Saudi Arabia to Continue Additional Voluntary Oil Cut

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
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Saudi Arabia to Continue Additional Voluntary Oil Cut

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA

Saudi Arabia confirmed Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement.

"This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the source was quoted as saying in the statement.

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day, said the source.

The source added that this voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut, or increasing production.



Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
TT

Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has discussed with Canadian government ministers ways to bolster industrial and mining cooperation between the two countries, opportunities for developing industrial innovation, and building an effective partnership to establish smart industrial cities in the Kingdom by leveraging Canadian expertise.

During his meeting with Canadian Minister of Innovation, Science and Industry François-Philippe Champagne, and accompanied by National Industrial Development Center Chief Executive Saleh AlSulami, Alkhorayef underscored the Kingdom's commitment to benefiting from the applications of the Fourth Industrial Revolution, particularly artificial intelligence (AI) and robotics, to develop the industrial sector and create added value, while improving production efficiency in industrial facilities.

Meeting participants discussed enhancing cooperation in the field of industrial digitization, utilizing AI technologies to improve industrial processes, and exploring opportunities for collaboration in building smart industrial cities in the Kingdom, benefiting from Canadian advancements in digital infrastructure.

The two sides also discussed collaboration between the Kingdom and Canada in the field of innovation, including the partnership between the Saudi Ministry of Education and Metax, a Canadian research organization funded by the Ministry of Innovation, Science and Industry with a focus on providing joint research opportunities for graduate and doctoral students in both countries.

During a meeting with Canadian Minister of International Development Ahmed Hussen, Alkhorayef discussed ways to enhance economic relations and non-oil trade between the two countries, given the fact that the Kingdom is the largest trading partner for Canada in the Middle East and North Africa. The ministers reviewed the role of industrial development globally in advancing communities, increasing their well-being, and improving individuals' living standards.

Alkhorayef and Canada's Mining Industry Human Resources Council (MIHR) executive director Ryan Montpellier discussed opportunities to benefit from council's expertise in workforce human capabilities development strategies in the mining sector.

The meetings held by the Minister of Industry and Mineral Resources with Canadian ministers are part of his visit to Canada, aimed at strengthening industrial and mining cooperation between the two countries, exploring mutual opportunities in both sectors, and attracting foreign investments to the Kingdom.