Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
TT

Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic

Arab countries have urged Saudi factories to more effectively contribute to the production of vital commodities necessary for exports to the Arab world.

This appeal comes as the coronavirus pandemic has had a largescale economic impact.

The Council of Saudi Chambers (CSC) called on operating companies to meet the needs of Arab states in food and medical products.

In April, the Arab Industrial Development and Mining Organization (AIDMO) launched an interactive platform on offers of Arab industrial products that would serve as a commercial knowledge base.

This platform is aimed at supporting and coordinating efforts of Arab member states to face the impact of the pandemic on Arab industry.

The CSC requested the data of companies and institutions that have a production capacity to meet the needs of the Arab world.

The platform will be updated on a regular basis in line with regional and international developments in order to monitor the implications of the pandemic on the industrial sector.

The Chambers of Commerce and Industry across the Kingdom have directed factories, plants and companies to benefit from the platform.

The Organization stressed that the pandemic represents one of the major challenges facing Arab states, mainly in the import and export of commodities necessary to confront the disease and meet basic food needs.

The e-platform includes requests and offers available on official websites to meet the needs of Arab countries in food, health and medical goods.

It also suggests to some Arab companies and factories that have the necessary production capabilities to meet those needs.

Interested government agencies and private sector institutions can contribute to the platform by registering data and submitting requests and offers.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
TT

Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.