Saudi Arabia Stresses Need to Preserve OPEC+ Achievements

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries, Asharq Al-Awsat
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries, Asharq Al-Awsat
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Saudi Arabia Stresses Need to Preserve OPEC+ Achievements

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries, Asharq Al-Awsat
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries, Asharq Al-Awsat

Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday voiced neutrality towards the OPEC+ meeting scheduled for July 5 but reaffirmed that the Kingdom’s leadership and major sacrifices in making voluntary oil production cuts had helped market recovery.

“I’ve been attending OPEC+ meetings for 34 years and have never seen such a demand; I am neither optimistic nor pessimistic about the upcoming OPEC + meeting,” Prince Abdulaziz told Al Arabiya.

“The extension of the OPEC+ agreement is the basis,” he noted, adding that increasing production was the secondary issue.

Recognizing that uncertainty still plagues the global oil market, Prince Abdulaziz reaffirmed the need to secure long-term messaging by oil producers to the market.

He asserted that Saudi Arabia, as the leader of OPEC+, continues to show balance and concern for the interests of everyone else.

“I represent a balanced country that considers the interests of all in its role as president of OPEC+,” said Prince Abdulaziz.

He said that no country could take its production level in one month as a reference, stressing that there is a mechanism for grievances in OPEC +, but selectivity is difficult.

Prince Abdulaziz added that “a bit of rationality and a bit of compromise saves OPEC+.”

“We have made fantastic achievements in 14 months, and it is shameful for us not to maintain them,” he added.

“If any country has reservations, why keep silent about them previously? Agreement exists between (OPEC+) countries, except for one country,” he noted.

While OPEC+ countries broadly agree to add 400,000 BPD monthly until the end of 2021, the UAE did not agree due to the base point of reference for production quotas.



Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High
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Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%.

Another token, dogecoin, rocketed as much as 18%. It's the favorite cryptocurrency of billionaire Elon Musk, one of Trump's most prominent supporters, The AP reported.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.

Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.

He has pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Bitcoin is up 77% this year.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said.

But other experts warned of the risks.

“Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.”

Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for.

Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry.

“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Coinbase CEO Brian Armstrong . “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry.

“Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”