OPEC says world economy may do better in 2nd half of year 

In a monthly report on Tuesday, OPEC left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. Shutterstock
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Updated 15 July 2025
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OPEC says world economy may do better in 2nd half of year 

LONDON: OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and that refineries’ crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook.  

In a monthly report on Tuesday, OPEC left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. 

“India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,” OPEC said in the report. 

“With this, the second-half 2025 economic growth may turn out better than currently expected.” 

The OPEC+ producer group, comprising the 12 OPEC members plus allies including Russia, is pumping more barrels to regain market share after years of cuts to support the market. 

The report also showed that in June, OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas. 


19k ‘Made in Saudi Arabia’ products now reaching 180 markets: industry minister

Updated 35 min 46 sec ago
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19k ‘Made in Saudi Arabia’ products now reaching 180 markets: industry minister

RIYADH: Products carrying the “Made in Saudi” logo have reached 19,000 and are shipped to 180 countries, according to the minister of industry and mineral resources.

In his opening speech at the third edition of the “Made in Saudi” exhibition, Bandar Alkhorayef indicated that the program now includes 3,700 registered national companies.

He noted that the first half of 2025 recorded the highest semi-annual figure for non-oil exports, valued at SR307 billion ($81.8 billion), after total exports in 2024 reached approximately SR515 billion.

The “Made in Saudi” program was launched in 2021 with the aim of strengthening the presence of local products in domestic and international markets and contributing to the growth of the national economy in line with Vision 2030 targets.

The minister highlighted the efforts of the Saudi Exports Development Authority in facilitating the access of national products to global markets.

This has been achieved through the signing of 108 export agreements, the registration of 433 importers on the Saudi Exports platform, and the licensing of nine export houses whose outbound trade has reached 21 countries with a value of SR390 million.

The “Made in Saudi” program is an initiative of the National Industrial Development and Logistics Program. It is managed by the Saudi Export Development Authority, also known as Saudi Exports, a governmental body tasked with increasing the Kingdom’s non-oil exports. 

Saudi Exports developed and is managing the program with the strategic intent of supporting the nation in achieving the objectives of its transformative Vision 2030.

The Authority, through the “Made in Saudi” program, has recently participated as a strategic partner in The Big 5 2025, a leading global exhibition for the construction industry held in Dubai in November. 

Saudi Exports led a delegation of more than 50 construction companies from the Kingdom to the event, which drew over 2,000 exhibitors from more than 165 countries. 

The program also participated as a strategic public sector partner in the National Development Fund’s Momentum 2025 development finance conference in Riyadh in December, reflecting its integral role in Saudi Arabia’s national economic transformation under Vision 2030.

The conference featured over 100 speakers focused on fostering partnerships to expand financing channels, reflecting the NDF’s central role as an enabler and a strategic driver of the national development finance system.