OPEC+ to Maintain Slight Output Hike in August

OPEC+ sticks to a planned oil output hikes this summer (Reuters)
OPEC+ sticks to a planned oil output hikes this summer (Reuters)
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OPEC+ to Maintain Slight Output Hike in August

OPEC+ sticks to a planned oil output hikes this summer (Reuters)
OPEC+ sticks to a planned oil output hikes this summer (Reuters)

OPEC+ agreed on Thursday to stick to a planned oil output hike this summer but avoided discussing policy from September onwards as prices have risen on tight supplies and worries that the group has little ability to pump more.

The group, which comprises the Organization of the Petroleum Exporting Countries and an informal group of non-OPEC members led by Russia and produces over 40% of global supply, concluded a meeting on Thursday via videoconference by deciding to stay the course with its production policy.

It means it will increase monthly overall production for the month of August to 648,000 barrels per day (bpd).

The meeting was held ahead of US President Joe Biden’s scheduled trip to the Middle East in mid-July that includes a visit to Saudi Arabia, pushing energy policy into the spotlight as the US and other countries face soaring fuel prices that are driving up inflation.

Asked at a news conference in Spain if he would ask the Saudi leaders to increase oil production, Biden replied, “No.”

Instead, he would continue to make the case that all Gulf states should raise oil output, he said.

To face the price hike, France on Monday urged oil producing nations to boost their output in an “exceptional manner,” to help bring down soaring crude prices fueled by the war in Ukraine.

“We need producing countries to produce in an exceptional measure,” said the French presidency on the sidelines of the G7 summit in the Bavarian Alps.

At its June 2 meeting, OPEC+ decided to increase output each month by 648,000 barrels per day in July and August, up from a previous plan to add 432,000 bpd per month, citing increased demand due to the summer travel season.

Washington welcomed June's decision, which followed months of pressure from the West on OPEC+ to raise production to help lower oil prices.

International prices hit their highest since the record levels of 2008 after the West imposed sanctions on Russia over its invasion of Ukraine begun on Feb. 24, which Moscow calls “a special military operation.”

They have since eased but rose above $115 this week because of tight supply and concern that OPEC has little ability to raise output.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said on Thursday that attempts to limit the price of Russian oil could lead to “disbalance” in the market and push prices higher.

His comments come after G7 leaders agreed on Tuesday to explore “the feasibility of introducing temporary import price caps” on Russian fossil fuel, including oil, and tasked ministers to evaluate the proposal urgently.

European Union officials told Reuters on Thursday that Germany and other EU governments are cautious about the idea.



Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.