OPEC+ sticks to oil output policy

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Updated 01 February 2023
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OPEC+ sticks to oil output policy

LONDON/DUBAI: An OPEC+ panel endorsed the oil producer group’s current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.

Ministers from OPEC+ countries — members of the Organization of the Petroleum Exporting Countries and others including Russia — met in a virtual gathering that OPEC+ sources said lasted less than 30 minutes.

The ministers on the panel, called the Joint Ministerial Monitoring Committee, reviewed production figures and “reaffirmed their commitment” to the OPEC+ accord that runs to the end of 2023, OPEC said in a statement after the meeting.

The message was OPEC+ is staying the course until the end of the agreement and the group was on “mute mode,” a source said.

The ministers did not discuss the prospects for Chinese demand and supply from Russia, other OPEC+ sources said. Oil product exports from Russia will as of Feb. 5 be subject to a EU ban and G7 price cap.

OPEC+ agreed to cut its production target by 2 million barrels per day, about 2 percent of world demand, from November last year until the end of 2023 to support the market.

Oil fell at the start of the year but has rallied, supported by hopes that Chinese demand will rebound, although fears of global recession remain a drag on prices.

Brent crude was little changed around $85 a barrel after the JMMC meeting.


Riyadh sees 24% decrease in infrastructure project duration in 2025

Updated 52 min 1 sec ago
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Riyadh sees 24% decrease in infrastructure project duration in 2025

RIYADH: Saudi Arabia’s capital recorded a 24 percent decrease in the execution time of infrastructure projects in 2025 compared to 2024, with the average implementation period falling from 34 days to 26 days.

According to Riyadh Infrastructure Projects Center, the improvement reflects effective coordination among various partners and stakeholders, alongside steady growth in project volumes.

This reduction came despite a rise in the total number of permits from more than 150,000 in 2024 to over 195,000 in 2025, marking a 29 percent increase in energy, water, telecommunications, and road projects in the region.

RIPC explained that the improvement is directly linked to the implementation of a comprehensive infrastructure plan and enhanced pre-planning, aligned with its strategic approach to managing projects through an integrated value chain covering planning, coordination, and enablement.

This approach, RIPC noted, relies on continuous regulatory and standard updates to boost procedural efficiency, minimize time and spatial conflicts, and reduce duplication of work.

The center highlighted that this approach reflects its regulatory role in unifying operational vision, improving stakeholder coordination, activating tools that enhance execution quality, and ensuring alignment with quality-of-life objectives and asset protection.

Operational indicators also reflected growth in project lengths, increasing from 9,490 km to 11,784 km — a 24 percent rise — alongside a surge in handled reports, which rose from 101,102 to 233,101, marking a 131 percent increase, highlighting an expanded monitoring scope and improved efficiency in managing infrastructure-related reports.

Supervisory visits rose from 84,316 in 2024 to 292,794 in 2025, a 247 percent increase, alongside an improvement in license compliance rates from 91 percent to 92 percent. These results reinforce the center’s commitment to strengthening adherence to safety and quality standards through effective oversight and standardized compliance guidance.

RIPC also highlighted that these achievements reflect its strategic focus on minimizing obstacles from infrastructure projects and reducing their urban impact during implementation, adding that this approach contributes to improving the city’s urban landscape, limiting closures and disruptions, and enhancing the daily experience of Riyadh residents.

It affirmed its continued efforts to advance planning, coordination, digitalization, and data management, while updating the regulatory and standards framework as part of a long-term strategic roadmap.

The center emphasized that this strategy is designed to keep pace with project expansion, boost organizational efficiency and sustainability, and support the development of a more integrated and harmonious urban environment for the city and its residents.