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OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
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OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger

Oil producers unanimously agreed on Sunday to cut output by 9.7 million barrels per day from May.

OPEC, Russia and other oil producing nations agreed to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid the coronavirus pandemic, sources told Reuters.

The group, known as OPEC+, agreed to reduce output by 9.7 million bpd for May-June, after four days of marathon talks.

Two OPEC+ sources told Reuters the deal had been sealed in a video conference.

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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.