Saudi Energy Minister: Soon We Will Start Working on New OPEC+ Deal

Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat
Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat
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Saudi Energy Minister: Soon We Will Start Working on New OPEC+ Deal

Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat
Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat

Saudi Energy Minister Prince Abdulaziz bin Salman has said a new deal between OPEC+ partners beyond 2022 would be agreed.

“The paper and physical markets have become increasingly more disconnected,” he said in response to written questions from Bloomberg News.

"Soon we will start working on a new agreement beyond 2022 which will build on our previous experiences, achievements, and successes," he told Bloomberg.

"We are determined to make the new agreement more effective than before. Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve."

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed to increase output by 648,000 bpd in each of July and August as they fully unwind nearly 10 million bpd of cuts implemented in May 2020 to counter the COVID-19 pandemic.

The group agreed earlier this month to raise production quotas by another 100,000 bpd in September.

"Without sufficient liquidity, markets can’t reflect the realities of the physical fundamentals in a meaningful way and can give a false sense of security at times when spare capacity is severely limited and the risk of severe disruptions remains high," the minister said.



Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)

Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026.

Saudi Minister of Economy and Planning Faisal Alibrahim and WEF President Børge Brende, made the announcement on Friday - the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining the world.

“Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead,” said Alibrahim.

“In this critical juncture for the global economy, we are not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026,” he added.

For his part, Brende said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequences. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.