LONDON: OPEC warned on Tuesday that an oil supply glut could emerge in 2019 as the world economy slows and supply from rival producers rises more quickly than expected, building a case for cutting output at a meeting next month.
Worried by a price drop and rising supplies, OPEC is talking again of reducing production just months after increasing it. Such a shift would worsen relations with US President Donald Trump, who on Monday urged OPEC not to cut supply.
In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.29 million barrels per day, 70,000 bpd less than predicted last month and the fourth consecutive reduction in its forecast.
Non-OPEC supply would rise by 2.23 million bpd, the Vienna-based organization said, 120,000 bpd more than previously thought.
“Although the oil market has reached a balance now, the forecasts for 2019 for non-OPEC supply growth indicate higher volumes outpacing the expansion in world oil demand, leading to widening excess supply in the market,” OPEC said in the report.
“The recent downward revision to the global economic growth forecast and associated uncertainties confirm the emerging pressure on oil demand observed in recent months.”
Together with Russia and other non-OPEC producers, OPEC had agreed in June to boost supply after pressure from Trump to lower prices, partially unwinding output cuts that began in January 2017.
The group meets on December 6 to set policy for 2019.
OPEC warns of 2019 oil glut as demand slows, rival supply rises
OPEC warns of 2019 oil glut as demand slows, rival supply rises
- OPEC is talking again of reducing production just months after increasing it
- The group meets on December 6 to set policy for 2019
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
