LONDON: Oil prices rallied on Monday by up to five percent after Saudi Arabia and Russia vowed to stabilize the market.
Energy, Industry and Mineral Resources Minister Khalid Al-Falih and his Russian counterpart Alexander Novak declared they had agreed to “act together” to steady the market, on the sidelines of a G20 meeting in China.
In reaction, Brent North Sea crude leapt as high as $49.40 a barrel. US benchmark West Texas Intermediate (WTI) soared to $46.53, AFP reported.
Prices later pulled back as Saudi Arabia ruled out the need to trim back production. Saudi Arabia and Russia “noted the particular importance of constructive dialogue and close cooperation between the largest oil-producing countries with the goal of supporting the stability of the oil market,” the ministers said in a joint statement.
“To this end the ministers agreed to act together or in cooperation with other oil producers,” the statement said, adding they had agreed to set up a “joint monitoring group” to offer recommendations aimed at preventing price fluctuations.
Novak described the announcement as marking a “new era” in cooperation between Russia and Saudi Arabia and insisted that it would have a “critical significance” for oil markets, Interfax reported.
After meeting Novak, Al-Falih told Al-Arabiya channel there was “currently no need to freeze production.”
He said: “A freeze is one of the preferred options but it is not needed for the moment.”
Oil rallies on Saudi-Russia pledge to steady prices
Oil rallies on Saudi-Russia pledge to steady prices
Minzal brings Saudi traditions to life in Diriyah
- From leather crafts and archery to Saudi coffee, Minzal offers a lesson in ‘Sloum Al-Arab’
RIYADH: This season of Minzal places social norms and traditional etiquette at its center, with tents set up to teach what is locally known as “Sloum Al-Arab” alongside gatherings for coffee, dinner and stargazing around campfires.
“Sloum Al-Arab” refers to the unwritten customers and values that have shaped Arab and Bedouin society for centuries, including generosity, coffee preparation, courage and archery.
In Saudi Arabia, these traditions are closely ties to cultural identity and religious belief.
Leather products and the making of leather goods is one of the crafts featured at Minzal this year and is one of the oldest crafts still practiced in the kingdom.
“The most difficult thing I faced to work on was camel leather because it is a little tough,” Nada Samman, a leather trainer and craftsman at Minzal, told Arab News.
“The work on leather is wonderful whether it is goat leather, cow leather, Sawakni sheep, and of course, camel leather. At Minzal, we are offering multiple handicraft workshops, most specifically the leather handicrafts. We want visitors to spend time at something useful and fun."
Samman explained the workshops allowed participants to preserve heritage while engaging in meaning, hands on activities.
Faisal Al-Khaled, a visual artist and craftsman specializing in Saudi designs at Minzal, shared a similar goal: “I want people to have, by the end of this experience, a unique and traditional art piece created by them, and that I know I helped them to preserve this craft.”
Minzal, which has been organized for several years now, continues to evolve with each season, offering activities that highlight Bedouin values, traditional skills and sports. Archery is a key feature, reflecting its deep roots in Arab and Islamic history.
Mohammed Al-Sharif, a certified archery player and coach with the Saudi Archery Federation since 2028, said the sport was closely connected to Saudi culture. It was encouraged by the Prophet Muhammad, which led people to learn and teach it through generations.
“Our traditional bow is considered one of the most important and widely used bows in Arab culture,” Al-Sharif said. “We have several styles, and professional archers specializing in traditional bow shooting … There are various types of archery, such as horseback archery and standing archery, where bow sizes vary according to specific needs, such as types used for hunting and others used during warfare.”
He explained that archery was historically part of daily life, used for protection and hunting.
Saudi coffee also plays a significant role in the Minzal experience, with live demonstrations. One of the most frequently consumed beverages in the Kingdom, it is a symbol of hospitality and generosity.
Ahmed Al-Shuaibi explained how it was prepared at the Sloum tent, first by roasting the beans and then allowing them to cool. The beans are ground with spices in a Nigr.
“Coffee is passed from our grandparents,” he added. “In significant majlis, you see them offering our local coffee and not other types of coffee. We organized this corner so that young generations can visit and learn this.”
