KUWAIT: If an agreed cut in oil output by 1.2 million barrels per day is not enough to balance the market, OPEC and allied producers will hold an extraordinary meeting and do what is necessary, the United Arab Emirates energy minister said on Sunday.
Extending the output agreement signed in early December will not be a problem and producers will do as the market demands, Suhail Al-Mazrouei told a news conference at a gathering of the Organization of Arab Petroleum Exporting Countries in Kuwait.
“What if the 1.2 million barrels of cuts are not enough? I am telling you that if it is not, we will meet and see what is enough and we will do it,” Mazrouei said.
“The plan (to cut oil production) is well studied but if it does not work, we always have the power in OPEC to call for an extraordinary meeting,” he added.
The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed this month to slash oil production by more than the market had expected.
Still, oil prices fell on Friday to their lowest since the third quarter of 2017 as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.
The Emirati minister said a joint OPEC/non-OPEC monitoring committee would meet in Baku at the end of February or the beginning of March, as producers aim to return the oil market to the balance reached in the summer of 2018.
Mazrouei was speaking at a news conference with Saudi Arabia’s OPEC governor, Adeeb Al-Aama, and Iraqi Oil Minister Thamir Ghadhban.
Aama said oil market oversupply had fallen to 37 million barrels of crude in November from 340 million barrels in January 2017, when OPEC and its allies began cutting production in an attempt to lift the price of crude.
Ghadhban said he agreed with the Saudi energy minister’s expectation that the decision would be renewed, adding that Iraq would be willing to extend the production agreement in April. OPEC holds its next full meeting that month in Vienna.
“We would be watching the prices and how they react over time,” Ghadhban said.
UAE: oil producers to have extra meeting if output cuts “not enough”
UAE: oil producers to have extra meeting if output cuts “not enough”
- OPEC and its Russia-led allies agreed this month to slash oil production by more than the market had expected
- Extending the output agreement signed in early December will not be a problem and producers will do as the market demands
Reforms target sustained growth in Saudi real estate sector, says Al-Hogail
RIYADH: The Real Estate Future Forum opened its doors for its first day at the Four Seasons Riyadh, with prominent global and local figures coming together to engage with one of the Kingdom’s most prospering sectors.
With new regulations, laws, and investments underway, 2026 is expected to be a year of momentous progress for the real estate sector in the Kingdom.
The forum opened with a video highlighting the sector’s progress in the Kingdom, during which an emphasis was placed on the forum’s ability to create global reach, representation, as well as agreements worth a cumulative $50 billion
With the Kingdom now opening up real estate ownership to foreigners, this year’s Real Estate Future Forum is placing a great deal of importance on this new milestone and its desired outcomes and impact on the market.
Aside from this year’s forum’s unique discussions surrounding those developments, it will also be the first of its kind to launch the Real Estate Excellence Award and announce its finalist during the three-day summit.
Minister of Municipalities and Housing and Chairman of the Real Estate General Authority Majed Al-Hogail took to stage to address the diverse audience on the real estate market’s achievements thus far and its milestones to come.
Of those important milestones, he underscored “real estate balance” as a key pillar of the sector’s decisions to implement regulatory tools “with the aim of constant growth which can maintain the vitality of this sector.” He pointed to examples of those regulatory measures, such as the White Land Tax.
On 2025’s progress, the minister highlighted the jump in Saudi family home ownership, which went from 47 percent in 2016 to 66 percent in 2025, keeping the Kingdom’s Vision 2030 goal of 70 percent by the end of the decade on track.
He said the opening of the real estate market to foreigners is an indicator of the sector’s maturity under the leadership of Crown Prince Mohammed bin Salman. He said his ministry plans to build over 300,000 housing units in Riyadh over the next three years.
Speaking to Arab News, Al-Hogail elaborated on these achievements, stating: “Today, demand, especially local demand, has grown significantly. The mortgage market has reached record levels, exceeding SR900 billion ($240 billion) in mortgage financing, we are now seeing SRC (Saudi Real Estate Refinance Co.) injecting both local and foreign liquidity on a large scale, reaching more than SR54 billion”
Al-Hogail described Makkah and Madinah as unique and special points in the Kingdom’s real estate market as he spoke of the sector’s attractiveness.
“Today, the Kingdom of Saudi Arabia has become, in international investment indices, one that takes a good share of the Middle East, and based on this, many real estate investment portfolios have begun to come in,” he said.
Al-Ahsa Gov. Prince Saud bin Talal bin Badr Al-Saud told Arab News the Kingdom’s ability to balance both heritage sites with real estate is one of its strengths.
He said: “Actually the real estate market supports the whole infrastructure … the whole ecosystem goes back together in the foundation of the real estate; if we have the right infrastructure we can leverage more on tourism plus we can leverage more on the quality of life … we’re looking at 2030, this is the vision … to have the right infrastructure the time for more investors to come in real estate, entertainment, plus tourism and culture.”
