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Kuwait, Venezuela Deny Existence of a ‘Current Agreement’ to Extend Oil Cut

Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
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Kuwait, Venezuela Deny Existence of a ‘Current Agreement’ to Extend Oil Cut

Kuwait and Venezuela oil ministers meet in Kuwait city, EPA
Kuwait and Venezuela oil ministers meet in Kuwait city, EPA

Each of Kuwait and Venezuela confirmed that the Organization of the Petroleum Exporting Countries (OPEC) is not nearly close to extending the current cut in production agreement, saying onlookers are trying to introduce the idea into the market.

Kuwait Oil Minister Essam al-Marzouq holds a press conference with Venezuelan Oil Minister Eulogio Del Pino in Kuwait city on Wednesday.

Oil Minister Marzouq said OPEC could hold an extraordinary meeting in mid-March if it did not reach a decision on extending oil production cuts when it meets in November.

The two ministers explained that they are against speculation in the market and false broadcasts are core to negatively affecting price rates at the moment.

OPEC and other major producers, including Russia, agreed at the end of last year to cut oil production by 1.8 million bpd to support rebalancing the market. In May they agreed to extend the agreement until March 2018.

The Venezuelan oil minister said that every time ministers hold any meetings, speculators try to create an environment that suggests there is "confirmation" of a decision to extend the agreement.

Ministers were aiming for oil prices to be at $60 or more a barrel when they first agreed last year to cut output, but crude is trading at $10 less than what they had expected, Del Pino said.

Kuwait and Venezuela are both on the joint ministerial monitoring committee, known as the JMMC, that reviews compliance with the agreed cuts. The committee will meet on Sept. 22 in Vienna, and Marzouq and Del Pino said there will be no serious discussions of an extension then.

“The JMMC meeting next week is to review the agreement and not take any decision,” Del Pino said. “Speculators are trying to create an environment that we will be taking a decision next week.”

Marzouq said the committee is currently considering six scenarios and may discuss a recommendation to ease production targets for countries that aren’t complying fully with the cuts accord. Ecuador announced in July that it won’t be able to meet its target because it needs to boost its revenue.

Nigeria, which together with Libya is exempt from OPEC’s cuts deal due to internal strife, has agreed to join the agreement if it reaches and sustains crude production at 1.8 million barrels day, Kuwait’s Marzouq said.

Nigeria’s oil minister has assured that he will attend the next JMMC meeting, while Libya will send a senior official, probably the head of its national oil company, Marzouq said.

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Saudi Arabia Ranks 2nd Globally in World Bank’s GovTech Maturity Index 2025

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks 2nd Globally in World Bank’s GovTech Maturity Index 2025

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia has achieved an unprecedented milestone, ranking second worldwide in the 2025 GovTech Maturity Index (GTMI) released by the World Bank, covering 197 economies.

The results were announced at a press conference in Washington on Thursday.

According to the GTMI findings, Saudi Arabia excelled across all the report’s indices, placing it in the “very advanced” category with an overall score of 99.64%.

The assessment examined digital infrastructure, core government systems, online service delivery, and citizen engagement, with the Kingdom achieving some of the highest scores recorded worldwide.

Governor of the Digital Government Authority (DGA) Eng. Ahmed Mohammed Alsuwaiyan said the achievement reflects the unlimited support provided by the Kingdom’s leadership, the integration of government efforts, and strong partnerships with the private sector.

He noted that national teams over recent years have redesigned government services and developed advanced digital infrastructure, enabling the Kingdom to achieve this global standing.

Alsuwaiyan stressed that the DGA will continue to promote innovation and enhance the quality of digital services to support the national economy and advance the objectives of Saudi Vision 2030.

The 2025 GTMI results show Saudi Arabia achieving 99.92% in the Core Government Systems Index (CGSI), 99.90% in the Public Service Digitalization Index (PSDI), 99.30% in the Digital Citizen Engagement Index (DCEI), and 99.50% in the GovTech Enablers Index (GTEI), securing an “A” rating among “very advanced countries” and reflecting an extensively mature digital government ecosystem.

This achievement caps a rising trajectory for Saudi Arabia’s digital government since the launch of Vision 2030, which prioritizes the citizen in the digital transformation process by improving government service delivery, enhancing user experience, and boosting operational efficiency.

These commitments have been supported by broad governmental integration, comprehensive development of digital systems, and the adoption of artificial intelligence and emerging technologies.

Saudi Arabia has made significant leaps in GovTech maturity, rising from 49th globally in the first GTMI in 2020 to third in 2022 and second in 2025, cementing its status as a global leader in digital transformation and innovation.

Business

European Central Bank Leaves Rates Unchanged with Economy Showing Signs of Modest Growth

The Euro currency symbol is seen prior to a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, Dec. 18, 2025. (AP Photo/Michael Probst)
The Euro currency symbol is seen prior to a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, Dec. 18, 2025. (AP Photo/Michael Probst)
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European Central Bank Leaves Rates Unchanged with Economy Showing Signs of Modest Growth

The Euro currency symbol is seen prior to a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, Dec. 18, 2025. (AP Photo/Michael Probst)
The Euro currency symbol is seen prior to a press conference after an ECB's governing council meeting in Frankfurt, Germany, Thursday, Dec. 18, 2025. (AP Photo/Michael Probst)

The European Central Bank left interest rates unchanged Thursday for the fourth meeting in a row as the economy in the 20 countries that use the euro increasingly looks strong enough to get by without the stimulus of lower borrowing costs for businesses and consumers.

Bank President Christine Lagarde said that while the economy had remained “resilient,” there was too much uncertainty over trade and international conflicts to give any hints about future moves.

“We reconfirmed that we are in a good place” with interest rates, she said. “Which does not mean that we are static.”

Instead, the bank's rate setting council would take things meeting by meeting, starting with the next gathering in February. There is “no set date for any move,” she said. “There are lots of factors that that are in play and that will evolve over the course of '26.”

The council left the benchmark deposit rate unchanged at 2%, where it has been since a rate cut in June. Economists now think the rate could stay there for months - and possibly into 2027.

That’s because the ECB remains poised between inflation that’s just a bit too persistent and growth that’s underwhelming but steady after a trade deal with the US remove some of the uncertainty that had held back business planning. Higher rates fight inflation while cuts support growth.

The bank said in its decision statement that economic growth “is expected to be stronger” than in the bank's last projections in September, while inflation in services businesses was declining more slowly, even as overall inflation was expected to stabilize at the bank's 2% target.

Surveys of purchasing managers by S&P Global slipped slightly for December but still showed business activity expanding as the year comes to an end, reinforcing expectations that the 20 countries using the euro currency will continue to see growth of around 0.3% per quarter over the previous quarter.

That outcome is better than feared during turbulent trade negotiations with the United States over the summer, which finally settled with a 15% tariff, or import tax, imposed on European goods by US President Donald Trump.

Trump had threatened higher rates and the deal struck with the European Union's executive commission appears to have removed uncertainty and made it easier for businesses to make decisions. So the economy can get by without the added boost from a cut, analysts say.

“The haze of economic uncertainty has somewhat lifted, especially regarding trade,” The Associated Press quoted economist Lorenzo Codogno as saying.

On top of that, inflationary pressures remain too high for the ECB to contemplate a cut. The headline rate of 2.1% for annual inflation in November is roughly in line with the bank's goal of 2%, thanks in part to a drop in volatile energy prices. But inflation was higher at 3.5% in the services sector, which encompasses much of the economy from hairdressers and hotels to concert tickets and medical services.

While the ECB stood pat, the Bank of England on Thursday cut its key interest rate for the first time in four months as stubbornly high inflation starts to ease.

Policymakers voted 5-4 to reduce the base rate by a quarter of a percentage point to 3.75% on Thursday. Consumer price inflation slowed to 3.2% in the 12 months through November, from 3.6% a month earlier.

Central bank rate cuts can support growth because they strongly influence borrowing rates throughout the economy, lowering credit costs and promoting credit sensitive purchases such as new homes by consumers or new production facilities by businesses. Higher rates have the opposite effect and are used to contain inflation by dampening demand for goods.

Business

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025
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Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

The International Telecommunication Union (ITU) announced that Saudi Arabia has ranked second globally in the Digital Regulatory Maturity Index 2025, placing just behind Germany among 193 countries, and maintaining its position in the highest “Leading” category of the global classification, according to a statement issued by the Communications, Space and Technology Commission (CST).

CST Acting Governor Eng. Haitham bin Abdulrahman Alohali stated that this achievement is the result of the support and enablement of the wise leadership, alignment of national digital economy directions with international multi-stakeholder initiatives, and strong collaboration between public and private sector entities through cooperative and participatory regulation, SPA reported.

He added that the Kingdom’s progress was further driven by adopting regulatory policies based on measuring social and economic impact, launching digital inclusion programs to empower all segments of society, implementing policies that promote development and innovation across sectors such as science, agriculture, and finance, and joining the Tampere Convention to facilitate the provision of telecommunications resources for disaster mitigation.

Alohali highlighted that attaining the highest “Leading” maturity level has contributed to accelerating the growth of Saudi Arabia’s digital economy, expanding the telecom and technology market, stimulating competition, attracting investment, and strengthening the Kingdom’s leading and active role within the ITU.

The statement added that this achievement reflects the efforts led by CST in collaboration with the National Regulatory Committee, Ministry of Communications and Information Technology, Ministry of Health, Ministry of Education, Ministry of Economy and Planning, Ministry of Environment, Water and Agriculture, Digital Government Authority, Saudi Central Bank, Saudi Data and Artificial Intelligence Authority, Transport General Authority, General Authority of Media Regulation, National Cybersecurity Authority, Saudi Water Authority, Saudi Electricity Regulatory Authority, General Authority for Competition, and Consumer Protection Association.