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
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OPEC+ sticks to modest boost in oil output despite omicron
Suspect in shooting of Minnesota lawmakers to appear in court on murder charges
- Vance Boelter was charged with two counts of second-degree murder and two counts of second-degree attempted murder
MINNEAPOLIS: A man accused of killing a Democratic state lawmaker while posing as a police officer is expected to appear in a Minnesota court on Monday afternoon on state murder charges.
Vance Boelter, 57, is being held in Hennepin County after he was arrested on Sunday following a massive manhunt over the weekend. Boelter is accused of shooting dead Melissa Hortman, the top Democrat in the Minnesota House, and her husband, Mark, in their home on Saturday.
Authorities said Boelter was also suspected of shooting and wounding another Democratic lawmaker, state Senator John Hoffman, and his wife Yvette at their home a few miles away.
Governor Tim Walz has characterized the crimes as a “politically motivated assassination.”
“A moment in this country where we watch violence erupt, this cannot be the norm. It cannot be the way that we deal with our political differences,” Walz said.
Boelter was charged with two counts of second-degree murder and two counts of second-degree attempted murder, a criminal complaint showed. He is scheduled to appear in court at 1:30 p.m. local time, jail records showed.
Three of those charges are punishable with jail terms of up to 40 years, according to a Hennepin County criminal complaint unsealed on Sunday.
Boelter had been impersonating a police officer while carrying out the shootings, wearing an officer’s uniform and driving a Ford SUV with police-style lights, the complaint said.
Boelter fled on foot early on Saturday when officers confronted him at Hortman’s Brooklyn Park home, said authorities who had warned residents to stay indoors for their own safety and unleashed the state’s biggest manhunt.
When police searched Boelter’s SUV after the shootings, they discovered three AK-47 assault rifles, a 9-mm handgun, and a list of other public officials including their addresses, the criminal complaint showed.
Working on a tip that Boelter was near his home in the city of Green Isle, more than 20 SWAT teams combed the area, aided by surveillance aircraft, officials said. Boelter was armed but surrendered with no shots fired.
The operation to capture Boelter, drawing on the work of hundreds of detectives and a wide range of federal, state and local law enforcement agencies, was the largest manhunt in state history, Brooklyn Park police Chief Mark Bruley said during a news conference on Sunday.
The killing was the latest episode of high-profile US political violence.
Such incidents range from a 2022 attack on former Democratic US House Speaker Nancy Pelosi’s husband at their home, to an assassination bid on Donald Trump last year, and an arson attack at Pennsylvania Governor Josh Shapiro’s house in April.
OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply
LONDON/MOSCOW: OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.
In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns.
“The global economy has outperformed expectations so far in the first half of 2025,” OPEC said in the report.
“This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis.”
OPEC also said supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month’s forecast.
Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from US shale and from other countries has weighed on prices in recent years. (
Israel furious as France shuts four weapons stands at Paris Airshow
PARIS/JERUSALEM: France shut down the four main Israeli company stands at the Paris Airshow for refusing to remove offensive weapons from display, in a move condemned by Israel and highlighting tensions between the traditional allies.
A source familiar with the matter told Reuters on Monday that the instruction came from French authorities after Israeli firms failed to comply with a direction from a French security agency to remove offensive or kinetic weapons from the stands.
The stands were those being used by Elbit Systems , Rafael, IAI and Uvision. Three smaller Israeli stands, which didn’t have hardware on display, and an Israeli Ministry of Defense stand, remain open.
France, a long-time Israeli ally, has gradually hardened its position on the government of Benjamin Netanyahu over its actions in Gaza and military interventions abroad.
French President Emmanuel Macron made a distinction last week between Israel’s right to protect itself, which France supports and could take part in, and strikes on Iran it did not recommend.
Israel’s defense ministry said it had categorically rejected the order to remove some weapons systems from displays, and that exhibition organizers responded by erecting a black wall that separated the Israeli industry pavilions from others.
This action, it added, was carried out in the middle of the night after Israeli defense officials and companies had already finished setting up their displays.
“This outrageous and unprecedented decision reeks of policy-driven and commercial considerations,” the ministry said in a statement.
“The French are hiding behind supposedly political considerations to exclude Israeli offensive weapons from an international exhibition — weapons that compete with French industries.”
IAI’s president and CEO, Boaz Levy, said the black partition walls were reminiscent of “the dark days of when Jews were segmented from European society.”
Two US Republican politicians attending the air show also criticized the French move.
Talking to reporters outside the blacked-out Israeli defense stalls, US Republican Governor Sarah Huckabee Sanders described the decision as “pretty absurd,” while Republican Senator Katie Britt criticized it as “short-sighted.”
The French prime minister’s office did not immediately return a request for comment.
Meshar Sasson, senior vice president at Elbit Systems, accused France of trying to stymie competition, pointing to a series of contracts that Elbit has won in Europe.
“If you cannot beat them in technology, just hide them right? That’s what it is because there’s no other explanation,” he said.
Rafael described the French move as “unprecedented, unjustified, and politically motivated.”
The air show’s organizer said in a statement that it was in talks to try to help “the various parties find a favorable outcome to the situation.”
PIF earns perfect score on Global SWF Index
RIYADH: Saudi Arabia’s Public Investment Fund earned a perfect score in the 2025 Global SWF Index, ranking it among just nine sovereign wealth funds worldwide for top governance, sustainability, and resilience.
The report from the sovereign investor benchmarking firm evaluates 200 of the world’s largest state-owned investment institutions across 25 indicators.
PIF’s flawless score this year marks a major milestone in its institutional development, following steady progress from 92 percent in 2023 to 96 percent in 2024. In contrast, the Saudi fund scored just 28 percent in 2020, according to Global SWF data.
In 2025, only nine sovereign investors globally achieved a full 100 percent score. Of those, three were based in the Europe–Middle East–Africa region: PIF, Ireland’s National Treasury Management Agency, and Nigeria’s Sovereign Investment Authority.
The Saudi fund led the group within EMEA and was the only Middle Eastern institution to reach a perfect score.
The 2024 report described PIF as “continuing to lead the charge,” highlighting that the fund voluntarily publishes an allocation and impact report as well as a self-assessment aligned with the Santiago Principles — despite not being a member of the International Forum of Sovereign Wealth Funds.
PIF’s sustainability strategy operates within the Kingdom’s broader drive for spending efficiency, a theme highlighted in a March analysis by PwC and Consultancy ME.
The report noted that public funds, anchored by institutions like PIF, are now being redirected toward high-impact sectors such as healthcare, tourism, and logistics, as well as artificial intelligence, combining fiscal prudence with strategic vision.
Moreover, a Strategy& whitepaper outlined how the nation is investing heavily in its energy transition — targeting approximately $235 billion toward renewables by 2030 and embedding efficiency mandates for state utilities — to support its net-zero ambitions and long-term economic resilience.
This alignment of sustainable investment and cost discipline reinforces PIF’s role in delivering value-driven transformation in line with Vision 2030.
The fund’s elevation to the top tier was driven by enhanced climate-risk disclosures, the launch of a dedicated sustainability report, strengthened board oversight, and the implementation of comprehensive business continuity frameworks.
These changes helped it secure full marks in all 25 areas of the GSR Scoreboard — 10 for governance, 10 for sustainability, and 5 for resilience.
With over $925 billion in assets under management, PIF is a cornerstone of Saudi Arabia’s Vision 2030, investing across strategic sectors, including tourism and logistics, as well as AI and renewable energy. Its strong transparency credentials and environmental, social and governance alignment have helped it build trust with global partners and signal its readiness for large-scale cross-border investment.
According to the 2024 PIF Effect report, the fund’s strategic projects, ranging from green bond issuances to renewable energy infrastructure, have generated a significant impact throughout Saudi Arabia and the world, enhancing local job creation, technology transfer, and environmental outcomes.
A February analysis by Consultancy ME underscored how the Kingdom’s broader focus on “spending efficiency is driving growth and building resilience,” with PIF playing a central role by prioritizing cost-effective, high-impact initiatives aligned with Vision 2030 objectives.
The full 2025 GSR report will be released on July 1.
Pakistani delegation wraps up diplomatic tour to convince Western capitals after India conflict
- Bilawal Bhutto Zardari-led delegation urges Europe to steer region ‘away from the brink’ of war
- Before Brussels, delegation also visited New York, Washington and London on diplomatic blitz
ISLAMABAD: A Pakistani delegation formed by Prime Minister Shehbaz Sharif to present Islamabad’s perspective on its recent conflict with India wrapped up its Brussels tour on Monday, the chief of the mission said in a statement, calling on European leaders to help steer the region back “from the brink” of war.
Former foreign minister Bilawal Bhutto Zardari was heading the high-powered Pakistani delegation that visited the United States and the United Kingdom before arriving in Brussels last week.
India and Pakistan both dispatched delegations of diplomats and parliamentarians to world capitals. Both Islamabad and New Delhi engaged the international community following their days-long armed conflict in May, which ended in a fragile ceasefire on May 10 brokered by Washington.
During his visit to Brussels, the delegation met the European Union parliament, the EU Commission, the Belgian leadership, members of international think tanks and foreign media. Bhutto Zardari pushed for dialogue and counterterrorism cooperation with India during the tour, warning of the dangers of a nuclear-armed conflict between the two nations.
“Europe, as a champion of the rules-based international order and international law, must help steer the region back from the brink,” Bhutto Zardari wrote on social media platform X.
The former foreign minister highlighted that during his visit to Brussels, the Pakistani delegation called for restraint and dialogue after a “fragile ceasefire.” He said the delegation had also warned of the lowest-ever conflict threshold in South Asia and India’s” weaponization” of water and global mechanisms.
Bhutto Zardari in recent weeks severely criticized India’s move to suspend a decades-old water-sharing treaty with Pakistan in April. The Indus Waters Treaty of 1960 governs the usage of the Indus river system. The accord has not been revived despite the rivals agreeing on a ceasefire on May 10.
Islamabad had said after India suspended the Indus Waters Treaty that it considered any attempt to stop or divert the flow of water belonging to Pakistan to be an “act of war.”
About 80 percent of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million.
Former information minister Sherry Rehman, a prominent member of the delegation, said some members would head back to Pakistan while others would next visit the French city of Strasbourg.
“When the world needs diplomacy, multilateralism and the power of intl law to return to its centerstage, the rules that support order are under strain like never before,” she wrote on social media platform X.
