SINGAPORE: The Organization of the Petroleum Exporting Countries (OPEC) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said on Wednesday.
“It’s obvious that if you have high prices it’ll affect demand, so you have to do some market balance,” Malam Mele Kyari, head of crude oil marketing at Nigeria’s state oil firm NNPC and also the country’s OPEC representative, said.
“OPEC will do everything to stabilize, to balance the market but I’m sure you’re also aware that there’s a limit to what they can do. You must have the spare capacity,” Kyari said.
Oil prices surged this week on uncertainty over the global supply outlook following US sanctions on Iran’s oil exports and also as Saudi Arabia and Russia ruled out any immediate boost to output.
Kyari said Nigeria planned to increase its crude oil, condensate output by 100,000 barrels per day by the end of the year, up from about 2 million bpd currently.
The country’s current crude oil production is about 1.7 million bpd, he said.
In 2019, the African producer is aiming for an average output of 2.3 million bpd by boosting output from existing fields as well as starting new production from an ultra-deepwater field, Kyari said.
Located some 130 kilometers off Nigeria’s coast at water depths of more than 1,500 meters, the Egina oilfield is expected to start production in December and its output could peak at 200,000 bpd.
Kyari was in Singapore to launch the new Egina crude grade with field operator French oil major Total at APPEC.
The crude has an API gravity of 27.3 degrees and has a sulfur content of 0.165 percent, a provisional crude assay from Total showed.
The grade has a higher yield of gasoil and vacuum distillates compared with other products, according to the assay.
OPEC will balance oil markets, but spare capacity limited — Nigerian official
OPEC will balance oil markets, but spare capacity limited — Nigerian official
- ‘OPEC will do everything to stabilize, to balance the market’
- Nigeria’s current crude oil production is about 1.7 million bpd
Saudi-built AI takes on financial crime
- Mozn’s FOCAL reflects the Kingdom’s growing fintech ambitions
RIYADH: As financial institutions face increasingly complex threats from fraud and money laundering, technology companies are racing to build systems that can keep pace with evolving risks.
One such effort is FOCAL, an AI-powered compliance and fraud prevention platform developed by Riyadh-based enterprise artificial intelligence company Mozn.
Founded in 2017, Mozn was established with a focus on building AI technology tailored to regional market needs and regulatory environments. Over time, the company has expanded its reach beyond Saudi Arabia, developing advanced AI solutions used by financial institutions in multiple markets. It has also gained international recognition, including being listed among the World’s Top 250 Fintech Companies for the second consecutive year.
In January 2026, Mozn’s flagship product, FOCAL, was named a Category Leader in Chartis Research’s RiskTech Quadrant 2025 for both AML Transaction Monitoring and KYC (Know Your Customer) Data and Solutions, placing it among 10 companies globally to receive this designation.
Malik Alyousef, co-founder of Mozn and chief technology officer of FOCAL, told Arab News that the platform initially focused on core anti-money laundering functions when development began in 2018. These included customer screening, watchlists, and transaction monitoring to support counter-terrorism financing efforts and the detection of suspicious activity.
As financial crime tactics evolved, the platform expanded into fraud prevention. According to Alyousef, this shift introduced a more proactive model, beginning with device risk analysis and later incorporating tools such as device fingerprinting, behavioral biometrics, and transaction fraud detection.
More recently, FOCAL has moved toward platform convergence through its Financial Crime Intelligence layer, a vendor-neutral framework designed to bring together multiple systems into a single interface for investigation and reporting. The approach allows institutions to gain a consolidated view without replacing their existing technology infrastructure.
“Our architecture eliminates blind spots in financial crime detection. It gives institutions a complete view of the user journey, combining transactional and non-transactional behavioral data,” Alyousef said.
DID YOU KNOW?
• Some electronic money institutions using the platform have reported fraud reductions of up to 90 percent.
• The platform combines anti-money laundering and fraud prevention into a single financial crime intelligence system.
• FOCAL integrates with existing banking systems without requiring institutions to replace their technology stack.
Beyond its underlying architecture, Alyousef pointed to several areas where FOCAL aims to differentiate itself in a competitive market. One is its emphasis on proactive fraud prevention, which assesses risk throughout the customer lifecycle — from onboarding and login behavior to ongoing account activity — with the goal of stopping fraud before losses occur.
He described the platform as an “expert-led model,” highlighting the availability of on-the-ground support for system design, tuning, assessments, and continuous optimization throughout its use.
“FOCAL is designed to be extended,” Alyousef added, noting its adaptability and the ability for clients to customize schemas, rules, and data fields to match their business models and risk tolerance. This flexibility, he said, allows institutions to respond more quickly to emerging fraud patterns.
Alyousef also emphasized the importance of local context in the platform’s development.
“The platform incorporates regional regulatory requirements and language considerations. Global tools often struggle with local context, naming conventions and compliance nuances — we are designed specifically with these realities in mind,” he said.
FOCAL is currently used by a range of organizations, including traditional banks, digital banks, fintech firms, electronic money institutions, payment companies, and other financial service providers. Alyousef said results from live deployments have been significant, with some large EMI clients reporting fraud reductions of up to 90 percent.
“Clients benefit not only from reduced fraud losses but also from an improved customer experience, as the system minimizes unnecessary friction and false rejections,” he said. “Beyond financial services, we also work with organizations in e-commerce and telecommunications.”
Looking ahead, Alyousef said the company sees agentic AI as a key direction for the future of financial crime prevention, both in the region and globally. Mozn, he added, is investing heavily in this area to enhance investigative workflows and operational efficiency, building on the capabilities of its Financial Crime Intelligence layer.
“We are pioneers in introducing agentic AI for financial crime investigation and rule-building. Our roadmap increasingly emphasizes automation, advanced machine learning and AI-assisted workflows to improve investigator productivity and reduce false positives.”
As AI tools become more widely available, Alyousef warned that the risk of misuse by criminals is also increasing, raising the bar for defensive technologies.
“Our goal is to stay ahead of that curve and to contribute meaningfully to positioning Saudi Arabia and the region as globally competitive leaders in AI,” he said.
