BEIJING/SINGAPORE: Oil prices climbed on Friday, claiming back ground from a tumble of 5 percent in the previous session, on signs that OPEC’s output cuts that start next month will be deeper than expected.
Benchmark Brent crude futures were up 41 cents, or 0.75 percent, at $54.76 per barrel at 0836 GMT, after dropping $2.89 in the previous session. Front-month Brent is set to lose around 9 percent this week.
US West Texas Intermediate (WTI) crude futures rose 45 cents, or 1 percent, to $46.34 per barrel. WTI is on course to decline about 9.5 percent for the week.
Crude prices have lost ground along with major equity markets as investors fret about the strength of the global economy heading into next year. Further concerns were raised as the United States, the world’s biggest oil consumer, may have a government shutdown later on Friday.
The Organization of the Petroleum Exporting Countries (OPEC)plans to release a table detailing the output cut quotas for its members and allies such as Russia in its effort to shore up the price of crude, OPEC Secretary General Mohammad Barkindo said in a letter reviewed by Reuters on Thursday.
To reach the proposed cut of 1.2 million barrels per day (bpd), the effective reduction for member countries was 3.02 percent, Barkindo said.
That is higher than the initially discussed 2.5 percent as OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut.
“The current oil prices will force OPEC to increase compliance with the production cut deals, supporting Brent prices,” said Wang Xiao, head of crude research at Guotai Junan futures.
“The temporary recovery in prices has been driven by short- sellers buying back,” said Wang, referring to investors buying futures to close out positions that profit from falling oil prices.
WTI and Brent futures are down more than 30 percent from their peak in October on concerns that oil demand will drop because of a slowing global economy and signs of a supply glut.
Stephen Innes, head of trading for Asia-Pacific at OANDA said in a note that market volatility was “getting exaggerated by immensely thin liquidity conditions, risk sentiment, and holiday market participation.”
Oil rebounds as OPEC output cuts seen deeper than expected
Oil rebounds as OPEC output cuts seen deeper than expected
- OPEC plans to release a table detailing output cut quotas for its members and allies
- Oil prices climbed on Friday after tumbling 5 percent in the previous session on signs OPEC’s production cuts that start next month
SABIC Agri-Nutrients profit climbs 30% on higher fertilizer prices
RIYADH: SABIC Agri-Nutrients Co. posted a nearly 30 percent jump in annual profit after higher fertilizer prices and stronger associate income boosted earnings.
Net income rose to SR4.32 billion ($1.15 billion) in 2025, up 29.91 percent from a year earlier, according to a filing on Tadawul. Revenue increased 18.23 percent to SR13.07 billion.
The company attributed the rise in profit to higher sales, driven mainly by an increase in the average selling prices of most of its products. The profit growth was also supported by a higher share of results from an associate and a joint venture.
“The year of 2025 saw average selling prices increase by 16 percent while sales volumes increased by 2 percent compared to the previous year. This resulted in revenue increasing by 18 percent,” the company said in a statement.
The stronger performance lifted shareholders’ equity, after minority interest, to SR21.20 billion as of Dec. 31, 2025, compared with SR18.47 billion a year earlier.
The board declared a cash dividend of 35 percent, or SR3.5 per share.
In a separate statement, SABIC Agri-Nutrients said its board approved the merger of its wholly owned subsidiary, National Chemical Fertilizer Co., also known as Ibn Al-Baytar, into the parent company.
“This merger aims to strengthen SABIC Agri-Nutrients’ structure and achieve greater efficiency by accelerating company activities and reducing certain costs,” the company said.
It added: “There is no material financial impact resulting from this merger. Any material developments will be announced.”
