OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
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OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)

OPEC+ members agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market.
Saudi Arabia said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.
Russia will cut oil production and exports by an extra 471,000 bpd in the second quarter.
OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total. Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions.

For the second quarter, Iraq will extend its 220,000 bpd output cut, UAE will keep in place its 163,000 bpd output cut and Kuwait will maintain its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd.
Kazakhstan said it will extend its voluntary cuts of 82,000 bpd through the second quarter.



Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
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Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA

Port of NEOM has marked a major milestone with the arrival of the first fully automated, remote-controlled Ship-To-Shore (STS) and Electric Rubber-Tyred Gantry (eRTG) cranes in the Kingdom, advancing its goal to become a global hub for smart, sustainable trade, SPA reported.

Strategically located on the Red Sea, Port of NEOM is already serving as a critical gateway on the East-West trade route. The newly arrived state-of-the-art cranes will play a critical role in the port’s automation strategy, unlocking the potential for high-volume, high-efficiency operations.

Development of Port of NEOM continues at a pace ahead of the 2026 opening of Terminal 1, a next-generation container terminal, with recent infrastructure milestones including the completion of a 900-meter quay wall and the deepening of the port channel to 18.5 meters—enabling the world’s largest vessels transiting the Suez Canal to call at Port of NEOM.

Terminal 1 will also feature horizontal transport automation as part of its broader goal to achieve full automation. Once operational, these technologies will significantly expand the port’s logistics capacity, driving regional industrial growth, opening access to global markets, enhancing supply chain resilience, and unlocking business opportunities.

Port of NEOM Managing Director Sean Kelly said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port. We are not only accelerating industrial growth in northwest Saudi Arabia, but we are also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”

In parallel with its investments in infrastructure and automation, Port of NEOM is also committed to developing local talent, including training Saudi women to take on high-tech roles. Central to this effort is a pioneering initiative to train the next generation of production specialists in remote crane operation skills, thereby helping to shape a more inclusive future for the logistics and industrial sectors.

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.