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OPEC Head Expresses Optimism about Continued Strong Oil Demand

OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
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OPEC Head Expresses Optimism about Continued Strong Oil Demand

OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS
OPEC Secretary General Haitham Al Ghais attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 6, 2024. Sergey Kulakov/Roscongress Foundation via REUTERS

OPEC Secretary General Haitham Al Ghais on Thursday defended the recent adjustments to the OPEC+ oil output deal, calling it a success.
Speaking at an economic forum in St Petersburg, Russia, Al Ghais expressed optimism about continued strong oil demand, citing a rebound in travel.
OPEC+ on Sunday agreed to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward.
Investors were worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow.

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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday
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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday

The Madinah Investment Forum, organized by Al-Madinah Al-Munawwarah Chamber under the theme "Invest in Madinah", will start on Sunday and run for two days.
The forum consists of a diverse range of programs, events, and four specialized dialogue sessions focusing on key aspects of the national investment strategy. It will host 18 speakers and more than 40 entities, and present 200 investment opportunities, valued at over SAR57 billion, in more than ten targeted sectors, SPA reported.
The event will highlight Madinah's significant achievements and showcase development and investment projects in the region. It will explore promising investment sectors, comparative and competitive advantages, and the region's potential to support investment growth. Key areas of focus include hospitality, logistics, agriculture, and real estate.
The forum's objectives include identifying investment opportunities in Madinah, fostering investment partnerships, attracting new investments, and introducing financing solutions and business sector services for major development projects.
The event is aimed at a broad audience, including local and international investors, government agencies, development organizations, private sector representatives, investment agencies, financial institutions, consulting firms, and professional service providers.