen short of full compliance since May 1 will make up that shortfall over the summer months and will adhere to production limits in the future.

Compliance will be assessed at monthly ministerial monitoring meetings until the end of the year. “We must be vigilant. Each of the 23 countries represented here must be on guard for any signs of backsliding from their commitments,” Prince Abdul Aziz said.

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“All OPEC+ partners must deliver on their pledges for the collective pledges to be sustained. Each country has to adhere to its commitment to restrain production along the agreed guidelines.”

The minister referred to the recent “low point” when American crude briefly traded below zero, but said the OPEC+ deal, bolstered by extra voluntary cuts from Saudi Arabia, the UAE and Kuwait, had helped the global market over the worst.

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Brent crude, the global benchmark, has more than doubled in price since the cuts took effect. “Demand is returning as big oil-consuming economies emerge from pandemic lockdown,” Prince Abdul Aziz said. “Through our commitment to a proactive policy, within a cohesive and collective framework, we are restoring confidence and stability to global oil markets. Today, we have grounds to be cautiously optimistic about the future.”

Energy experts welcomed the deal, but echoed the minister’s caution. “This is an important success for OPEC+. It shows ability to deliver, willingness to address discipline, and coherence in the approach,” saidChristof Ruehl of the Center on Global Energy Policy at Columbia University.

“The problem is that the more OPEC+ succeeds, the easier it becomes for private producers to enjoy the fruits of its labor.”


KSA, Amazon launch cloud skills accelerator

Updated 9 sec ago
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KSA, Amazon launch cloud skills accelerator

  • Participants will work on real-world cloud computing projects, to gain practical experience and earn accredited certifications

RIYADH: Saudi Arabia’s Ministry of Communications and Information Technology, in partnership with Amazon Web Services, has launched the AWS Builder Accelerator program to develop national expertise in cloud computing and equip participants with advanced AWS skills. 

The initiative offers an intensive four-week training program at the AWS’ headquarters in Virginia, US, combining theoretical learning with hands-on projects under the guidance of AWS experts, the Saudi Press Agency reported on Monday. 

Participants will work on real-world cloud computing projects, to gain practical experience and earn accredited certifications.

These skills will help meet market demands and enhance the readiness of national talent to adapt to technological advancements, the SPA reported.

The program targets graduates in technical fields, particularly those in computer science and IT, with two to three years of experience, to boost their competitiveness in the cloud computing sector. 

Set to begin on June 16, the program requires applicants to be Saudi Arabia citizens employed in the private sector. A letter of employer approval is needed upon final acceptance, according to the ministry’s website. 

For registration or more details, visit futureskills.mcit.gov.sa/ar/form/aws.


KSrelief food parcels aid vulnerable communities

Updated 13 min 28 sec ago
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KSrelief food parcels aid vulnerable communities

Riyadh: Saudi aid agency KSrelief has delivered thousands of food parcels to some of the world’s most vulnerable people, the Saudi Press Agency reported on Monday.

In South Africa, 400 packages were given to families in need as part of the Etaam Ramadan food distribution project.

In Somalia, 1,390 parcels were handed out across multiple governorates, while in Nigeria, 613 parcels were provided in Adamawa state, benefiting 3,678 people.

In Djibouti, 700 parcels helped 4,200 people in Balbala, while 250 were given out in Bangladesh’s Bagerhat district.

In northern Montenegro, 300 packages were given to help 1,500 vulnerable people that included widows and orphans.

In Romania, 530 parcels were distributed in Bucharest and Constanta, with 379 baskets given to Syrian refugees in the Miniyeh district of Lebanon.

Now in its fourth phase, the Etaam project aims to distribute 390,109 food parcels across 27 countries during Ramadan, benefiting 2.3 million people at a cost of over SR67 million ($17.8 million).


Program assists female visitors at Grand Mosque

Updated 55 min 18 sec ago
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Program assists female visitors at Grand Mosque

MAKKAH: The Presidency of Religious Affairs at the Grand Mosque and the Prophet’s Mosque, through the Women’s Affairs Agency, has launched a program to answer visitors’ questions about rituals during Ramadan, the Saudi Press Agency reported on Monday.

The “Answering and Guiding Female Inquirers” program at the Grand Mosque in Makkah was introduced to accommodate the expected rise in attendance during the last 10 days of the holy month.

Sheikh Abdulrahman Al-Sudais, head of the presidency, emphasized the agency’s commitment to the initiative, highlighting its role in providing guidance to female visitors.

The program aims to enrich their experience by promoting authentic Islamic knowledge, offering reliable religious guidance and fostering greater awareness in a supportive environment, the SPA reported.

To facilitate inquiries, two dedicated locations have been designated: Women’s Prayer Area 74 on the ground floor and Women’s Prayer Area 84 on the first floor.


King Salman reserve records Nubian ibex birth

Updated 58 min 43 sec ago
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King Salman reserve records Nubian ibex birth

  • The King Salman bin Abdulaziz Royal Natural Reserve is the largest terrestrial nature reserve in the Middle East

RIYADH: The field team at the King Salman bin Abdulaziz Royal Natural Reserve recorded the birth of a Nubian ibex in March, the Saudi Press Agency reported on Monday.

The reserve’s development authority said that over time, more than 81 mountain ibexes have been reintroduced across various areas of the reserve.

This effort aligns with its commitment to protecting wildlife, including endangered species, and providing a thriving environment for their growth and reproduction, the SPA reported.

The authority added that the reproduction of animals within the reserve reflects the quality and suitability of its natural habitats for wildlife.

The reserve has recorded over 120 mammal births, including the Arabian oryx, sand gazelle, Nubian ibex, and Arabian gazelle, across its designated areas.

As the largest terrestrial nature reserve in the Middle East, the reserve spans 130,700 sq. km across four administrative regions: Jouf, Hail, Northern Borders, and Tabuk. The reserve features diverse habitats, terrains, and unique geographic formations.


Ramadan iftar in Al-Baha’s heritage homes: A tapestry of tradition and taste

Updated 17 March 2025
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Ramadan iftar in Al-Baha’s heritage homes: A tapestry of tradition and taste

  • These heritage houses, architectural emblems of Al-Baha’s rich cultural identity, are silent witnesses to the region’s history

RIYADH: In Al-Aqiq Governorate, Al-Baha, Ramadan is celebrated with warmth and community spirit. Families gather in beautiful heritage homes for iftar, transforming the breaking of the fast into an experience that weaves together living traditions and authentic regional flavors. This practice imbues Ramadan with a unique character.

These heritage houses, architectural emblems of Al-Baha’s rich cultural identity, are silent witnesses to the region’s history, the Saudi Press Agency reported. At these houses, families and friends convene around iftar tables, enveloped by an atmosphere of ancestral stories, fostering a sense of belonging and connection to the past. More than just a meal, iftar becomes an opportunity to strengthen family and social bonds.

Residents chat and share stories, reminiscing about Ramadans past and reinforcing community solidarity and the bonds of affection that unite them.

Awadah Al-Ghamdi told the SPA that this is the third consecutive year his family are breaking their fast at their traditional home, built in 1386 AH. He fondly recalled the Ramadans of his youth, when a fire was lit in the courtyard before the Maghrib call to prayer to prepare traditional fare: fresh bread, aromatic coffee, and marisa, a refreshing blend of water and dates, often infused with lemon or ginger. He emphasized that iftar is a communal affair, with neighbors joining together to share the meal and pray.

The experience of breaking the fast in Al-Baha’s traditional homes is a powerful symbol of the enduring customs that bridge generations. With each iftar, residents revive these cherished practices, ensuring they resonate with future generations and preserve the authentic spirit of Al-Baha throughout every Ramadan.