Saudi Arabia Boosts Operational Excellence Across Sectors

The second edition of the Operational Excellence Conference (OPEXKSA) kicked off in Riyadh on Dec. 12.
The second edition of the Operational Excellence Conference (OPEXKSA) kicked off in Riyadh on Dec. 12.
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Saudi Arabia Boosts Operational Excellence Across Sectors

The second edition of the Operational Excellence Conference (OPEXKSA) kicked off in Riyadh on Dec. 12.
The second edition of the Operational Excellence Conference (OPEXKSA) kicked off in Riyadh on Dec. 12.

Experts, both local and international, are emphasizing the significance of implementing operational excellence due to its pivotal role in enhancing the business sector.
This approach is deemed essential not only in various governmental and private entities but also in non-profit organizations.
Operational excellence is particularly crucial given the central role that digital transformation, along with the utilization of tools and artificial intelligence, plays in this realm.
The second edition of the Operational Excellence Conference (OPEXKSA) kicked off in Riyadh on Dec. 12.
The two-day conference was inaugurated by Eng. Abdulrahman Al-Fadli, the Minister of Environment, Water, and Agriculture.
The event witnessed the participation of more than 40 governmental bodies and local and international companies.
With over 120 local and international speakers, the conference delves into key topics related to the future of operations through 20 discussion sessions, complemented by 20 workshops aiming to elevate operational methodologies across various sectors.
Saline Water Conversion Corporation (SWCC) Governor Eng. Abdullah Ibrahim Al-Abdul-Karim, in his opening address at OPEXKSA, clarified that the rapid and evolving growth of the business sector in Saudi Arabia and globally necessitates discussions on operational methodologies aligned with the global transformation journey.
He highlighted that the application of operational excellence plays a fundamental role in enhancing businesses and elevating them to advanced competitive levels.
Moreover, Al-Abdul-Karim emphasized the urgent need for more creativity, innovation, and investment in operational aspects to enhance businesses across all sectors globally.
The governor noted that bringing together a select group of local and international experts in one place provides the opportunity for exchanging information, knowledge, and experiences.
This exchange enables the exploration of promising horizons and meets the goals and aspirations of service and industrial sectors, fostering resource and capability development.
Manal Almadi, SWCC Deputy Governor of Strategic Partnerships and Communication, told Asharq Al-Awsat that the operational excellence approach is one of the diverse working methodologies in the national transformation journey to achieve Saudi Arabia’s national transformation plan, “Vision 2030.”
In turn, Sultan Al-Rajhi, the official SWCC spokesperson, informed Asharq Al-Awsat that the conference will witness the signing of more than 15 agreements.
“These agreements will focus on training and experience exchange among governmental, private, and academic sectors globally,” affirmed Al-Rajhi.
He explained that the majority of these agreements fall within the framework of operational excellence, aiming to reinforce and solidify this concept.
The agreements also cover training programs and other sectors.



Oil Inches up After Trump Cancels Chevron’s Venezuela License 

Oil tankers sail the Maracaibo Lake in Maracaibo, Venezuela on March 15 , 2019. (AFP)
Oil tankers sail the Maracaibo Lake in Maracaibo, Venezuela on March 15 , 2019. (AFP)
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Oil Inches up After Trump Cancels Chevron’s Venezuela License 

Oil tankers sail the Maracaibo Lake in Maracaibo, Venezuela on March 15 , 2019. (AFP)
Oil tankers sail the Maracaibo Lake in Maracaibo, Venezuela on March 15 , 2019. (AFP)

Oil prices edged up on Thursday after sliding in the previous two sessions, with supply worries resurfacing after US President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela.

Brent crude oil futures was up 2 cent at $72.55 a barrel by 0731 GMT. US West Texas Intermediate crude oil futures were up 6 cents at $68.68 per barrel.

A day earlier, the contracts settled at their lowest since December 10 due to a surprise build in US fuel inventories that hinted at weakening demand and hopes for a potential peace deal between Russia and Ukraine. Both benchmarks have lost about 5% so far this month.

Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago.

Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude.

"The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

"Potential buying from the US Strategic Petroleum Reserve also supported the market since WTI was trading near its lowest level in over two months," he said.

Last week, Trump said his administration would quickly fill up the SPR. He criticized Biden for tapping the SPR to bring down the price of gasoline.

Market participants remain focused on Trump's Russian-Ukrainian peace talks. Trump said Volodymyr Zelenskiy would visit Washington on Friday to sign an agreement on rare earth minerals, while the Ukrainian leader said the success of the deal would hinge on those talks and continued US aid.

US crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprising gains, the Energy Information Administration said on Wednesday.

"Since this is a seasonal off-peak period, with demand shifting from kerosene to gasoline, the sell-off driven by rising product inventories has likely run its course," NS Trading's Kikukawa said.

Separately, Goldman Sachs said in a note on Wednesday that the US administration's dual goals of commodity dominance and affordability reinforce the bank's Brent $70-85 range baseline, a range that is conducive to robust US supply growth.