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Kuwait’s Decision to Cut Oil Output is ‘Sovereign’

Kuwaiti Oil Minister Khaled al-Fadhel arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger
Kuwaiti Oil Minister Khaled al-Fadhel arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger
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Kuwait’s Decision to Cut Oil Output is ‘Sovereign’

Kuwaiti Oil Minister Khaled al-Fadhel arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger
Kuwaiti Oil Minister Khaled al-Fadhel arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger

Kuwaiti Oil Minister Khaled al-Fadhel has said that Kuwait took a “sovereign decision” to start cutting oil output ahead of May 1.

The country supports collective action, consensus among OPEC member states, and the OPEC+ agreement, the minister said, affirming that it has adhered to its output quotas as agreed upon in previous deals over the past years.

Kuwait “felt responsibility to respond to market conditions” and acted on its own, Fadhel said, according to the official Kuwait News Agency. He also called for maintaining "spirit of team work to face forthcoming challenges emanating from the coronavirus impact on the global oil demand."

The present period requires joint efforts within OPEC and partners in OPEC+, the minister said, describing the phase as unprecedented in history of oil.

OPEC and non-OPEC partners agreed on April 13 to reduce their combined oil production by 9.7 million bpd in May and June.

For the following six-month period, from July 1 to Dec. 31 this year, the total output cut will be eased to 7.7 million bpd. This will be followed by a 5.8 million bpd adjustment for a period of 16 months, from Jan.1, 2021 to April 30, 2022.

According to the OPEC statement, both Saudi Arabia and Russia will lower their individual productions from the level of 11 million bpd.

The current agreement will be valid until April 30, 2022, with the review of a possible extension in December 2021.

The 10th Extraordinary OPEC and non-OPEC Ministerial Meeting was held via video-conference, under the Chairmanship of Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.