Saudi Crown Prince, Putin Urge All OPEC+ Countries to Join Output Deal

This handout picture provided by the Saudi Press Agency (SPA) shows Saudi Crown Prince Mohammed bin Salman (R) walking with Russian President Vladimir Putin during a welcoming ceremony in the capital Riyadh on December 6, 2023. (Photo by SPA / AFP)
This handout picture provided by the Saudi Press Agency (SPA) shows Saudi Crown Prince Mohammed bin Salman (R) walking with Russian President Vladimir Putin during a welcoming ceremony in the capital Riyadh on December 6, 2023. (Photo by SPA / AFP)
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Saudi Crown Prince, Putin Urge All OPEC+ Countries to Join Output Deal

This handout picture provided by the Saudi Press Agency (SPA) shows Saudi Crown Prince Mohammed bin Salman (R) walking with Russian President Vladimir Putin during a welcoming ceremony in the capital Riyadh on December 6, 2023. (Photo by SPA / AFP)
This handout picture provided by the Saudi Press Agency (SPA) shows Saudi Crown Prince Mohammed bin Salman (R) walking with Russian President Vladimir Putin during a welcoming ceremony in the capital Riyadh on December 6, 2023. (Photo by SPA / AFP)

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and Russian President Vladimir Putin have commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets.

A joint statement said Thursday that they stressed the importance of continuing this cooperation, and the need for all participating countries to adhere to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy.

Following last week's OPEC+ meeting, Saudi Arabia agreed to extend voluntary oil output cuts of 1 million barrels per day (bpd) into the first quarter, while Russia said it would continue to curb oil exports by 300,000 bpd and additionally reduce its fuel exports by 200,000 bpd in January-March.
The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting last week.

The Crown Prince and Putin met at Al-Yamamah palace in Riyadh on Wednesday.

They praised the increase in the volume of trade between the two countries, as the volume of bilateral trade in the year 2022 increased at a rate of 46% compared to the year 2021.

They affirmed their intention to continue the joint work to enhance and diversify trade between them, and to intensify communication between the private sectors in the two countries to discuss promising trade and investment opportunities and transform them into active partnerships.

The two sides also stressed their keenness to continue working to enhance mutual and joint investments in the two countries, enable the private sector, exchange visits, hold joint investment forums and events, develop the investment-attractive environment, provide the necessary enablers, and solve any challenges in this field.

The joint statement said that Putin welcomed the Kingdom’s launch of the “Saudi Green Initiative” and the “Middle East Green initiative” and affirmed Russia's support for the Kingdom’s efforts in the field of climate change by implementing the circular carbon economy approach launched by the Kingdom and approved by the leaders of the G20 countries.

The two sides stressed the importance of adhering to the principles of the Framework Convention on Climate Change and the Paris Agreement, and the necessity of developing and implementing climate agreements by focusing on emissions rather than sources.

They also expressed their desire to maximize the use of local content in energy sector projects, cooperate to stimulate innovation, apply emerging technologies, including artificial intelligence in the energy sector, and develop its ecosystem.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.