Saudi Arabia Crude Exports Fall to 6 Million Barrels Per Day in April

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
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Saudi Arabia Crude Exports Fall to 6 Million Barrels Per Day in April

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

Saudi Arabia's crude oil exports fell to 6 million barrels per day from 6.413 million bpd in March, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
The decline in Saudi exports comes in line with the OPEC+ agreement to cut production, in order to maintain market stability.
OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates.
OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand. Those include 3.66 million bpd of cuts, which were due to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd.
On June 2, OPEC+ agreed to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
OPEC+ will also gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025. Eight countries, including Russia, had already pledged to cut production.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
 

 



Saudi Arabia’s GAMI Concludes Participation in Farnborough Int’l Airshow 2024

GAMI participated in various international meetings and partnerships aimed at enhancing cooperation in the military and defense field and exchanging expertise. (SPA)
GAMI participated in various international meetings and partnerships aimed at enhancing cooperation in the military and defense field and exchanging expertise. (SPA)
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Saudi Arabia’s GAMI Concludes Participation in Farnborough Int’l Airshow 2024

GAMI participated in various international meetings and partnerships aimed at enhancing cooperation in the military and defense field and exchanging expertise. (SPA)
GAMI participated in various international meetings and partnerships aimed at enhancing cooperation in the military and defense field and exchanging expertise. (SPA)

Saudi Arabia’s General Authority for Military Industries (GAMI) concluded its participation in Farnborough International Airshow, held recently in London, UK, reported the Saudi Press Agency on Saturday.

GAMI's goal through this engagement was to enable national and major international companies in the defense industry in achieving national targets in the process of localizing the sector, with more than 50% of government spending on military equipment and services by 2030, by creating an investment environment that encourages, supports, and welcomes investors from across the globe.

During the airshow, GAMI Governor Eng. Ahmad Abdulaziz Al-Ohali presided over the signing of agreements between Saudi Arabian Military Industries (SAMI), Airbus Helicopters, and Lockheed Martin. The agreements aim to boost local capabilities and support GAMI's efforts to develop the aviation and aerospace sector in the region.

One agreement entails SAMI Alsalam Aerospace Industries becoming part of a select group of 14 nations that have approved service centers for the maintenance, repair, and overhaul of Lockheed Martin's C-130 Hercules aircraft, based on the most stringent international quality criteria. The agreement also covers services for systems and structural modifications.

As per the terms of the agreement, Sami Alsalam Aerospace Industries offers assistance to operators of these aircraft both regionally and globally.

As per the other agreement, SAMI commits to localize helicopter maintenance, repair and overhaul in partnership with Airbus Helicopters, to enhance Saudi Arabia’s capabilities in helicopter repair services.

During the show, GAMI participated in various international meetings and partnerships aimed at enhancing cooperation in the military and defense field and exchanging expertise. GAMI also showcased the supply chains it has established to bolster promising investment opportunities for local and foreign SMEs, highlighting the local capabilities in the Kingdom's military industries sector that fulfill the operational requirements of military forces.

GAMI also highlighted its primary responsibilities, domestic priorities, localization and empowerment initiatives, and appealing investment incentives in the military sector. It emphasized the capabilities of the Saudi military and defense industries, along with the significant accomplishments in developing industrial and service capabilities in the Kingdom, in line with its strategic objective to ensure that over 50% of government spending on military equipment and services is directed towards domestic suppliers by 2030.

GAMI’S participation in international exhibitions focusing on defense and security reflects one of the goals for which it was established, which is to review the capabilities of the military industries sector in the Kingdom and boost its essential role in building a vibrant and prosperous economy by creating and developing an encouraging investment environment for military industries.

Through its unified platform for military industries on its website, GAMI offers services for military licensing, human capital development, military standards and specifications, localization, and military industries. It offers its services to individuals, local companies, government entities, and educational institutions.