Oil Updates — Prices fall further over global economy concerns; Iraq exports over $115bn of oil in 2022 

Brent futures fell $3.04 to $79.06 a barrel for a 3.7 percent loss by 1452 GMT. U.S. crude dropped $2.91, or 3.8 percent, to $74.02 (Shutterstock)
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Updated 04 January 2023
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Oil Updates — Prices fall further over global economy concerns; Iraq exports over $115bn of oil in 2022 

RIYADH: Oil fell sharply on Wednesday after slumping in the previous session, weighed down by demand concerns stemming from the state of the global economy and rising COVID-19 cases in China.

Brent futures fell $3.04 to $79.06 a barrel for a 3.7 percent loss by 1452 GMT. U.S. crude dropped $2.91, or 3.8 percent, to $74.02.

Both benchmarks plunged more than 4 percent on Tuesday, with Brent suffering its biggest one-day decline in more than three months.

Chevron to send 500,000-barrel cargo of Venezuelan oil to its Pascagoula refinery 

US oil producer Chevron Corp. plans to export this month its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery following a US license granted last year, according to shipping documents seen by Reuters on Tuesday. 

The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA’s Jose port, comes from the Petropiar oil joint venture operated by both companies. 

As of Tuesday, the tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose, Refinitiv Eikon data showed. 

Iraq exported more than $115bn of oil in 2022: Ministry 

Iraq exported more than 1.209 billion barrels of oil in 2022 worth more than $115 billion, the oil ministry said on Twitter on Tuesday, quoting Oil Minister Hayan Abdel-Ghani. 

Iraqi oil exports averaged 3.32 million barrels per day in 2022, it added. 

(With input from Reuters) 

 


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
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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.