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Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
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Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)

Saudi Arabia will extend a cut in the amount of oil it sends to the world, an official source from the Ministry of Energy said Thursday.

The source said that the voluntary cut of one million barrels per day, which was implemented in July 2023, will stay in place through the first three months of next year.

Therefore, the Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions, the source said.

The source also noted that this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

The source confirmed that 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.

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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.