Iraq Reopens North Refinery in Baiji Closed for a Decade 

In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
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Iraq Reopens North Refinery in Baiji Closed for a Decade 

In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)

Iraq reopened on Friday what was once the country's largest oil refinery, a step the government hopes will lead to an end to its dependence on fuel imports.  

The North Refinery in the city of Baiji, 200 kilometers (124 miles) north of Baghdad, was heavily damaged in some of the fiercest battles with the ISIS group after it swept across a third of Iraq in 2014.  

After the facility's full rehabilitation, "the refinery's effective capacity is 250,000 barrels per day," Assem Jihad, the spokesman for Iraq's oil ministry, told AFP.

Two smaller production units at the refinery complex were opened in recent years, but Friday's reopening restored the refinery closer to its previous capacity, with an additional unit capable of producing 150,000 bpd.

"With this accomplishment, we are getting closer to meeting the country's (oil) derivative needs no later than mid next year," Prime Minister Mohammed Shia al-Sudani's office said, adding that doing so would enable Iraq to end its fuel imports.  

The oil-rich country "produces four million barrels a day, but still imports oil derivatives," Sudani added during the inauguration ceremony aired on state television.  

Constructed in 1975, the refinery produced up to 300,000 barrels per day (bpd) before ISIS seized the city of Baiji -- Iraq's one-time industrial hub -- in June 2014.  

Government forces retook the facility and the city in October 2015 during fierce clashes with the extremists, but severe damage meant the refinery remained closed for years.  

Other refineries operate in Iraq, with facilities in the south recording a production capacity of 280,000 bpd, according to Jihad.  

In April, Iraq inaugurated an oil refinery in the central city of Karbala with a capacity of 140,000 bpd.  

Ravaged by decades of conflict, Iraq's crumbling infrastructure and endemic corruption have obstructed reconstruction efforts.  

Despite its tremendous oil wealth, the country remains dependent on imports to meet energy needs.  

Iraq has 145 billion barrels of proven oil reserves amounting to 96 years' worth of production at the current rate, according to the World Bank.  

Crude oil sales make up 90 percent of the Iraqi budget's revenues.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.