OPEC+ Alliance Maintains Production Policies

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production. (Photo: Reuters)
The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production. (Photo: Reuters)
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OPEC+ Alliance Maintains Production Policies

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production. (Photo: Reuters)
The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production. (Photo: Reuters)

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production, despite Western pressure to end the price volatility, as the war in Ukraine rocked the market.

The Organization of Petroleum Exporting Countries said in a statement on Thursday that it would boost output by 432,000 barrels per day in May, compared to 400,000 barrels a day during the previous months.

The coalition stated that the “modification” in production output was due to technical reasons.

At about 12:30 GMT, Brent North Sea crude was down 5.08 percent to $107.69 a barrel, while West Texas Intermediate crude fell 5.43 percent to $101.96, affected by press information about possible plans for massive withdrawals from American strategic reserves.

“It’s a sentiment shock, but if recent history suggests anything the reserve release will only be a temporary fix and akin to putting a band-aid on a broken leg,” said Stephen Innes, Managing Partner at SPI Asset Management.

The recent fall in prices has made it “even less likely” that OPEC+ will decide to step up production, said Carsten Fritsch, analyst at Commerzbank.

The White House was expected to announce a plan to release a million barrels a day for several months -- totaling up to 180 million, according to Bloomberg News.

“If such a gigantic release of emergency reserves actually happens, the oil market would no longer be undersupplied in the second quarter,” Fritsch said, adding that it would even be oversupplied in the third quarter.

For his part, Saudi Energy Minister Prince Abdulaziz bin Salman reiterated on Tuesday his commitment to OPEC Plus, saying that without this agreement, there would be no stability in the energy market, and “price volatility will worsen.”



Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
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Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat

A senior German official affirmed his country’s commitment to strengthening cooperation with Saudi Arabia across various fields, noting that bilateral trade relations continue to grow steadily, with trade volume reaching around 7 billion Euros.

Speaking to Asharq Al-Awsat, German Ambassador to Saudi Arabia Michael Kindsgrab said: “The sectors driving this growth—chemicals, machinery, and transport—reflect the strong industrial connections we share. These are areas where German expertise is making a real difference in Saudi Arabia’s development.”

He added: “Looking ahead, there is much to be excited about. Expo 2030 is an incredible opportunity for us to further deepen our collaboration, showcase the best of what both Saudi Arabia and Germany have to offer, and inspire future generations to continue building on this remarkable partnership.”

German Ambassador to Saudi Arabia Michael Kindsgrab - Asharq Al-Awsat

Renewable Energy

On climate cooperation, the official said: “As for climate cooperation, we have just launched a relevant study on the Saudi labor market in the renewable energy sector, which was reviewed by the National Labor Observatory and discussed with experts of KAPSARC, KaCare and PSU. This is a great example of our close and meaningful partnership, tackling the challenges of today with an eye on the future.”

Blossoming Relations

Kindsgrab noted that Saudi-German relations are truly blossoming, saying: "I am proud to see our partnership becoming deeper and stronger across so many areas. From a personal perspective, it is inspiring to witness the growing bonds between our two countries. These ties span a wide range of sectors, including energy, transport, architecture, health, education and culture—creating a solid foundation for the future.”

“One of the most exciting aspects of our cooperation is in the area of energy transition. German innovation is at the heart of NEOM’s green hydrogen projects, with Thyssenkrupp Nucera playing a key technological role in making the vision of decarbonization of industry a reality,” he affirmed.

“Beyond energy, we’re also seeing significant progress in transport, where Siemens’ delivery of metro wagons helped to shape the modern infrastructure of Saudi cities. And let’s not forget the impact of German architecture in megaprojects such as King Salman Park or the design of Expo 2030, which I believe will be a landmark event for both our countries, ” added Kindsgrab.

“In the health sector, the collaboration with Charité in Berlin is another example of how our nations are working together to improve lives.”

Accelerated Cultural Cooperation

“And now, I am particularly excited to see the acceleration of cultural cooperation, such as the recently launched museum initiative between the Saudi Museums Commission and the Prussian Cultural Heritage Foundation of Germany,” the German ambassador stressed.

“This cooperation emerged as part of our shared efforts to strengthen people-to-people ties and will play an enriching role for the cultural relations, as it includes a loan program for artworks, joint curatorship and training programs to support talent development,” he concluded.