BAGHDAD: Iraqi oil minister Ihsan Abdul Jabbar told state TV in an interview on Thursday that Saudi Arabia’s voluntary output cut of 1 million bpd helps stabilize the market, and he expected steady oil prices that should reach around $57 per barrel in the first quarter.
Oil minister said Iraq is in “heavy talks” with OPEC and allied oil producers to allow Iraq to postpone compensating for earlier overproduction.
“OPEC members and allies were understanding to Iraq’s situation and its financial crisis,” oil minister said in an interview with state TV.
Abdul Jabbar said requesting delaying compensation of overproduction does not not mean Iraq would evade complying with its commitment to OPEC+ cut deal and will abide by cutting its production to preserve market stability.
Non-commitment of Iraqi Kurdistan to its share of the production cut is the main reason of reaching a recent low compliance of 79% of pledged cuts under the OPEC+ deal, said Ihsan Abdul Jabbar.
“We reached an initial agreement with Kurdish region to cut their production by 20 percent or around 80,000 barrels per day but they didn’t commit and kept production at 430,000 barrels,” said oil minister.
OPEC+ cut supply by a record 9.7 million bpd last year and is pumping an extra 500,000 bpd in January under a plan to unwind the curbs gradually. Most producers will hold steady in February and Saudi Arabia is cutting output by 1 million bpd next month and March.
On Tuesday, Brent crude rose 36 cents and settled at $56.42 a barrel.
Iraqi oil minister says Saudi output cut helps stabilize market
https://arab.news/bsq3v
Iraqi oil minister says Saudi output cut helps stabilize market
- Oil minister expects oil prices to reach $57 per barrel in Q1
- Iraq in ‘heavy talks’ to postpone compensating for earlier overproduction
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
