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OPEC+ Doing ‘Noble’ Job of Balancing Oil Market, Says UAE Energy Minister

United Arab Emirates Energy Minister Suhail al-Mazrouei, speaks to reporters, on the sidelines of the World Governments Summit, in Dubai, UAE, February 12, 2024. (Reuters)
United Arab Emirates Energy Minister Suhail al-Mazrouei, speaks to reporters, on the sidelines of the World Governments Summit, in Dubai, UAE, February 12, 2024. (Reuters)
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OPEC+ Doing ‘Noble’ Job of Balancing Oil Market, Says UAE Energy Minister

United Arab Emirates Energy Minister Suhail al-Mazrouei, speaks to reporters, on the sidelines of the World Governments Summit, in Dubai, UAE, February 12, 2024. (Reuters)
United Arab Emirates Energy Minister Suhail al-Mazrouei, speaks to reporters, on the sidelines of the World Governments Summit, in Dubai, UAE, February 12, 2024. (Reuters)

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a noble job of balancing the oil market even if does not produce the majority of oil in the world.

"OPEC+ has sacrificed more than others but the critical element is that it is staying together," Mazrouei said at an industry event in the emirate of Fujairah.

"I would like you to imagine the world without this group. We would be in chaos," Mazrouei said speaking hours before a planned virtual meeting of an OPEC+ committee.

Output from OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, equates to 48% of world oil supply, according to Reuters calculations based on figures from the International Energy Agency.

Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate. Brent crude stood at $74.56 a barrel at 0330 GMT.

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Saudi Tadawul Rings Nasdaq Closing Bell in New York

Senior executives from Saudi Tadawul Group take part in the ceremony to ring the closing bell at the Nasdaq Stock Exchange (Nasdaq)
Senior executives from Saudi Tadawul Group take part in the ceremony to ring the closing bell at the Nasdaq Stock Exchange (Nasdaq)
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Saudi Tadawul Rings Nasdaq Closing Bell in New York

Senior executives from Saudi Tadawul Group take part in the ceremony to ring the closing bell at the Nasdaq Stock Exchange (Nasdaq)
Senior executives from Saudi Tadawul Group take part in the ceremony to ring the closing bell at the Nasdaq Stock Exchange (Nasdaq)

In a move reflecting Saudi Arabia’s growing status as a global financial hub, senior executives from Saudi Tadawul Group visited the headquarters of Nasdaq in New York, on the sidelines of the Capital Markets Forum 2026.

To mark the occasion, the Group’s leadership team rang the closing bell at the Nasdaq Stock Exchange, according to a statement issued by Nasdaq. The delegation represented the Group’s key entities, including Saudi Tadawul — one of the world’s ten largest exchanges by market capitalization — alongside the Securities Clearing Center (Muqassa), the Securities Depository Center (Edaa), and Wamid, the Group’s innovation arm.

The visit comes as part of Saudi Tadawul Group’s broader strategy to deepen engagement with international investors and global financial markets, while showcasing the rapid and far-reaching developments taking place in Saudi Arabia’s capital market.

The ceremony was attended by a select group of guests and representatives from the Capital Markets Forum, further strengthening strategic dialogue between Riyadh and New York on investment opportunities and financial-sector innovation.

Business

After Exceeding Output Targets, OPEC Receives Updated Compensation Plans from 4 Members

A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. (Reuters)
A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. (Reuters)
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After Exceeding Output Targets, OPEC Receives Updated Compensation Plans from 4 Members

A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. (Reuters)
A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. (Reuters)

The OPEC secretariat has received updated compensation plans from Iraq, United Arab Emirates, Kazakhstan and Oman, to offset their overproduction through June 2026, the organization said on Monday.

The schedule received from the four members covered the period from January until June of this year to make up for previous months when they exceeded their production targets.

The announcement follows a virtual OPEC+ meeting held on Sunday, in which the alliance decided to keep its oil production level unchanged for March.

In November, the grouping had frozen further planned increases for January through March 2026 because of seasonally weaker consumption.

According to the updated schedule received by the OPEC General Secretariat, the four countries are committed to varying compensatory production cuts during the first half of 2026.

Kazakhstan faces the largest reductions, with planned cuts starting at 503,000 barrels per day (bpd) in January and rising to 669,000 bpd by June.

The UAE must compensate 193,000 bpd and therefore, plans to cut between 10,000 and 53,000 bpd each month until June.

Iraq must cut production by 614,000 bpd and will compensate with monthly reductions ranging from 80,000 to 140,000 bpd.

As for Oman, it must cut 38,000 bpd. The Sultanate’s monthly cuts are relatively minor, between 5,000 and 8,000 bpd, and have little impact on the group’s overall output.

In total, the four OPEC+ countries are required to cut a combined 4.333 million bpd in excess production between January and June 2026.

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Riyadh Hosts 21st Session of Saudi-German Joint Commission

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Germany’s Federal Minister for Economic Affairs and Energy Katharina Reiche chair Monday's meeting in Riyadh. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Germany’s Federal Minister for Economic Affairs and Energy Katharina Reiche chair Monday's meeting in Riyadh. (SPA)
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Riyadh Hosts 21st Session of Saudi-German Joint Commission

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Germany’s Federal Minister for Economic Affairs and Energy Katharina Reiche chair Monday's meeting in Riyadh. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Germany’s Federal Minister for Economic Affairs and Energy Katharina Reiche chair Monday's meeting in Riyadh. (SPA)

The 21st session of the Saudi-German Joint Commission on Economic and Technical Cooperation convened in Riyadh on Monday to discuss cooperation across industry, energy, and investment, as well as opportunities in renewable energy, hydrogen, technology, and healthcare.

The meeting was co-chaired by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and Germany’s Federal Minister for Economic Affairs and Energy Katharina Reiche, with the participation of government officials from both countries.

The meeting builds on the Commission’s efforts to strengthen the strategic partnership between Saudi Arabia and Germany and advance economic and technical cooperation, particularly in the energy sector.

The Saudi-German Business Council was held on the sidelines of the commission meeting. A memorandum of understanding was signed to establish a framework for cooperation between both countries across various energy fields.

Several agreements and memoranda of understanding were also signed between public and private sector entities, highlighting the depth of bilateral economic ties and the role of the private sector in supporting joint initiatives.

A roundtable on energy was held with leading energy companies from both countries to review investment opportunities and strengthen partnerships in the sector.

The German delegation visited the King Abdullah University of Science and Technology (KAUST), in the presence of Minister of Energy and Chairman of KAUST’s Board of Trustees Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

The visit took place on the sidelines of the Saudi-German Innovation Summit, which was hosted by the University. Reiche and the delegation reviewed KAUST’s role in research, innovation, and entrepreneurship.

The two ministers witnessed the signing of several memoranda of understanding between KAUST and German entities to strengthen cooperation between the Saudi and German startup ecosystems, support early-stage companies, and facilitate the transition from research to market.

The visit underscores the shared Saudi and German commitment to deepening economic and technical cooperation and expanding their partnership in support of mutual interests and sustainable development.