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Saudi Energy Minister: OPEC+ to Do Whatever Necessary to Support Oil Market

Saudi Energy Minister Prince Abdulaziz bin Salman (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman (SPA)
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Saudi Energy Minister: OPEC+ to Do Whatever Necessary to Support Oil Market

Saudi Energy Minister Prince Abdulaziz bin Salman (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ would do whatever is necessary to support the oil market.

The Minister was speaking on the sidelines of the 8th OPEC International Seminar in Vienna on Wednesday.

On Monday, Saudi Arabia said it would extend the one million-barrel-per-day (bpd) production cut it had initially flagged for July into August, while Russia announced a 500,000-bpd decline in exports next month.

The Minister said Saudi Arabia makes voluntary cuts "because there was another, more urgent demand from the market, or another, more necessary expectation that OPEC + should act."

"If we want to be fair to everyone and if we want everyone to work together, we have to make sure that they maintain their focus on the most important topics and long-term issues. Deviating attention to another issue will lead to imbalances, which is why we chose to take this job on a provisional basis," he said.

The Minister noted that in June 2020, Saudi Arabia, UAE, Kuwait, and Oman made a voluntary contribution for a month and voluntary reduction that began in February 2021 and lasted for three months.

"We made by gradually easing this reduction until July 2021."

"I ask you where we would have been today had it not been taken these steps at the time. I have reassured the market that there is a necessity for this position," he added.

Prince Abdulaziz explained that Russia's reduction was voluntary, pointing out that the simultaneous decrease in supply by the Kingdom and Russia shows the strong cooperation between the two nations.

"Russia's oil cut is meaningful because it affects exports," he said.

The Minister said that Saudi Arabia is no longer playing the role of a heavyweight producer, but instead, OPEC + plays this role.

He added that enhancing transparency depends on seven independent external bodies accredited to follow up on the countries' production in the oil cut agreement.

A recent report from the International Energy Agency (IEA) indicated that Russia did not comply with production cuts during May, and the Saudi Energy Minister warned that the data could disrupt the market.

In turn, UAE Energy Minister Suhail al-Mazrouei stressed that oil-producing countries have a more comprehensive view of the market and present a realistic outlook of the supply-demand balance.

Mazrouei explained that the periodic meetings of OPEC and OPEC+ help limit fluctuations and restore market balance and stability through cooperation and joint efforts, especially as OPEC and OPEC+ member countries account for around 40 percent of the global oil output.

"We are constantly working to monitor markets and relevant shifts to ensure taking timely and effective measures, which help boost stability across the market and drive economic development worldwide," Mazrouei added in a statement carried by WAM news agency.

He promised that the additional oil production and export cuts announced by Saudi Arabia and Russia earlier this week would help balance the market.

The total production cuts currently amount to more than 5 million bpd, or the equivalent of five percent of global oil production of about 100 million bpd.

Aramco CEO, Amin al-Nasser, pointed out that the corrective measures taken by Saudi Arabia will impact in the coming months, announcing plans to increase gas production by 50 to 60 percent by 2030.

Also at the conference, the OPEC Secretary-General, Haitham al-Ghais, said that the organization is keen on stabilizing the market, reducing the environmental footprint, and moving towards a sustainable and comprehensive energy transition.

In his welcome speech at the conference, Ghais added that "sustainability" revolves mainly around balance and meeting current generations' needs without compromising that of future generations.

He reviewed the importance of oil in global energy, the industry's primary role in reducing carbon emissions, and OPEC's efforts to achieve market stability, reduce the environmental footprint, and move towards a sustainable and comprehensive energy transition.

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Business

REGA: Saudi Property Market Draws Strong Int’l Investor Interest

A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
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REGA: Saudi Property Market Draws Strong Int’l Investor Interest

A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)

Saudi Arabia’s property market is entering a new phase of openness to international capital, driven by new rules on real estate ownership by non-Saudis and the designation of geographical zones where they can buy property.

The move advances the Kingdom’s push to establish itself as a global real estate investment destination as interest grows among international investors and investment funds.

Government entities and several property developers are seeking to draw investors to the Saudi market through the inaugural Saudi Luxury Real Estate Show.

Held in strategic partnership with the Real Estate General Authority, or REGA, the event brings together Saudi developers, investors, family offices and industry specialists from Britain and other international markets.

Taiseer Al-Mufarrej, REGA’s official spokesperson, said the authority was participating to raise awareness of the Kingdom’s new real estate framework, particularly the recently approved Law of Real Estate Ownership by Non-Saudis and the geographical zones designated for ownership.

Al-Mufarrej told Asharq Al-Awsat that REGA’s role at the show went beyond explaining the law. The authority was also engaging directly with investors, answering their questions and outlining the process for buyers, investors and real estate brokers through to the completion of transactions involving ownership by non-Saudis.

He said the Saudi Properties portal was the main channel for transactions covered by the law. REGA was using the show to explain the customer journey and how to use the platform, offering those seeking to enter the Saudi market a clearer view of its procedures and opportunities.

International funds show interest

REGA’s participation extended beyond its exhibition pavilion. On the sidelines, the authority organized workshops, panel discussions and roundtables aimed directly at investors, in cooperation with several Saudi government entities and private-sector institutions.

Al-Mufarrej said one roundtable was dedicated to investors from international investment funds and included the Saudi British Business Council. The meeting underscored growing efforts to draw institutional capital into Saudi real estate as the new rules broaden the targeted investor base.

The meetings gave investors a chance to speak directly with officials and raise questions about ownership procedures, available opportunities and the nature of the market, Al-Mufarrej said.

They come as the sector’s regulatory environment undergoes changes aimed at strengthening transparency and making the market more attractive to investors from Saudi Arabia and abroad.

Riyadh and Jeddah — and Makkah and Madinah

Al-Mufarrej said REGA’s participation revealed strong interest in the property ownership law for non-Saudis among investors, visitors and people looking for real estate in the Kingdom.

Interest was not limited to Riyadh and Jeddah. It extended to Makkah and Madinah, which attract particular attention because of their religious importance and the nature of property demand in both cities.

“We saw a very significant increase in awareness among investors, visitors and even people looking for property in the Kingdom,” Al-Mufarrej said.

Inquiries covered the main cities, led by Riyadh and Jeddah, as well as Makkah and Madinah, he added.

The efforts are gaining importance as Saudi Arabia seeks to increase the real estate sector’s contribution to the economy and diversify investment channels, alongside the large-scale projects, urban expansion and population and economic growth reshaping the Kingdom’s cities.

‘A global real estate investment destination’

Al-Mufarrej described the turnout at the show as strong, citing the prominent presence of investors, media outlets and influencers. He said the attendance reflected a shift in how foreign investors viewed the Saudi property market.

“What we witnessed at the show clearly demonstrates that Saudi Arabia has become a global real estate investment destination,” he said.

Investors and property seekers showed strong interest in the Kingdom, whether for investment, ownership or housing, he added.

International interest is rising as Saudi Arabia undertakes a broad overhaul of its real estate regulatory and investment framework.

The focus is shifting from simply offering property opportunities to building a clearer investment environment — from identifying areas open to ownership to explaining the procedures and platforms through which investments are processed.

Al-Mufarrej said the show’s timing alongside those changes had made it a platform for raising awareness of the new rules and engaging directly with investors.

The event came “at exactly the right time” and helped introduce investors to the Kingdom’s property ownership law, he said.

The growing presence of international investors reflects a broader shift in the Saudi market. Real estate opportunities are no longer tied solely to domestic demand.

The Kingdom is seeking to position the sector as a channel for international investment, drawing on regulatory reforms, large-scale projects and the transformation of Saudi cities under the goals of Saudi Vision 2030.

 

Business

Trump Announces Deal for Huge US Stake in Venezuelan Oil Reserves

View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
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Trump Announces Deal for Huge US Stake in Venezuelan Oil Reserves

View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP

President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

The deal -- which Trump proclaimed as "the biggest oil deal in world history" -- will bring nearly $100 billion in private investment to Venezuela, US and Venezuelan officials said.

Venezuela has the world's largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US ousted and captured long time ruler Nicolas Maduro in January, said AFP.

Washington allowed his vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.

Trump has made no secret of his desire to secure Venezuelan oil for the US, and in his post announcing the deal on his Truth Social platform, he said it will more than double US oil reserves.

Interim leader Rodriguez confirmed what she called a "historic agreement" that would "have a significant impact on the rebirth of our nation."

Writing on social media, she hailed potential investment of "more than $100 billion and more than $209 billion in tax revenue for the State."

Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had reached the deal with Rodriguez "through a partnership with private business."

"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.

- Many questions remain -

Rubio said the deal demonstrated how "President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home."

"For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio wrote on X, without providing further details.

Jorge Pinon, a senior researcher at the Energy Institute at the University of Texas at Austin, said the agreement was unconventional and many questions remained about how the oil assets would be transferred, "not to a private enterprise, but to another country."

"We don't know how the transfer would take place," he said. "Is it a sale? Is it a title transfer? Is it only transferred once the reserves are actually produced?"

The news site Axios had reported Thursday that the two countries were in talks on a dozen productive oil fields with 90 billion barrels of proven reserves -- about a third of Venezuela's total proven reserves of 300 billion barrels.

In return for a US ownership stake, private companies, including American firms, would develop the fields and return more oil revenue to Venezuela, according to Axios.

Axios also said the deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low.

High gasoline prices for Americans is a major political issue for Trump, whose approval ratings have fallen ahead of November's midterm elections after launching a war on Iran that has disrupted global oil supplies.

The Trump administration has been urging US companies to invest in Venezuela, but they remain wary due to dilapidated infrastructure and past appropriation of assets of foreign investors by the government in Caracas.

Chevron, the only US oil company that was still operating in Venezuela when Maduro was ousted, said in July that it had raised its daily crude production to 280,000 barrels and plans to increase output by 50 percent by the end of 2028.

John Kilduff, energy expert at Again Capital, said the biggest problem for companies to operate in Venezuela is "the safety and security of your investment."

He said if the US is now going to control or own the oil fields, the goal would be "to establish a sort of state zone where US companies can go in, operate, and not be impacted, and hopefully eliminate the political risk that otherwise goes with investing in Venezuela."

Business

Saudi Arabia to Host Fifth Innovation Driven Water Sustainability Conference

Hosting IDWS 2026 reflects an advanced stage in the development of Saudi Arabia's water sector - SPA
Hosting IDWS 2026 reflects an advanced stage in the development of Saudi Arabia's water sector - SPA
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Saudi Arabia to Host Fifth Innovation Driven Water Sustainability Conference

Hosting IDWS 2026 reflects an advanced stage in the development of Saudi Arabia's water sector - SPA
Hosting IDWS 2026 reflects an advanced stage in the development of Saudi Arabia's water sector - SPA

The Kingdom of Saudi Arabia will host the fifth Innovation Driven Water Sustainability Conference (IDWS 2026) from December 14 to 16, 2026, at the Ritz-Carlton, Jeddah. Organized by the Saudi Water Authority, the conference will bring together leaders, policymakers, investors, innovators, researchers, and specialists from across the water sector to connect innovation with investment and implementation and expand international partnerships in addressing water challenges.

The conference is expected to attract more than 10,000 participants from over 140 countries, with more than 250 speakers, while the accompanying exhibition will feature over 150 global brands.

The conference will bring together representatives of investment funds, financial institutions, and banks, along with investors, water service providers, and industry and technology leaders, to connect financing with solutions and implementation needs, help channel capital, and scale up the deployment of solutions and technologies.

The conference will focus on moving innovations from research and development to implementation and scale-up. In this context, it will host the fourth edition of the Global Prize for Innovation in Water, with total prizes of $10 million across its various stages. The prize supports ideas and solutions addressing key challenges in the water sector, from early-stage research to market-ready solutions.

This year, the prize will introduce a new category focused on water conservation and improved water-use efficiency, encouraging innovations that contribute to demand management and the wider adoption of solutions and technologies that support sustainability.

The conference will also feature Miyahthon, a water hackathon that brings together innovators to develop scalable, implementable solutions, along with technical workshops, the accompanying exhibition, and the Global Water Innovations Launchpad, where innovators and startups can showcase their technologies, products, and solutions to experts, investors, and industry leaders.

Scientific papers will cover seven approved themes: Desalination Technologies and Energy Integration; Water Reclamation, Reuse and Circular Systems; Industrial Water: Sectors, Systems and Solutions; AI, Digital, Autonomous and Cyber-Resilient Water Operations; Agriculture and Food System Water; Water Infrastructure, Networks and Asset Management; and Water Quality & Emerging Contaminants.

This year, the conference agenda will expand to include an eighth theme through a strategic partnership with the Produced Water Society, bringing specialized expertise in the management, treatment, and reuse of water associated with production operations and broadening the exchange of relevant expertise, solutions, and technologies among specialists from Saudi Arabia and around the world.

Hosting the conference in Saudi Arabia gives these themes a practical dimension by drawing on the Saudi water sector's experience in integrated water resources management, improving the efficiency of the water supply system, promoting water reuse, harnessing research and innovation, and building engineering capabilities.

Hosting IDWS 2026 reflects an advanced stage in the development of Saudi Arabia's water sector, which has progressed from developing water systems and improving their efficiency to expanding its role in research, innovation, and the development of technologies and solutions, connecting them with implementation and investment needs, and sharing Saudi expertise and capabilities regionally and internationally.

The conference provides a platform that brings together knowledge, expertise, financing, and technology to accelerate the development of solutions that enhance the efficiency of water services, supply reliability, and resource sustainability, while expanding the deployment of water solutions in Saudi Arabia and around the world.