Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase
Brent crude futures rose 8 cents, or 0.12 percent, to $66.20 a barrel by 8:05 a.m. Saudi time. Shutterstock
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Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

BEIJING: Oil prices ticked up on Thursday after falling nearly 2 percent in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing US-Iran nuclear talks.

Brent crude futures rose 8 cents, or 0.12 percent, to $66.20 a barrel by 8:05 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.14 percent, to $62.36 a barrel.

Prices settled down 2 percent in the previous trading session after Reuters reported that several OPEC+ members would suggest the group accelerate oil output increases for a second month in June, citing three sources familiar with the OPEC+ talks.

“While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord,” ING analysts wrote in a note.

Kazakhstan, which produces about 2 percent of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritize national interest, rather than that of OPEC+ in deciding production levels, Reuters reported on Wednesday.

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola exiting OPEC+ in 2023.

“Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war,” the ING analysts said.

Signs that the US and China could be moving closer to trade talks supported prices. The Wall Street Journal reported that the White House would be willing to lower its tariffs on China to as low as 50 percent in order to open up negotiations.

US Treasury Secretary Scott Bessent said on Wednesday that current import tariffs — of 145 percent on Chinese products headed into the US and 125 percent on US products headed into China — were not sustainable and would have to come down before trade talks between the two sides could begin.

White House Press Secretary Karoline Leavitt later told Fox News, however, that there would be no unilateral reduction in tariffs on goods from China.

Rystad Energy analysts say a prolonged US-China trade war could cut China’s oil demand growth in half this year to 90,000 barrels per day from 180,000 bpd.

Trump is also mulling tariff exemptions on car part imports from China, the Financial Times reported on Wednesday.

Potentially putting downward pressure on oil prices, the US and Iran will hold a third round of talks this weekend on a possible deal to reimpose restraints on Tehran’s uranium enrichment program. The market is watching the talks for any sign that a US-Iran rapprochement could lead to the easing of sanctions on Iran oil and boost supply.

But the US on Tuesday put fresh sanctions on Iran’s energy sector, which Iran’s foreign ministry spokesperson said showed a “lack of goodwill and seriousness” over dialogue with Tehran. 


Lebanon receives preliminary approval to increase World Bank loan to $400m

Lebanon receives preliminary approval to increase World Bank loan to $400m
Updated 8 sec ago
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Lebanon receives preliminary approval to increase World Bank loan to $400m

Lebanon receives preliminary approval to increase World Bank loan to $400m

CAIRO: Lebanon has received preliminary approval to increase the value of a World Bank reconstruction loan to $400 million from $250 million, Finance Minister Yassine Jaber said in a statement on Wednesday.

The Lebanese prime minister said in March that the World Bank had presented a $1 billion program for the reconstruction of Lebanon, including $250 million as a loan.


Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh

Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh
Updated 24 April 2025
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Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh

Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh
  • The flight from London Heathrow to King Khalid International Airport marks start of carrier’s daily service to the Kingdom from the UK
  • Airline also announces new service to South Korean capital Seoul, which will begin in March 2026

RIYADH: Virgin Atlantic’s first-ever flight to Saudi Arabia touched down at King Khalid International Airport in Riyadh on Wednesday, as the airline began a daily service from the UK.

The airline’s founder, Richard Branson, was on board the flight from London Heathrow, as the company seeks to capitalize on demand for business travel that is expected to grow under Saudi Vision 2030, the Kingdom’s comprehensive program of national reforms and diversification.

The airline cited the growth of Riyadh as a business and leisure destination as motivation for its decision to introduce the route, as the Middle East’s largest economy offers an ever-growing list of business, sporting and cultural opportunities and experiences.

The company said it also expects to offer a “predominantly Saudi Arabian point of sale” for customers interested in visiting the UK, or wanting to take connections to North America.

Alongside business travelers, Virgin expects the route to prove popular with Saudis who want to visit friends and family, as more people from the Kingdom choose to live in Britain.

“Virgin Atlantic also looks forward to deepening its partnership with Riyadh Air, when it takes to the skies in 2025,” the company added.

The airlines signed an agreement last year to introduce a range of services for customers traveling between Saudi Arabia and the UK. A dedicated Riyadh crew will serve the route, with the aim of providing culturally appropriate services.

“Arabic coffee is served as part of the predeparture drinks service, alongside a selection of dates in the upper and premium cabins,” the company said. “Halal meals are available throughout, and the Travelers’ Prayer also plays before the safety video.”

After a meeting with Branson, Saudi Tourism Minister Ahmed Al-Khateeb said in a message posted on social media: “We look forward to expanding our strategic partnership with Sir Richard Branson and Virgin Group to deliver exceptional travel experiences, connect the world to Saudi destinations, and elevate Saudi Tourism on the global map.

“Our partnership with Virgin Atlantic will open new routes connecting Saudi Arabia to the world. It marks a new chapter in global air connectivity and strengthens the Kingdom’s role as a leading travel hub, inviting UK and world travelers to discover our rich tourism experience.”

The airline announced on Wednesday a new service to the South Korean capital Seoul, which will begin operating in March 2026, as it continues to target expansion in Asian markets.


Veolia puts Gulf region at the forefront of desalination innovation

Veolia puts Gulf region at the forefront of desalination innovation
Updated 23 April 2025
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Veolia puts Gulf region at the forefront of desalination innovation

Veolia puts Gulf region at the forefront of desalination innovation

MUSCAT: Desalination is fast becoming a cornerstone of global water resilience — and at the heart of this transformation is Veolia, a global leader in water technologies. With operations spanning continents, the company is placing the Gulf region at the center of its innovation strategy.

“Gulf countries, and particularly Oman, are now our global centre for desalination innovation,” said Estelle Brachlianoff, CEO of Veolia. “What we’re building here represents global excellence, underpinned by continuous technological evolution,” she told *Arab News en français.

Scaling solutions

Veolia currently operates more than 2,300 desalination facilities across 108 countries, representing 18 percent of the world’s installed capacity. As global demand soars, the company plans to double its output — from 1.4 to 2.8 billion cubic meters per year by 2030 — in a market expected to exceed 40 billion liters per day by decade’s end.

Recent projects, including Hassyan and Mirfa 2 in the UAE, underscore this momentum. A major facility is also in development in Rabat, Morocco. Meanwhile in Saudi Arabia, where daily desalination needs often top 600 million liters, Veolia is enabling a shift toward membrane-based systems tailored for scale, efficiency, and sustainability.

From solar-powered plants to AI-optimized membrane systems, Veolia continues to pioneer technologies like its patented Barrel™ modular system — highlighting the company's commitment to high-performance innovation.

FASTFACTS

Veolia leads globally in desalination, operating over 2,300 sites in 108 countries and aiming to double output by 2030.

Energy efficiency in desalination has improved dramatically, with power use down 85 percent since the early 2000s and water costs dropping from $5 to under $0.50 per cubic meter.

Veolia’s future-focused approach blends innovation, affordability, and environmental stewardship, reinforcing its global leadership in water technologies.

Breaking the myths

A key part of Veolia’s success has been challenging outdated perceptions around desalination. "We’ve broken all the old myths about desalination, one by one,” said Brachlianoff.

Energy consumption, once a major drawback, has dropped by over 85 percent since the early 2000s due to next-generation membranes and energy recovery technologies. Production costs have fallen from $5 to less than $0.50 per cubic meter, making desalinated water a viable option for municipalities and mid-sized industries alike.

Veolia’s new solutions are now also being deployed in sectors such as mining, refining, and even data centers. Projects in Sur, Oman, feature solar integration, while others introduce advanced brine discharge control systems, raising environmental standards across the board.

Gulf countries as living laboratories

Veolia’s work in Oman supports the country’s Vision 2040, particularly its renewable energy goals.

“We’re directly contributing to the goal of achieving 30% renewable energy in the national mix,” said Erwan Rouxel, CEO of Veolia Oman.

A solar plant already provides over a third of the Sur facility’s power needs. The company is also investing in landfill gas-to-energy projects. Crucially, Oman also serves as a hub for workforce development, with 75 percent of Veolia Oman’s staff being local nationals.

“Our Omanization efforts are crucial, not only for business continuity but also for creating shared value with the communities we serve,” Rouxel added.

In Saudi Arabia, Veolia is helping the country transition from thermal desalination to more efficient membrane-based processes.

“The country is shifting from thermal desalination to membrane-based desalination, particularly reverse osmosis,” said Adrien de Saint Germain, CEO of Veolia’s Water Technologies division. “And these aren’t small projects — some exceed 500 to 600 million liters per day. What matters now is how we optimize the entire environment around the membranes.”

He emphasized that Veolia’s approach involves more than technology — it is also about building long-term partnerships through cost-effective design and strategic delivery.

“What makes Saudi projects unique is their multi-year horizon and scale. We can plan strategically and deliver consistently,” he said.

Moroccan innovation in the Atlantic

While the Gulf drives growth in volume, Morocco is offering innovation on a different front — the Atlantic.

“In Morocco, we’re working with Atlantic seawater, which involves very different parameters: lower temperatures, different algae risks,” explained Anne Le Guennec, Senior EVP of Water Technologies. “But it’s the same scale: 800,000 cubic meters per day, just like Hassyan in Dubai.”

Regional expertise plays a critical role in success, she noted.

“From red algae to changing water quality, we know this region. And we work with strong local partners who can respond quickly and deploy workforce on a large scale,” she added.

Toward atomic-level filtration

Looking ahead, Veolia is pushing the boundaries of water purification for specialized industries.

“We’re currently developing solutions using ion-exchange resins,” Le Guennec revealed. “We’re talking atomic-level filtration, separating specific ions. This is where we’ll meet the ultrapure water needs for industries like pharmaceuticals and semiconductor manufacturing.”

This next-generation technology is also feeding into global projects, including the “water of the future” initiative in Paris, where Middle Eastern expertise will help deliver water free of micropollutants by 2027.

Long-term vision and global impact

For CEO Estelle Brachlianoff, Veolia’s strategy is defined by continuous innovation, cost-effectiveness, and environmental responsibility.

“Our ambition is clear: to maintain our global leadership in desalination by continuing to evolve, innovate, and provide the most cost-effective and energy-efficient solutions on the market,” she said.

As water scarcity intensifies worldwide, Veolia is not merely adapting — it is setting the standard.


IMF appoints first mission chief to Syria in 14 years

IMF appoints first mission chief to Syria in 14 years
Updated 23 April 2025
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IMF appoints first mission chief to Syria in 14 years

IMF appoints first mission chief to Syria in 14 years

BEIRUT: The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, the country’s Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.

Bernieh said van Rooden’s appointment came “following our request” and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.

“This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria’s economic recovery and improving the well-being of the Syrian people,” Bernieh wrote.

The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF’s decisions on Syria confirmed van Rooden’s appointment.

According to the IMF’s website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar Assad erupted.

Assad’s crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning rebel offensive last December, with an Islamist-led government now ruling the country.

The new leaders have been keen to re-establish Syria’s ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.

Bernieh and Syria’s central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria’s new authorities to the US since Assad’s fall.

On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as “very successful” and said there was “unprecedented” interest in supporting Syria’s reconstruction.

A top official from the UN Development Programme told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years. 


TASI closes in green at 11,681, gaining 0.82%

TASI closes in green at 11,681, gaining 0.82%
Updated 23 April 2025
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TASI closes in green at 11,681, gaining 0.82%

TASI closes in green at 11,681, gaining 0.82%

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,681.11 points, marking an increase of 94.71 points or 0.82 percent.

The total trading turnover of the benchmark index was SR6.066 billion ($1.617 billion), as 189 of the listed stocks advanced, while 54 retreated.

The MSCI Tadawul Index also surged by 14.14 points, or 0.96 percent, to close at 1,488.74

The Kingdom’s parallel market Nomu reported an increase as well, gaining 181.35 points, or 0.64 percent, to close at 28,463.11 points. This comes as 48 of the listed stocks advanced while as many as 34 retreated.

The index’s top performer, Musharaka REIT Fund, saw a 10 percent increase in its share price, closing at SR4.84.  

Other top performers included Al-Baha Investment and Development Co., which saw a 9.97 percent increase to SR3.31, while Mulkia Gulf Real Estate REIT’s share price rose 9.96 percent to SR5.52. 

Alistithmar AREIC Diversified REIT Fund also recorded a positive trajectory, with share prices rising 9.92 percent to reach SR6.90.

Allied Cooperative Insurance Group was TASI’s worst performer, with the company’s share price falling by 3.35 percent to SR15. 

Etihad Etisalat Co. followed with a 3.17 percent drop to SR61. This decline comes after the firm’s consolidated interim financial results for the first quarter.

The company reported a 20.21 percent increase in its net profit, reaching SR 767 million, compared to the same period in 2024.

Saudi Printing and Packaging Co. also saw a notable decline of 3.03 percent to settle at SR 12.80. 

On the parallel market, National Building and Marketing Co. was the top gainer, with its share price surging by 9.88 percent to SR198.

Other top gainers in the parallel market were Arabian Plastic Industrial Co. and Ghida Alsultan for Fast Food Co., with their share prices surging by 8.51 percent and 5.65 percent, to reach SR51 and SR44.9, respectively.

Al Mohafaza Co. for Education was the major faller on Nomu, as the company’s share price slipped by 9.59 percent to SR23.10.

Yamama Cement Co. also announced its financial results for the first quarter of 2025, reporting a 23.51 percent increase to SR142 million compared to the same period of last year.

The company said in a statement on Tadawul that the increase in profit was mainly due to an annual rise in the average selling price and an increase in sales volume for the current quarter.

The firm’s share price closed on Wednesday’s session at SR36.7, increasing by 2.92 percent.