OPEC sticks to 2025, 2026 global oil demand outlook
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Arab News
2 hours ago
- Arab News
Saudi Aramco lifts crude prices for Asian buyers
RIYADH: Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September. The state-owned energy giant raised the Arab Light price by $1 per barrel from August to a premium of $3.20 over the average of Oman and Dubai crude benchmarks, according to an official statement issued on Wednesday. Prices for Arab Extra Light rose by $1.20 per barrel, while Arab Heavy gained $0.70. In North America, Aramco set the September OSP for Arab Light at $4.20 per barrel above the Argus Sour Crude Index. The company prices its crude across five density-based grades: Super Light (above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29). Aramco's monthly pricing decisions influence around 9 million barrels per day of crude exports to Asia and act as a benchmark for other major producers, including Iran, Kuwait, and Iraq. The adjustments are based on feedback from refiners and an assessment of crude value changes, product prices, and yields. The price revisions come as the OPEC+ alliance agreed earlier this week to increase collective oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals. This move concludes the phased reversal of 2.2 million bpd in voluntary cuts introduced by eight members in 2023 to stabilize prices amid economic uncertainty. The group reaffirmed its commitment to full compliance with the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee continuing oversight. The September hike will raise Saudi Arabia's output to 9.97 million bpd. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Output targets for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000, and 801,000 bpd, respectively.
Al Arabiya
4 hours ago
- Al Arabiya
IMF report highlights Saudi Arabia's workforce transformation, strong non-oil growth
Saudi Arabia is transforming its labor market and projecting strong non-oil growth amid growing global uncertainty through increased employment, workforce participation and inclusive markets, according to a 2025 report released by the International Monetary Fund (IMF). Key achievements Among the most notable achievements highlighted in the IMF report were: Unemployment among Saudi nationals dropped to 7 percent by the fourth quarter of 2024 — surpassing the original Vision 2030 target ahead of schedule. The government has since revised the goal to 5 percent. Female labor force participation remains at a record 36 percent, marking a doubling over the past five years. Youth and female unemployment have halved in four years, showcasing the inclusive impact of ongoing reforms. Saudi employment in the private sector grew by 12 percent on average in 2024, with sustained growth into 2025. Wage premiums are rising for Saudi workers, especially in high-skilled roles, signalling greater returns on education and training. A spokesperson for the Saudi Ministry of Human Resources and Social Development said in a statement that the IMF report 'confirms that our labor market strategy is delivering results at scale.' He added: 'Unemployment is falling, private sector opportunities are growing, and female participation in the workforce has reached historic highs. The structural transformation underway is real — and it is delivering tangible benefits to citizens across the Kingdom.' The IMF report in particular noted progress in areas such as training programs, flexible work models, and access to affordable childcare as major contributors to increasing productivity and participation. It highlighted Saudi Arabia's strategic shift from job quantity to quality with a growing emphasis on job-matching, aligning education with market needs, and fostering high-skill employment. Looking ahead The latest IMF report comes as Saudi Arabia continues its Vision 2030 transformation. With unemployment targets already surpassed and a renewed focus on sustainable, high-quality job creation, the Kingdom is positioned to continue driving inclusive economic growth in the years ahead.
Asharq Al-Awsat
8 hours ago
- Asharq Al-Awsat
Michael Kors Oowner Capri Posts Smaller-than-expected Revenue Drop
Capri Holdings posted a smaller-than-expected drop in quarterly revenue on Wednesday, helped by improving demand for the Michael Kors owner's luxury handbags and footwear despite a broader retail slowdown. Its shares shot up about 10% in premarket trading. Investors have been hoping for signs of strength from Capri, as its shares have lost nearly 44% over the past year and competitors have gained more market share. Capri is in the middle of a turnaround and saw a rebound in demand after persistent sales declines in recent quarters. The company's net revenue fell 6% to $797 million. Analysts estimated a 25.7% decline to $793.1 million, according to data compiled by LSEG.
