Oil row rumbles on as crisis talks are postponed

An oil tanker is seen at the port of Ras al-Khair, about 185 km north of Dammam in eastern Saudi Arabia. (AFP / GIUSEPPE CACACE)
Short Url
Updated 05 April 2020
Follow

Oil row rumbles on as crisis talks are postponed

  • The “virtual” meeting is between 11 OPEC members led by Saudi Arabia and 10 other oil producers led by Russia

DUBAI: A crucial meeting of  OPEC+ producers on Monday aimed at cutting output and stabilizing the global oil market has been postponed.

“Monday is too early,” a Saudi oil official told Arab News. “OPEC needed more time to work out facts and figures.”

The “virtual” meeting, which may now take place later this week, is between 11 OPEC members led by Saudi Arabia and 10 other oil producers led by Russia.

It follows an “urgent” call by Saudi Arabia last week, and an intense round of telephone diplomacy between Riyadh, Moscow and Washington.

One key issue is to determine the level at which any proposed oil production cuts would begin. Saudi Arabia has ramped up output to record levels in recent weeks.

After a meeting on Friday between President Vladimir Putin and Russian oil executives, Saudi Arabia was accused of having reneged on the previous OPEC+ agreement, and starting the price war that has destabilized global oil markets.

The accusation prompted a hard-hitting response from the Kingdom, with both Foreign Minister Prince Faisal bin Farhan and Energy Minister Prince Abdul Aziz bin Salman describing the Russian comments as “utterly devoid of truth.”

Behind the spat, there are serious challenges if OPEC+ is to make any progress toward the cuts of up to 15 million barrels per day “expected” by US President Donald Trump.

Despite their differences, both Saudi Arabia and Russia would be unlikely to take on the full burden of cuts without matching reductions by the US. That prospect receded after a meeting between oil industry executives in the White House at which Trump said he would leave the US oil industry to “the free market.”

Free market economics will be on show in the Kingdom on Sunday when Saudi Aramco discloses the price it will charge customers for oil in May. Last month it offered deep discounts to market prices. Demand has fallen substantially since then — down 30 percent according to some oil economists — so further discounts can be expected.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
Follow

New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.