OPEC+ Adopts Plan for 2027 Baselines

People walk by the building headquarters of OPEC (Organization of the Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria on May 28, 2025. (AFP)

17:21-28 May 2025 AD ـ 30 Thul-Qi’dah 1446 AH

OPEC+ Adopts Plan for 2027 Baselines

People walk by the building headquarters of OPEC (Organization of the Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria on May 28, 2025. (AFP)

OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production.

The 39th OPEC and non-OPEC Ministerial Meeting was convened in light of the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market.

The participants reaffirmed the Framework of the DoC, signed on December 10, 2016, and further endorsed in subsequent meetings.

They reaffirmed the level of overall crude oil production for OPEC and non-OPEC participating countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until December 31, 2026.

They reaffirmed the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat. The JMMC meeting will be held every two months.

The participants underlined the JMMC’s authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.

They also reiterated the critical importance of adhering to full conformity and the compensation mechanism.

Furthermore, they mandated the OPEC Secretariat to develop a mechanism to assess participating countries' maximum sustainable production capacity (MSC) to be used as reference for 2027 production levels for all DoC countries.

The 40th OPEC and non-OPEC Ministerial Meeting will be held on November 30.

ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS

Asharq Al Awsat

09:38-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

Asharq Al Awsat

09:38-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

FILE PHOTO: Olli Rehn in Helsinki, Finland, January 28, 2024. Lehtikuva/Heikki Saukkomaa via REUTERS

Inflation in the euro zone faces downside risks in the medium term, even as price growth has returned to the ECB's 2% target, European Central Bank policymaker Olli Rehn said, according to a report in a magazine on Saturday.

The sharp drop from the October 2022 peak of 10.6% to around 2% currently was achieved without triggering mass unemployment or a severe slowdown, he told Italian financial magazine Milano Finanza.

"The good news is that inflation has stabilized around the ECB's symmetric 2% target, supporting real incomes in Europe," Reuters quoted him as saying. "Our latest forecast suggests inflation will remain slightly below 2% over the horizon."

Rehn also urged EU leaders to resolve a stalled plan for a Ukraine "repair loan" funded by Russia's frozen assets, calling it "essential, even existential."

He dismissed speculation about ECB involvement, saying such a move would breach the EU Treaty's ban on monetary financing.

Instead, he backed a European Commission proposal under Article 122, often called the 'EU's emergency clause,' that gives the EU Council the power to adopt measures proposed by the European Commission in exceptional circumstances, bypassing the ordinary legislative process and the European Parliament.

"Every European should support using frozen Russian assets to help Ukraine," he said.

The Finnish policymaker, who has served in senior EU roles for decades, confirmed he would be a strong candidate for ECB vice president when the post opens next year.

"I have received encouragement from various parts of Europe," Rehn added.

Business

World Bank to Partner with Global Vaccine Group Gavi on $2 Billion in Funding

The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Asharq Al Awsat

08:58-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

Asharq Al Awsat

08:58-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

World Bank to Partner with Global Vaccine Group Gavi on $2 Billion in Funding

The Vaccine Alliance (GAVI) logo and US flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

The World Bank Group said on Saturday it is working with global vaccine alliance Gavi to strengthen financing for immunization and primary healthcare systems, planning to mobilize at least $2 billion over the next five years in joint financing.

The two organizations will also work together to advance vaccine manufacturing in Africa as part of a World Bank goal to help countries reach 1.5 billion people with quality, affordable health services by 2030, Reuters quoted the World Bank as saying.

Gavi is a public-private partnership that helps vaccinate more than half the world’s poorest children against diseases.

"Our expanded collaboration with the World Bank Group reflects a long-standing joint effort to support countries as they build robust and resilient health systems," said Sania Nishtar, Gavi's chief executive.

US Health Secretary Robert F. Kennedy Jr. said in June the United States would no longer contribute funding to Gavi, alleging that the group ignores safety and calling on it to "justify the $8 billion that America has provided in funding since 2001."

The Trump administration had also indicated in March it planned to cut annual funding of around $300 million for Gavi as part of a wider pullback from international aid.

In June, Gavi had more than $9 billion, less than a target of $11.9 billion, for its work over the next five years helping to immunize children.

Other donors, including Germany, Norway and the Gates Foundation, have pledged money this year for Gavi's future work.

Business

Defying Trump, EU Hits X with $140 Million

(FILES) This illustration photograph shows the logo of social network X (formerly Twitter) and a photograph of CEO of social network X, Elon Musk displayed on a smartphone in Brussels on September 27, 2024. (Photo by Nicolas TUCAT / AFP)

Brussels: Asharq Al Awsat

08:12-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

Brussels: Asharq Al Awsat

08:12-6 December 2025 AD ـ 15 Jumada Al-Alkhirah 1447 AH

Defying Trump, EU Hits X with $140 Million

Elon Musk's social media company X was fined 120 million euros ($140 million) by EU tech regulators on Friday for breaching online content rules, the first sanction under landmark legislation that once again drew criticism from the US government.

X's rival TikTok staved off a penalty with concessions, according to Reuters.

Europe's crackdown on Big Tech to ensure smaller rivals can compete and consumers have more choice has been criticized by the administration of US President Donald Trump, which says it singles out American companies and censors Americans.

The European Commission, the EU's executive, said its laws do not target any nationality and that it is merely defending its digital and democratic standards, which usually serve as the benchmark for the rest of the world.

The EU sanction against X followed a two-year-long investigation under the bloc's Digital Services Act (DSA), which requires online platforms to do more to tackle illegal and harmful content.

The EU's investigation of ByteDance's social media app TikTok led to charges in May that the company had breached a DSA requirement to publish an advertisement repository allowing researchers and users to detect scam advertisements.

The European Commission's tech chief Henna Virkkunen said X's modest fine was proportionate and calculated based on the nature of the infringements, their gravity in terms of affected EU users and their duration.

“We are not here to impose the highest fines. We are here to make sure that our digital legislation is enforced and if you comply with our rules, you don't get the fine. And it's as simple as that,” she told reporters.

“I think it's very important to underline that DSA is having nothing to do with censorship,” Virkkunen said.

She said forthcoming decisions on companies which have been charged with DSA violations are expected to take a shorter time than the two years for the X case.

“I'm really expecting that we will do the final decisions now faster,” she said.

Ahead of the EU decision, US Vice President JD Vance said on X: “Rumors swirling that the EU commission will fine X hundreds of millions of dollars for not engaging in censorship. The EU should be supporting free speech not attacking American companies over garbage.”

TikTok, which pledged changes to its ad library to be more transparent, urged regulators to apply the law equally and consistently across all platforms.

EU regulators said X's DSA violations included the deceptive design of its blue checkmark for verified accounts, the lack of transparency of its advertising repository and its failure to provide researchers access to public data.

The Commission said the investigation into the dissemination of illegal content on X and measures taken to combat information manipulation and a separate probe into TikTok's design, algorithmic systems and obligation to protect children continue.

DSA fines can be as high as 6% of a company's annual global revenue.

OPEC+ Adopts Plan for 2027 Baselines

OPEC+ Adopts Plan for 2027 Baselines

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ECB's Rehn Sees Downside Risks to Inflation, Urges Action on Ukraine Funding

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Defying Trump, EU Hits X with $140 Million

Defying Trump, EU Hits X with $140 Million

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