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Members of OPEC+ Oil Producers' Alliance Postpone Production Increases as Crude Prices Stagnate

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)
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Members of OPEC+ Oil Producers' Alliance Postpone Production Increases as Crude Prices Stagnate

A model of oil rigs in front of the OPEC logo (Reuters)
A model of oil rigs in front of the OPEC logo (Reuters)

Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year.

The OPEC+ members decided at an online meeting to postpone by three months production increases that had been scheduled to take effect Jan. 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025. That process will now be pushed back until October 2026, Reuters reported.

Oil prices have been slack due to weaker than expected demand from China as well as increased production from countries like Brazil and Argentina that aren’t in OPEC+.

Among the beneficiaries of the current state of the oil market are US motorists, who have seen gasoline prices fall to their lowest in 2 1/2 years to near $3 a gallon.

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ROSHN Group Signs SAR1.5 Billion Agreements

ROSHN Group Signs SAR1.5 Billion Agreements
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ROSHN Group Signs SAR1.5 Billion Agreements

ROSHN Group Signs SAR1.5 Billion Agreements

ROSHN Group, the Kingdom’s leading multi-asset class real estate developer and a PIF company, reinforced its commitment to fostering local content and driving economic growth at the third edition of the PIF Private Sector Forum. As part of its active participation, ROSHN Group announced new agreements worth SAR1.5 billion for construction operations and the development of infrastructure and retail facilities in SEDRA Community, the Group’s largest integrated development in Riyadh, SPA reported.
The agreements signed during the forum reflect ROSHN Group’s strategic efforts to strengthen the Kingdom’s construction sector, expand local expertise, and enhance supply chain localization. The contracts were awarded to local, Saudi-based contractors and a major international firm investing in local operations, further solidifying ROSHN Group’s role in enabling national capabilities.
The agreements were signed with several leading national and international contracting companies investing in the local market. The first agreement, valued at SAR650 million, was signed to develop more than 900 residential units and sports facilities at SEDRA Community. Another agreement was signed for the development of more than 700 residential units, supporting the continued expansion of the integrated community SEDRA. In addition, a SAR130 million agreement was signed for covering the construction of SEDRA’s first district retail mall. A fourth agreement, worth SAR720 million, was signed with for the development of more than 300 premium residential units in SEDRA.
"Our mandate at ROSHN Group extends beyond developing integrated projects; it plays a vital role in advancing Saudi Arabia’s economic diversification by strengthening local industries and expanding national capabilities," said Iain McBride, Executive Director, Commercial, ROSHN Group.