MOSCOW: Saudi Energy Minister Khalid Al-Falih said on Monday Russia was the only oil exporter undecided on extending an output deal between OPEC and its allies until the end of the year.
Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in Vienna.
“I think the remaining country to jump onboard is Russia. I will wait for them to work it out,” he said.
“There is a debate in the country about the volume Russia should be producing in the second half.”
President Vladimir Putin said last week that Russia and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair oil price, but that they would decide at the meeting.
Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the US to take Russia’s market share.
Al-Falih said he may have another opportunity to talk to Novak at a G20 meeting in Japan beforehand.
Despite Russian indecision over the deal, known as the “OPEC+ Agreement,” signals from Moscow suggest an extension could work.
There is a still a risk oil producers pump too much crude and prices fall, Novak said on Monday, suggesting he might support an extension of output cuts at a meeting of leading oil producers next month.
“This is not ruled out. A lot depends on the market in the third quarter, on the supply and demand balance,” he said, citing the effect of US-led trade wars and sanctions.
“There are big risks of over-production. But we need to analyze deeper and look at how events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July.”
Al-Falih said the OPEC+ group was working to take “preventive” measures to avoid sharp oil price declines.
Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs.
Al-Falih: Only Russia undecided on OPEC deal extension
Al-Falih: Only Russia undecided on OPEC deal extension
- Khalid Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in Vienna
- Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the US to take Russia’s market share
Saudi environmental compliance sector unveils opportunities worth over $8bn
RIYADH: The Invest Saudi platform offers specialized opportunities with expected revenues exceeding SR30 billion ($8 billion), according to the National Center for Environmental Compliance.
In a statement, the center invited local and international investors to seize the listed opportunities and benefit from various incentives, ranging from administrative support to direct financing.
Saad Al-Zubaidi, executive director of business development, explained that this market size reflects the specialized nature of the environmental compliance sector as a supporting sector for all economic activities.
Sectors such as industry, energy, mining, construction, services, and infrastructure rely on it to comply with environmental regulations and enhance operational efficiency.
Incentive and financing packages
The center, in integration with various government entities, is working on developing comprehensive incentive packages for investors in the field.
These packages include direct financing tools, soft loans, and guarantee programs, in addition to regulatory and procedural enablers aimed at accelerating the investment cycle and reducing operational risks.
The payback period for investments starts from 4 years and does not exceed 7 years at most, according to the center.
The current market size stands at SR14 billion, according to Al-Zubaidi, who expects it to double within 5 years.
The market diversifies across fields including the manufacturing of pollution control systems, the manufacturing of air and water quality monitoring devices, soil and groundwater rehabilitation, and building specialized technical capacities in the environmental field.
Trend toward localizing environmental technologies
Al-Zubaidi confirmed that the announced opportunities have had their preliminary studies completed and are available for investors to review their details and to complete technical and financial feasibility studies according to various business models.
The focus is not limited to maximizing economic return but extends to localizing environmental technologies, transferring knowledge, and building local value chains capable of meeting the growing demand across various sectors.
