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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a major global player in the field.

It is forging ahead in developing its mining sector as part of the Kingdom’s efforts to diversify its economy, he said during his participation in a roundtable meeting organized by the Federation of Industries of the State of Sao Paulo during his official visit to Brazil.

The roundtable was attended by several leading figures in the mineral wealth sector.

AlKhorayef said mining is a global issue that demands international leadership and cooperation given its importance in pushing forward the energy transition across the world.

“The Kingdom recognizes that global mineral production challenges require collective leadership,” he added.

“Our strategy for real progress is rooted in collaboration, and while we maintain our ambitious goals, we focus on forging strong partnerships worldwide,” he stressed.

“Mineral production transcends economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom is poised for transformative growth,” he went on to say.

Moreover, AlKhorayef highlighted the fourth edition of the International Mining and Resources Conference, set to take place in Riyadh in January, saying it has become the most important platform for discussing opportunities, issues, and solutions in the global mining sector.

The minister said Saudi Arabia’s national industry strategy aims to diversify 12 main sectors and provide job opportunities at over 800 projects that are worth a trillion riyals.

Furthermore, the minister said Saudi Arabia was seeking to “revolutionize the pharmaceutical sector, with a target to localize 80-90% of insulin production and attract top-tier investments in healthcare.”

He highlighted the Kingdom’s wealth of natural resources and human capital, major investment opportunities and modern infrastructure.

AlKhorayef kicked off his visit to Brazil on July 22. He is later set to visit Chile.

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Business

Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices slipped on Thursday as investors weighed the International Energy Agency's lowering of its global oil demand forecast for 2026 against potential escalation of US-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. US West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA's monthly report, having derived support earlier from concerns over the US-Iran backdrop.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in US crude inventories had capped the early price gains. US crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

US refinery utilization rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia's seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.

Business

Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco
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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.

Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.

The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.

The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.

Business

Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
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Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA

The Saudi Ministry of Industry and Mineral Resources has announced record growth in the number of new mining exploitation licenses issued in 2025, showing a remarkable increase of 220% compared to 2024.

The surge highlights the appeal of the mining investment environment and the ministry's ongoing efforts to promote the exploration and utilization of the Kingdom's mineral resources, which are valued at over SAR9.4 trillion.

Jarrah Al-Jarrah, the ministry’s spokesperson, revealed that total investment in these new licensing projects has exceeded SAR44 billion, focused on the extraction of high-quality mineral ores, including gold and phosphate.

Al-Jarrah emphasized that the ministry is dedicated to facilitating mining investments and streamlining the process for both local and international investors, thereby supporting sector development and maximizing returns.

This effort aligns with the objectives of Saudi Vision 2030, which aims to position mining as the third pillar of national industry and a key contributor to economic diversification.

The Saudi mining sector made significant progress in the 2024 annual survey of mining companies conducted by the Fraser Institute of Canada.

The Kingdom improved its position in the Mining Investment Attractiveness Index, moving up from 114th place in 2013 to 23rd place globally. This achievement underscores the effectiveness of regulatory and legislative reforms within the sector.