Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
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Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices.

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude oil markets and satisfying the needs of consumers.

If the security of oil supplies is threatened, the world economy will suffer, said the minister, adding that security is a priority now, and some countries are forgetting about the affordability of energy.

Speaking at the World Government Summit in Dubai on Tuesday, Prince Abdulaziz reiterated that the Kingdom is not responsible for any shortage in oil supplies to the international markets because this issue does not receive the necessary attention.

The minister recalled his speech at the COP26 in Glasgow, during which he asserted the importance of maintaining energy security, economic prosperity and growth, and addressing climate change.

However, the attendees did not pay enough attention to that, and now all everyone is discussing energy security, noted the Saudi official.

Prince Abdulaziz said that governments should work together to ensure energy security, adding that the Gulf countries are doing their part, but others should fulfill their commitments.

Asked by the moderator about whether OPEC+ has a moral responsibility to expel Russia, Prince Abdulaziz replied, "everybody leaves his politics at the door" when they hold meetings.

"If we don't do that, we would not have dealt with so many countries at different times. It could have been with Iraq at one point. It could have been with Iran at one point."

"I ask you, who has been throwing these rockets and missiles at Abu Dhabi and us? Who is financing? Who's training?" he said.

"Who's supplying these weapons? It is a member of OPEC. I leave it for your imagination ... A cynical mind sometimes helps."

Despite the current volatility, OPEC+ is a fundamental pillar to ensure a sustainable energy market, said the minister, adding that hadn't it been for the alliance, energy prices would have been significantly changed.

The minister noted that OPEC and OPEC+ had dealt with various countries embroiled in conflict or acts of aggression throughout its history.

He explained that these matters and issues are addressed "in an entirely siloed type of approach whereby we are much more focused on the common good, regardless of the politics."

According to the minister, Saudi Arabia is interested in reducing carbon emissions by adopting a zero-emission policy, focusing on clean and renewable energy.

The OPEC+ alliance is expected to meet Thursday to decide on production levels for May.

Speaking at the same event, UAE Energy Minister Suhail al-Mazrouei said the focus was balancing crude oil markets and satisfying consumers, adding that the only mission was stabilizing the market.

"We cannot be politicizing or bringing politics to the organization having that debate ... our aim is to calm the market," sstressed Mazrouei.

"If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want."

The minister said terrorist organizations are targeting the region. These attacks must stop, he urged, stressing that energy security has become a priority.

Mazrouei called on governments to deal logically with the energy issues to ensure they won't affect the increase in global prices, noting that the geopolitical developments affect the entire supply chain and increase costs of food and essential commodities worldwide.

The minister warned that many countries would be affected if there was no peaceful solution through negotiations and understandings to current world developments.

The UAE plans to increase its oil production to five million barrels per day by 2030, announced Mazrouei, stressing that the world will need these quantities.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.