Saudi oil minister salutes the ‘three Cs’ of oil stability — cuts, compliance, compensation

Saudi Energy Minister Prince Abdul Aziz bin Salman. (AFP)
Short Url
Updated 20 August 2020
Follow

Saudi oil minister salutes the ‘three Cs’ of oil stability — cuts, compliance, compensation

  • OPEC+ oil producers had achieved “unprecedented” levels of compliance with the historic cuts in April

 DUBAI: Global oil markets are “on the path to rebalancing” as OPEC+, the alliance led by Saudi Arabia and Russia, sticks by its tough new regime to limit crude production, Saudi Energy Minister Prince Abdul Aziz bin Salman said on Wednesday.

The minister said the improved outlook was due to increased demand as pandemic-hit economies re-open, but also because of what he called “the three Cs — cuts, compliance and compensation.”

“The world now recognizes that OPEC+ has been instrumental in bringing stability to oil markets, the energy industry and the global economy,” he said at the monthly virtual meeting of energy ministers to monitor world oil markets. Some energy experts have predicted oil demand will be at 97 per cent of pre-pandemic levels this year.

OPEC+ oil producers had achieved “unprecedented” levels of compliance with the historic cuts in April, with average compliance reaching 97 per cent and some members — notably Iraq and Nigeria — hitting record levels.

Both countries have also agreed to compensate OPEC+ for past over-production to help eliminate the oil surplus, but Prince Abdul Aziz hinted that the compensation deal would be phased out as markets approached rebalance.

“We should endeavor to put this temporary compensation regime behind us, by clearing all the past over-production by end of September,” he said.

The meeting closed with the level of cuts, 7.7 million barrels per day, unchanged. In private session, delegatesstressed the need to comply 100 per cent with agreed cuts.

Prince Abdul Aziz said there were encouraging signs of rebalancing between oil supply and demand in the draw-down of global oil inventories, the reduction in “floating storage” in tankers, and a recovery in demand for gasoline and diesel in many countries, including Saudi Arabia.

He warned, however, that “the jury is still out” on how fast and uniform the global economic recovery would be because of the ongoing threat from COVID-19.

Oil prices took some heart from the OPEC+ gathering. Brent crude, the global benchmark, traded at $45.95, more than 2 per cent up.
 


Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review

A Harvard sign is seen at the Harvard University campus in Boston, Massachusetts, on May 27, 2025. (AFP)
Updated 10 February 2026
Follow

Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review

  • The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts

RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.

The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.

Al-Nobala has leveraged international expertise to localize advanced learning methodologies.

The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.

According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.

“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.

The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.

Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.

Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.