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OPEC Head Sees 'No Immediate Solution' to High Oil Prices

Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
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OPEC Head Sees 'No Immediate Solution' to High Oil Prices

Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri

There is no "immediate solution" to high oil prices, Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday.

The oil-producing countries' capacity to increase crude supply is curtailed by a lack of investment in the industry, said Itoua, who is also Congo’s minister of hydrocarbons.

Itoua was addressing an energy conference in Riyadh.

Meanwhile, Saudi Aramco Trading signed with Egypt’s Red Sea National Petrochemicals Company a non-binding crude oil supply and product offtake agreement, a statement by Aramco Trading said on Tuesday.

Under the agreement, Aramco Trading will supply 100,000 barrels per day of Arabian Crude into Red Sea’s Refining and Petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna.

The agreement will pave the way for Aramco Trading to buy products from Red Sea, which include polymers, olefins, and liquid refined and petrochemical products, the company added.

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Modi Invites Jordanian Companies to Invest in India

Modi speaks at the India-Jordan Business Forum in Amman on Tuesday (X)
Modi speaks at the India-Jordan Business Forum in Amman on Tuesday (X)
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Modi Invites Jordanian Companies to Invest in India

Modi speaks at the India-Jordan Business Forum in Amman on Tuesday (X)
Modi speaks at the India-Jordan Business Forum in Amman on Tuesday (X)

Indian Prime Minister Narendra Modi on Tuesday invited Jordanian companies to invest in India, saying they can look forward to good returns on their investments as the country is growing at over 8%.

Speaking at the India-Jordan Business Forum meet here, Modi said India is soon going to become the third-largest economy in the world, and presents opportunities for Jordanian companies to become part of the growth story, according to news agency Press Trust of India.

The PM said his country’s high GDP numbers are due to productivity-driven governance and innovation-led growth policies.

Modi also said numbers are important in the universe of business, but he has come to Jordan to build a long-term relationship between the two nations.

“The relationship between India and Jordan is one where historical trust and future economic opportunities come together,” he noted.

India is growing at a fast pace, and new doors of opportunities are opening for Jordanian companies as well, the PM added.

“You (Jordan) can become a partner in India's high growth and earn good returns on your investments,” Modi said.

Indian companies in Jordan can manufacture medicines and medical devices. This will benefit the people of Jordan, and the country can also become a reliable hub for West Asia and Africa, he said.

While highlighting potential sectors of bilateral cooperation, Modi said India has a lot of experience in farming in dry climates.

“This experience of ours can make a real difference in Jordan. We can work on solutions like precision farming and micro-irrigation. We can also collaborate on building cold chains, food parks, and storage facilities,” he added.

Modi arrived in Jordan's capital, Amman, on Monday on a two-day visit at the invitation of King Abdullah II. Jordan is the first leg of the Prime Minister's four-day, three-nation tour, which will also take him to Ethiopia and Oman.

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Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports
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Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

The Saudi Ports Authority (Mawani) signed on Tuesday three memoranda of understanding (MoUs) with major international shipping lines: MSC, Maersk, and CMA CGM.

The agreements were signed on the sidelines of the Made in Saudi Expo 2025 and in partnership with the Saudi Export Development Authority (Saudi Exports).

The memoranda aim to support national exports and Saudi exporters by boosting access to global markets through an integrated logistics services ecosystem that connects the Kingdom’s ports with international destinations via leading global shipping lines.

The initiative provides exporters with broader opportunities for expansion and growth, while reinforcing international confidence in the quality of Saudi products by ensuring fast, efficient, and reliable delivery.

The MoUs establish a strategic framework for cooperation among the signatories to deliver innovative and integrated logistics solutions, facilitate the export of Saudi products, and boost the availability of empty containers at the Kingdom’s ports to ensure sufficient inventory levels that meet exporters’ needs.

They aim to expand joint initiatives that contribute to increasing Saudi exports in line with the goals of Saudi Vision 2030. This includes organizing workshops, conferences, and exhibitions to raise awareness, bolster exporters’ capabilities, measure satisfaction with logistics services, and promote national exports globally.

The MoUs seek to improve Saudi exporters’ access to new markets by providing advanced and efficient logistics solutions through Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port, alongside efforts to further automate port operations.

Business

Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
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Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Syrian Minister of Economy and Industry Nedal Al-Shaar on ways to strengthen economic relations and develop industrial investment partnerships between their countries.

Alkhorayef praised Syria’s participation as Guest of Honor in the third edition of the Made in Saudi Expo, noting that this reflects the depth of fraternal relations and the shared economic ties between the two countries.

The officials discussed aspects of industrial cooperation and the opportunities for Syria to benefit from the Kingdom’s expertise and successful experience in developing its industrial sector.

They addressed prominent export opportunities that can support trade growth, strengthen industrial and economic integration between Saudi Arabia and Syria, and advance their developmental goals and shared interests.

Separately, Alkhorayef revealed that the Kingdom’s non-oil exports reached SAR307 billion in the first half of this year, marking the highest semiannual growth on record. 

He made the announcement during his participation in a dialogue session with Al-Shaar on the sidelines of the Made in Saudi Expo 2025. 

Alkhorayef explained that Saudi Vision 2030, through its initiatives, has driven record performance and sustained growth in non-oil exports over the past few years by unlocking national industrial capabilities, boosting the quality of Saudi products, and expanding their access to global markets. 

He highlighted opportunities for cooperation between Saudi Arabia and Syria in developing industrial cities, enabling Damascus to benefit from the Kingdom’s successful experience in export development and local content support, thereby contributing to its economic growth. 

Alkhorayef underlined the level of efficiency, skill, and craftsmanship demonstrated by Syrian investors in the Kingdom’s industrial sector, hoping that the industrial sector would become a key pillar of Syria’s economic advancement. 

He also addressed trade development between the two countries, noting that Saudi non-oil exports to Syria totaled SAR1.2 billion in the first nine months of 2025.