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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA

The Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, has held talks with Austria’s Minister of Labor and Economy Dr. Martin Kocher on ways to enhance economic cooperation between the Kingdom and Austria.

Representatives from the public sector attended on Wednesday the meeting that took place during Alibrahim’s official visit to Austria.

During the visit, the Saudi Minister of Economy and Planning also participated in a roundtable discussion with the Federation of Austrian Industries.

Representing over 80% of manufacturers in Austria, the forum provided an excellent opportunity for fruitful dialogue.

In his remarks at the roundtable, Alibrahim stressed the importance of unlocking opportunities of mutual benefits to the two countries through collaboration in industry, trade and investment, and the importance of private sector partnerships.

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OPEC+ Postpones Output Policy Meeting to Dec 5

People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov
People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov
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OPEC+ Postpones Output Policy Meeting to Dec 5

People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov
People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov

The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to Dec. 5 from Dec. 1 to avoid a conflict with another event, OPEC said on Thursday.
A summit of Gulf Arab countries is due to be held in Kuwait City on Dec. 1 which several OPEC+ ministers plan to attend, OPEC said in a statement.
"Sunday does not suit everyone," a source had told Reuters before the official announcement.
Top OPEC+ ministers have held talks ahead of the meeting. OPEC+ sources have said there will be discussion over a further delay to oil output increases due to start in January.
Saudi Energy Minister Prince Abdulaziz bin Salman on Wednesday had a phone call with Russian Deputy Prime Minister Alexander Novak and Kazakh Energy Minister Almasadam Satkaliyev while in Kazakhstan on an official visit.
Iraq, Saudi Arabia and Russia held talks in Baghdad on Tuesday.
OPEC+, which comprises OPEC and allies led by Russia pumps about half the world's oil. The group aims to gradually unwind oil production cuts through 2025 which it introduced to help support prices.
However, a slowdown in Chinese and global demand and rising output outside the group pose hurdles to that plan.
OPEC+ on Nov. 3 again postponed its first output hike which had been set for December by one month.