NEW YORK: OPEC and allied oil-producing countries decided Thursday to maintain the amount of oil they pump to the world even as the new omicron variant casts a shadow of uncertainty over the global economic recovery from the coronavirus pandemic.
Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, voted to stick with a pre-omicron pattern of steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gasoline prices rise.
The OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January.
The fast-mutating variant led countries to impose travel restrictions when it emerged late last week. In a worst-case scenario, lockdowns triggered by omicron could cut oil demand by nearly 3 million barrels per day in early 2022, according to projections by Rystad Energy.
Positive news about drugs to treat the variant or the vaccines’ effectiveness against it could improve that outlook. But even with positive news, a decrease in oil demand is likely because “the distribution of these remedies may not actually reach all markets with extreme immediacy, which would still necessitate the lockdowns in much of the developing world,” said Louise Dickson, senior oil markets analyst for Rystad.
The price of a barrel of US benchmark crude fell with news of the variant and then fell further as OPEC+ revealed it wasn’t going to curtail production. It was about $78 a barrel a week ago and was trading at about $66 a barrel Thursday. International benchmark Brent crude followed a similar path, falling from $79 a barrel a week ago to about $69 on Thursday.
The decision by OPEC+ to stay the course sends a signal that “the group does what it says and that they will continue their policy on their own terms,” Dickson said. “It also really signals that OPEC+ needs a bit more time to really dig into the numbers on the omicron variant.”
Some analysts had predicted that the OPEC+ alliance — made up of OPEC members and allied non-members like Russia — would act cautiously Thursday, pending more clarity from medical experts on the new variant.
Before omicron’s appearance, the OPEC+ meeting had been shaping up as a potentially fraught moment in a growing dispute between oil-supplying nations and oil-consuming ones, as the global economy rebounds from the worst of the pandemic downturn and demand for oil surged.
Angering the US and its allies, OPEC+ has stuck to a plan to open the petroleum taps bit by bit — even as oil prices surged to seven-year highs — until deep production cuts made during the depths of the pandemic are restored.
With rising gas prices putting him under political pressure at home, President Joe Biden last week responded to OPEC’s refusal to increase supplies more quickly by announcing the US and other nations would release tens of millions of barrels of oil from their strategic reserves, boosting supplies and temporarily lowering prices. But gasoline prices in the US barely moved.
And then, omicron’s emergence unsettled those dynamics.
White House press secretary Jen Psaki said Thursday that there are no plans to slow releases from strategic reserves, despite the advent of the variant and OPEC’s decision.
“We welcome the decision today to continue the 400,000 barrels-per-day increase,” Psaki said. “We believe this should help facilitate the global economic recovery.”
OPEC+ will meet again Jan. 4.
OPEC+ sticks to modest boost in oil output despite omicron
https://arab.news/j5dy2
OPEC+ sticks to modest boost in oil output despite omicron
Saudi defense minister meets with Chinese envoy to Kingdom
- Session attended by several high-ranking officials from both sides
RIYADH: Saudi Minister of Defense Prince Khalid bin Salman met with Chinese ambassador to the Kingdom Chang Hua on Sunday.
The meeting focused on reviewing the strong relations between the two nations and discussing various issues of mutual interest, Saudi Press Agency reported.
The session was attended by several high-ranking officials from both sides, SPA added.
What We Are Reading Today: ‘The Spike’ by Mark Humphries
We see the last cookie in the box and think, can I take that? We reach a hand out. In the 2.1 seconds that this impulse travels through our brain, billions of neurons communicate with one another, sending blips of voltage through our sensory and motor regions.
Neuroscientists call these blips “spikes.” Spikes enable us to do everything: talk, eat, run, see, plan, and decide. In “The Spike,” Mark Humphries takes readers on the epic journey of a spike through a single, brief reaction.
King Salman approves hosting of 1,000 Umrah pilgrims from 66 countries
- Pilgrims will be hosted in four groups during the current Islamic year which ends in the final week of June 2025
- Minister said the hosting of the pilgrims is an extension of the great care that Saudi leadership takes to serve Islam and Muslims
RIYADH: Saudi Arabia’s King Salman has approved the hosting of 1,000 pilgrims from 66 countries to perform Umrah as part of the Custodian of the Two Holy Mosques Programme for Hajj, Umrah, and Visit.
The pilgrims will be hosted in four groups during the current Islamic year which ends in the final week of June 2025.
The Minister of Islamic Affairs, Call, and Guidance and general supervisor of the Hajj and Umrah program Sheikh Abdullatif bin Abdulaziz Al-Sheikh thanked the Saudi leadership for enabling Muslims from different countries of the world to perform the minor pilgrimage with ease and peace of mind.
The minister said the hosting of the pilgrims is an extension of the great care that the leadership takes to serve Islam and Muslims.
He added it would strengthen the bonds of brotherhood among Muslims in various parts of the world and develop fruitful communication between scholars and influential figures who are hosted by the program.
The program has benefitted people from more than 140 countries since it was launched, the minister said.
Where We Are Going Today: ‘Madeo’s at VIA Riyadh
Madeo at VIA Riyadh offers a charming Italian experience, bringing the warmth and flavors of Italy to Saudi Arabia.
Known for its classic pasta and pizza, Madeo excels in creating dishes that are simple yet packed with flavor. The live pasta station allows diners to watch as chefs prepare favorites like penne Madeo, featuring tomato sauce, basil, and Parmigiano Reggiano — a comforting and classic Italian taste.
Another favorite is the melanzane alla parmigiana, a dish combining layers of eggplant, mozzarella, and tomato sauce to create a hearty, cheesy delight.
The pizza selection includes the four-cheese pizza, which brings together gorgonzola, mascarpone, goat cheese, and mozzarella, topped with a hint of truffle oil for an aromatic finish.
The burrata pizza, featuring fresh and sun-dried tomatoes, adds a balance of creamy and tangy flavors that’s simply delightful.
For dessert, diners can enjoy Madeo’s classic tiramisu or hazelnut-filled profiteroles, both of which bring a sweet, satisfying end to the meal. Drinks like the basil smash, a mix of basil leaves, apple juice, and tonic, and the amaretto sour with orange and lemon juice, add refreshing options to complement the Italian flavors.
One downside is that parking at VIA Riyadh is not complimentary, which could be inconvenient for some guests.
Nevertheless, Madeo’s warm ambiance, authentic Italian dishes, and live Italian music make it a perfect destination for anyone looking to enjoy Italian cuisine in a lively setting.
For more information, check their Instagram @madeoristorante.sa.
Old school, new love: Analog tech captures hearts in Saudi Arabia
- Community bound by love of old gadgets that help enrich the present
RIYADH: In an era marked by digital convenience, analog technology is steadily making a comeback, with everything from vinyl records to film cameras experiencing a renaissance around the Kingdom.
Driven by a blend of nostalgia, artistry, and an appreciation for the tactile, this resurgence reflects a deeper cultural shift toward mindfulness and intentionality.
Arab News spoke to enthusiasts and entrepreneurs about the beauty, challenges, and personal connections that analog offers over its digital counterparts.
For music lovers, vinyl offers an experience that is impossible to replicate digitally. Fawaz Al-Sulaim, owner of Bohemia Records, said: “Experiencing music through vinyl or cassette brings you closer to it, like you’re there with the artists in the studio. You go through every song on the album as intended.”
Vinyl’s allure lies not just in its sound but also in its tangible presence. Holding a vinyl record offers a sense of ownership often missing in digital music, where ownership is more of a fleeting license.
Al-Sulaim said: “Analog represents physical media coming back — not just in a technical sense but as something people can hold on to.”
HIGHLIGHTS
• As Saudi Arabia invests in art, culture, and heritage, there is hope that analog’s value will continue to be recognized and supported.
• With the rise in interest, local communities and businesses are emerging to cater to this renewed passion for analog.
This revival is not limited to vinyl. Bohemia Records has seen an increase in CD sales, suggesting that physical formats resonate with people’s desire to own and cherish music collections.
The appeal of analog does not stop at music. In photography, the return to film presents a refreshing contrast to digital’s immediacy.
Haitham Al-Sharif, founder of Haitham Studio Film Lab in Riyadh, spoke to Arab News about film photography’s unique character, saying: “Film requires patience, thought, and a connection with the moment. You’re fully present, considering every exposure.”
Al-Sharif, who began his film processing journey at home, has seen a surge in Saudi interest, with his studio now serving thousands across the Gulf region.
Haitham Studio’s clients include people from seasoned photographers to students experimenting with their parents’ vintage cameras.
He said: “People come in for graduations, weddings, and even casual shots with disposable film cameras. Each frame has meaning, and the photographer remembers every shot.”
Running a film lab, however, is not without challenges. “We rely on older machines, specialized chemicals, and skilled technicians, which aren’t always easy to source locally,” Al-Sharif explained, adding that the support of Saudi Arabia’s growing art and tourism sectors could enhance this particular industry’s growth.
For retro tech enthusiasts like Zain Al-Mansour, the appeal goes beyond functionality. He said: “Listening to music on vinyl or snapping pictures with a vintage camera offers a joy that’s similar to making espresso — you savor the process as much as the end result.”
With an affinity for devices that evoke memories, Al-Mansour recently acquired a first-generation Tamagotchi, to help rediscover the simplicity and wonder of childhood technology.
Analog devices engage users on a personal level, prompting a more deliberate interaction than today’s instant gratification.
Al-Mansour said: “Retro tech is fascinating because it takes you back to a simpler time. The aesthetics of these devices, the physicality, and even the sounds they make add to their charm.”
For others, analog represents a form of self-expression. Bashayer Al-Bloushi sees a unique beauty in analog’s imperfections, which bring out details often missed in digital formats.
“Film photography forces you to capture moments with intention. There’s no instant review, so you’re careful about each frame,” she said.
For Al-Bloushi, analog provides a richer experience that digital cannot offer, allowing for a deeper connection to each captured moment.
Saja Al-Zahrani spoke about how analog media lets people embrace a slower, more mindful approach.
Al-Zahrani said: “There’s a warmth in vinyl’s crackle or film’s grain that digital can’t match.
“With analog, people reconnect with something real, something authentic.”
This tactile experience of using film or vinyl requires more focus, turning each interaction into a rewarding moment.
The value of analog media extends beyond nostalgia for Ebtsam Al-Dossary. Having grown up with film cameras, she sees them as reliable memory-keepers.
She said: “A camera doesn’t just store images; it keeps your memories safe. Digital files can vanish, but a physical photo endures.”
For Al-Dossary, the resurgence of analog formats is not just a trend; it’s a meaningful way to capture and remember moments more authentically.
As digital convenience reigns, this analog revival may underscore a collective yearning for experiences that slow us down, engage our senses, and encourage a mindful appreciation of art, music, and memories.
Whether it is the crackle of a vinyl record, the anticipation of developing a roll of film, or the tactile joy of a retro gadget, analog’s comeback offers a refreshing alternative to the fast-paced digital world.
In today’s digital landscape, the resurgence of analog offers a bridge between past and present, inviting us to reconnect with timeless traditions and meaningful experiences.
For enthusiasts across Saudi Arabia, this revival is about more than simply reverting to older technology — it is about rediscovering a different kind of connection, one in which every sound, image, and moment is fully appreciated.
Analog’s revival is redefining how Saudi society interacts with technology, pushing back against the trend of disposability and transient media. Each record played, photo developed, or gadget cherished represents a conscious choice to engage deeply with the experience.
Analog enthusiasts find joy in the imperfections, the weight of physical media, and the permanence these formats offer — qualities that digital often lacks.
With the rise in interest, local communities and businesses are emerging to cater to this renewed passion for analog. Haitham Studio and Bohemia Records are not just stores but spaces for Saudi artists, photographers, and music lovers to connect and share their passions. These communities thrive on a shared understanding of the value in slowing down and appreciating the process, rather than just the result.
In Riyadh, Al-Sharif has seen the effect firsthand. “We see customers coming back weekly, sometimes with friends, eager to develop their latest film rolls or browse the latest records,” he said. This sense of community is not just about shared interests; it is about shared values.
While the digital world offers unprecedented convenience and accessibility, analog serves a different purpose. Al-Sharif believes that both can coexist harmoniously. “Digital is essential for instant documentation, but analog is about timeless experiences,” he said.
Al-Zahrani, too, emphasizes that analog does not negate the value of digital but rather offers an alternative that complements it. “Both formats have their place, but analog asks something of you: it asks you to be present, to commit to the moment,” she said.
As Saudi Arabia invests in art, culture, and heritage, there is hope that analog’s value will continue to be recognized and supported. Whether through dedicated spaces like Haitham Studio or local events celebrating vintage tech, these efforts help sustain a trend that is not only about looking back but also about enriching the present.
The resurgence of analog formats is a reminder that technology can be more than just a tool. It can be an experience, a memory, and a form of art.