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Economy and Planning Minister Hosts Reception for Participants of Saudi-Portuguese Joint Committee Meeting

The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
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Economy and Planning Minister Hosts Reception for Participants of Saudi-Portuguese Joint Committee Meeting

The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA
The Saudi Minister of Economy and Planning hosted a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in Lisbon. SPA

The Saudi Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, hosted on Monday a reception for representatives of government entities and private sector companies participating in the sixth session of the Saudi-Portuguese Joint Committee and the Saudi-Portuguese Investment Forum in the Portuguese capital, Lisbon.

The minister heads the Saudi delegation participating in the sixth session of the Saudi-Portuguese Joint Committee, which aims to strengthen economic relations, explore investment opportunities between the two countries, and enhance cooperation in various fields.

The Saudi Minister also visited the Park of Nations, a neighborhood in Lisbon that was constructed for the 1998 World Expo.

Furthermore, he discussed with Executive Secretary of the Community of Portuguese Language Countries (CPLP) Zacarias da Costa promoting relations between the Kingdom and Portugal.

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OPEC+ Agrees to Delay December Output Hike for 1 Month

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
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OPEC+ Agrees to Delay December Output Hike for 1 Month

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo

OPEC+ has agreed to delay a planned December oil output increase by one month, the group said on Sunday.

Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to gradually unwind the group's most recent layer of output curbs - a cut of 2.2 million barrels per day (bpd).
However, weak demand and economic data raised concern in the group about adding more supply, sources told Reuters last week ahead of the decision to postpone the hike made on Sunday after consultations between ministers.
The eight countries decided to extend the 2.2 million bpd cut for a month until the end of December, OPEC said in a statement. They also "reiterated their collective commitment to achieve full conformity" with output targets, it said.
Oil prices closed on Friday just above $73 a barrel, supported in part by the prospect of a further delay to the OPEC+ increase. Even so, Brent crude is still not far from its lowest levels this year of below $69, reached in September.
OPEC+ had already delayed the increase from October because of falling prices, weak demand and rising supplies. An easing of investor concern about conflict in the Middle East disrupting the region's oil output has also weighed on prices.
The December hike was due to be 180,000 bpd, a small part of the total 5.86 million bpd of output OPEC+ is holding back, equal to about 5.7% of global demand. OPEC+ agreed those cuts in separate steps since 2022 to support the market.