OPEC expects a supported oil market in 2022 despite omicron

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Updated 18 January 2022
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OPEC expects a supported oil market in 2022 despite omicron

  • OPEC maintained its forecast for robust growth in world oil demand in 2022 despite the omicron coronavirus

LONDON: OPEC maintained its forecast for robust growth in world oil demand in 2022 despite the omicron coronavirus variant and expected interest-rate hikes, predicting that the oil market would remain well supported through the year.

In a monthly report, The Organization of the Petroleum Exporting Countries said it expected world oil demand to rise by 4.15 million barrels per day this year, unchanged from its forecast last month.

“Monetary actions are not expected to hinder underlying global economic growth momentum, but rather serve to recalibrate otherwise overheating economies,” OPEC said in the report.
“The oil market is expected to remain well-supported throughout 2022.”

World consumption is expected to surpass the 100 million bpd mark in the third quarter, in line with last month’s forecast. On an annual basis according to OPEC, the world last used over 100 million bpd of oil in 2019.

“While the new Omicron variant may have an impact in the first half of 2022, which is dependent on any further lockdown measures and rising hospitalization levels impacting the workforce, projections for economic growth remain robust,” OPEC added.

OPEC and OPEC+ are gradually unwinding record output cuts put in place last year. At its last meeting, OPEC+ agreed to boost monthly output by 400,000 bpd in February, despite concern about the new variant.

The report showed OPEC output in December rose by 170,000 bpd to 27.88 million bpd, a smaller rise than OPEC is allowed under the deal.


Real Estate Registry signs 10 agreements at forum in Riyadh

Updated 29 January 2026
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Real Estate Registry signs 10 agreements at forum in Riyadh

RIYADH: The Real Estate Registry concluded its participation in the Real Estate Future 2026, as a partner of the forum, with a distinguished presence that included the launch of its business portal, the signing of 10 agreements and memoranda of understanding with entities from the public and private sectors, the organization of specialized workshops, and the awarding of the Gold Award at the Real Estate Excellence Awards.

During his participation in the forum, the CEO of the firm, Mohammed Al-Sulaiman, reviewed the latest developments in real estate registration in the Kingdom in a keynote speech, highlighting the pivotal role of the Real Estate Registry in building a unified and reliable system for data. He also announced the launch of the national blockchain infrastructure, which aims to enable the microcoding of real estate assets, enhance transparency, expand investment opportunities, and support innovative ownership models within a reliable regulatory framework.

On the sidelines of the forum, Al-Sulaiman met with Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa. During the meeting, they discussed areas of joint cooperation, exchanged experiences and advice on shaping the future of the real estate sector, and reviewed best practices in implementing real estate registration systems that enhance reliability and improve the efficiency of property registration.
efficiency of property registration systems.

The Real Estate Registry’s participation included organizing three specialized workshops that focused on the role of geospatial technologies in identifying ownership, enhancing transparency, and improving the quality of real estate data. 

The workshop “Empowering the Real Estate Registry for the Business Sector” reviewed digital solutions that enable the business sector to manage its real estate assets more efficiently and enhance governance and technical integration. The workshop “From Off-Plan Sales to Title Deed” focused on the journey of documenting real estate ownership and the role of the registry in linking the stages of development and documentation within an integrated digital system.

On the sidelines of the forum, the Real Estate Registry signed 10 agreements and memorandums of understanding, including a deal with Yasmina Information Technology Co. to utilize real estate data in developing smarter insurance solutions that support the real estate sector and enhance service reliability. 

Partnerships were also signed with Haseel, NewTech, and Sahl, as well as HissaTech and Droub, to develop innovative digital solutions in property ownership, fractional ownership, and asset tokenization, as well as real estate finance and investment within a trusted regulatory framework.

Further collaborations included an MoU with ROSHN Group, an agreement with the Saudi Water Authority to enable data integration and quality enhancement, an agreement with the Saudi National Bank, and a partnership with Saudi Post to link the national address with the property registry as a unified geospatial identifier supporting data accuracy and integration.

The registry’s participation was crowned with the Golden Award at the Real Estate Excellence Awards in the category of Excellence in Property Documentation, in recognition of its role in building a model based on transparency, accuracy, and speed, as well as advanced digital technologies and specialized legal expertise, contributing to rights protection and increasing the sector’s attractiveness.

The Real Estate Registry emphasized that its participation reflects its continued role as a key enabler of the real estate sector, a trusted data source, and an active partner in driving digital transformation, enhancing market efficiency, and building investor and financier confidence, in line with Saudi Arabia’s Vision 2030 objectives for a fully integrated and sustainable digital real estate ecosystem.