Jubeir: Saudi Arabia Does Not Politicize Oil

Saudi Minister of State for Foreign Affairs Adel al-Jubeir. EPA
Saudi Minister of State for Foreign Affairs Adel al-Jubeir. EPA
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Jubeir: Saudi Arabia Does Not Politicize Oil

Saudi Minister of State for Foreign Affairs Adel al-Jubeir. EPA
Saudi Minister of State for Foreign Affairs Adel al-Jubeir. EPA

Minister of State for Foreign Affairs Adel al-Jubeir has said Saudi Arabia does not politicize oil and the shortage is not related to the fundamentals of crude oil supply and demand.

"Oil is not a weapon," al-Jubeir told Fox News. "It's not a fighter plane. It's not a tank. You can't shoot it. You can't do anything with it. We look at oil as a commodity and we look at oil as important to the global economy in which we have a huge stake.”

“The idea that Saudi Arabia would do this to harm the US or to be in any way politically involved is absolutely not correct at all,” he added.

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their production by two million barrels per day.

Saudi Arabia said the reduction was necessary to respond to the West's interest rate hike and the weak global economy.

"With due respect, the reason you have high prices in the United States is because you have a refining shortage that has been in existence for more than 20 years," Jubeir told Fox News. "You haven't built refineries in decades."

Al-Jubeir ultimately asserted the Kingdom is "committed to ensuring stability in the oil markets to the benefit of consumers and producers."



SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.