Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Minister of Energy speaking during the forum on Sunday (Photo: Saleh Al-Ghanam)
Saudi Minister of Energy speaking during the forum on Sunday (Photo: Saleh Al-Ghanam)
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Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Minister of Energy speaking during the forum on Sunday (Photo: Saleh Al-Ghanam)
Saudi Minister of Energy speaking during the forum on Sunday (Photo: Saleh Al-Ghanam)

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances.

“OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday.

The minister’s comments came during the sessions of the Budget 2023 Forum, which was organized by the Ministry of Finance at King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of a number of senior officials.

Prince Abdulaziz said OPEC+ operated in all stages to coexist with all variables, adding that the main challenge lied in preserving sources of income, regardless of certain influences, in addition to reducing market fluctuations to enhance investment opportunities and empower the sector.

He emphasized that the ongoing global developments have proven that OPEC+ has taken the right decision.

The collective efforts of the group have led to what he described as the “miracle” in 2020.

The Saudi Energy Minister insisted every OPEC+ alliance member take part in decision-making, adding that this “has helped us build trust”.

Moreover, he noted that the group succeeded in overcoming all geo-political challenges and the coronavirus pandemic, adding that OPEC+ would continue to focus on market stability in the year ahead.

“Group action requires agreement and therefore I continue to insist that every OPEC+ member, whether a big or small producer...be a part of decision-making,” he said. “Consensus has positive implications on the market.”

Meanwhile, Mohammad Abunayyan, Chairman of ACWA Power, said that the cost of renewable energy production in Saudi Arabia was the lowest in the world, stressing the need to separate between the regulator and the legislator in the energy sector.

Abunayyan noted that the Shoaiba oil-fired CCGT power plant complex in western Saudi Arabia uses approximately 62,000 barrels per day of light Arabian oil, while it produces 900 megawatts of electricity and 880,000 cubic meters of desalinated water. He indicated that in 2025 there will be “zero” use of oil.

The Chairman of ACWA Power went on to say that promoting local content required empowering the private sector.

He pointed to the local investors’ confidence thanks to the “high efficiency of the government sector”, stressing that the Kingdom would lead the world in clean energy.

Separately, the Asbar Forum underlined the importance of diversifying energy sources in the Kingdom and moving to a cleaner and more sustainable energy system through the production of green hydrogen.

In a report entitled, “The future of green hydrogen as clean energy in the Kingdom of Saudi Arabia,” the Asbar Forum said that Saudi Arabia has achieved great strides within the framework of Vision 2030 by diversifying energy sources and increasing local content, through the development of new industrial sectors and the use of existing supply chains.

The report concluded with a number of recommendations, including the importance of establishing an infrastructure to extend natural gas or hydrogen networks to be linked to industrial complexes in Jubail, Yanbu, industrial cities and others.

It also underlined the need to enact legislation and policies that stimulate the use of renewable and clean energy in manufacturing in particular and economic activities in general, and invest in renewable energy research and technologies by unifying efforts under the umbrella of King Abdullah City for Atomic and Renewable Energy, as well as concluding cooperation agreements with developed countries in the field of renewable energy.

The report urged companies to pay more attention to the negative impact of products on the environment and society, and the need to adopt green manufacturing concepts to avoid toxic and hazardous waste, as part of their social and moral responsibility.



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.