{"id":101167,"date":"2025-10-06T00:00:00","date_gmt":"2025-10-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/06\/opec-agrees-on-another-output-hike\/"},"modified":"2025-10-06T00:00:00","modified_gmt":"2025-10-06T00:00:00","slug":"opec-agrees-on-another-output-hike","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/06\/opec-agrees-on-another-output-hike\/","title":{"rendered":"Opec+ agrees on another output hike"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people<\/strong>. Good news is all over this morning\u2019s news well, from non-oil private sector growth in the Kingdom accelerating to a six-month high in September, to Tadawul\u2019s main index closing up 7.5% in September and pulling GCC stocks to strongest monthly gain in nearly two years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>Almarai kicked off the 3Q earnings season, reporting a 7.5% increase in net income. Aljazira Capital is laying off what to expect from the third quarter, forecasting the banking and mining sectors to lead earnings growth. Let\u2019s dive in.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s day two of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/saudilifestyleweek.com\/\" style=\"\" rel=\"noopener\">Saudi Lifestyle Week<\/a><\/strong><strong> at the Riyadh International Convention and <\/strong><strong>Exhibition Center<\/strong>, which wraps up tomorrow. The three-day event brings together global brands and local innovators to connect, collaborate, and capitalize on Saudi Arabia's rapidly evolving market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Wet and windy:<\/strong> Heavy thunderstorms are set to drench Jazan and Asir today, bringing hail, strong winds, and possible flash floods. Rain will be lighter over Al Baha and Makkah, with fog likely forming there and across the Eastern Region. <\/p>\n<ul>\n<li><strong>Riyadh: <\/strong>46\u00b0C high \/ 22\u00b0C low,<\/li>\n<li><strong>Jeddah:<\/strong> 37\u00b0C high \/ 28\u00b0C low<\/li>\n<li><strong>Makkah:<\/strong> 42\u00b0C high \/ 29\u00b0C low.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gemtechforum.com\/\" style=\"\" rel=\"noopener\">Global EV & Mobility Technology (GEMTECH) Forum<\/a><\/strong><strong> takes place tomorrow in <\/strong><strong>Riyadh.<\/strong> The two-day event will gather over 4k participants \u2014 including industry leaders, policymakers, engineers, and investors \u2014 to explore the future of sustainable transportation. The international event will feature more than 60 speakers holding discussion panels focusing on the latest advancements in electric vehicle technology, battery innovation, charging infrastructure, and autonomous mobility solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The<\/strong><strong> subscription window for the October round of the government-issued retail sukuk <\/strong><strong>program Sah closes tomorrow at 3pm<\/strong>, the National Debt Management Center <a target=\"_blank\" href=\"https:\/\/x.com\/GovSukuk\/status\/1974521571789431105\" style=\"\" rel=\"noopener\">said on X<\/a>. The offering, which kicked off yesterday, offers a 4.83% annual return, with investment limits set at a minimum of SAR 1k and a maximum of SAR 200k per investor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a> Opec+ members will add a total of 137k bbl \/ d to production again next month<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.opec.org\/pr-detail\/578-05-october-2025.html\" style=\"\" rel=\"noopener\">press release<\/a>. The group approved the same additional number of barrels for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/dec3ebcc-a13c-4872-8c1b-7202f8ceace6\/\" style=\"\" rel=\"noopener\">October<\/a> as part of the group\u2019s gradual unwinding of its 1.65 mn bbl \/ d voluntary cuts. The next meeting is scheduled for 2 November. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opinions diverged among the bloc\u2019s two biggest producers for this month\u2019s hike.<\/strong> Russia reportedly pushed to maintain the same small hike as in October, citing both market stability and its limited ability to raise supply under Western sanctions, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-poised-raise-oil-output-further-sources-say-2025-10-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing two sources. Saudi Arabia, meanwhile, favored a faster pace of restoration \u2014 with proposals ranging from double to quadruple the final figure \u2014 as the Kingdom seeks to reclaim market share, Reuters said, citing sources before the meeting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only around 60% of the 2.2 mn bbl \/ d tranche planned for restoration between May and September has materialized<\/strong>, highlighting the limited spare capacity within the cartel, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-05\/opec-agrees-to-modest-137-000-b-d-oil-supply-hike-for-november?srnd=phx-industries-energy\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The shortfall reflects both ongoing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c8770ce4-c075-4b01-b198-e7ee21b13ee8\/\" style=\"\" rel=\"noopener\">compensation<\/a> for previous overproduction by some members and the possibility that others are already nearing their maximum output. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Unsold Middle Eastern crude from the last trading cycle is stoking concerns that a long-anticipated global <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c8770ce4-c075-4b01-b198-e7ee21b13ee8\/\" style=\"\" rel=\"noopener\">oil surplus<\/a> may be starting to take shape. A better read of balances will emerge once Saudi and other Gulf suppliers issue November allocations to long-term contract buyers soon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a> <\/strong><strong>Saudi-made cybersecurity products incoming?<\/strong> PIF-owned <a target=\"_blank\" href=\"https:\/\/site.sa\/en\" style=\"\" rel=\"noopener\">Saudi Information Technology<\/a><a target=\"_blank\" href=\"https:\/\/site.sa\/en\" style=\"\" rel=\"noopener\">Company<\/a> (Site) plans to roll out the first locally made cybersecurity products, Rakeen and Metras, designed to protect devices and systems from cyberattacks, Executive Vice President Wael Ahmed Fattouh told Al Arabiya on Thursday (<a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/10\/02\/%D8%B3%D8%A7%D9%8A%D8%AA-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%86%D8%B3%D8%AA%D8%B9%D8%AF-%D9%84%D8%A7%D8%B7%D9%84%D8%A7%D9%82-%D8%A7%D9%88%D9%84-%D9%85%D9%86%D8%AA%D8%AC-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D9%81%D9%8A-%D9%85%D8%AC%D8%A7%D9%84-%D8%A7%D9%84%D8%AD%D9%85%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B1%D9%82%D9%85%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 8:29<\/a>). The goal is to reduce reliance on foreign technology and build national expertise, moving away from dependence on global providers like Norton and McAfee, supported by training programs run with the National Cybersecurity Authority, Fattough said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Saudi Arabia\u2019s cybersecurity market grew 14% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ad5878f9-cc22-45d6-a6fe-8fc62c3d3281\/saudi-could-join-jpmorgan%25e2%2580%2599s-emgbi-in-january-2026\" style=\"\" rel=\"noopener\">in 2024<\/a>, bringing the sector\u2019s total spending to SAR 15.2 bn. Public sector spending amounted to SAR 4.8 bn (32% of the market), while private sector spending totaled SAR 10.3 bn, accounting for the remaining 68% of the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Medina reco<\/strong><strong>rded the highest occupancy rate for tourist hospitality facilities in<\/strong><strong> the Kingdom in 1H 2025 at 74.7%<\/strong>, state news agency <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2413455\" style=\"\" rel=\"noopener\">SPA<\/a> reports, citing the Tourism Ministry\u2019s Hospitality Sector Performance report. The city\u2019s total number of licensed hospitality facilities reached 538, including 69 newly licensed establishments, while the hotel room inventory grew to 64.6k, with the addition of 6.6k new rooms during the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom will resume paragliding after Sports Minister Abdulaziz Al Faisal greenlit its <\/strong><strong>return<\/strong>, following new safety and regulatory measures, state news agency <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2412230\" style=\"\" rel=\"noopener\">SPA<\/a> reported on Wednesday. Upcoming plans include training programs, local competitions, and international events to grow the sport.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industry?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> Gold and BTC hit fresh highs to start the week<\/strong> as investors flock to safe haven assets amid a government shutdown that is now entering its sixth day. Gold rose to USD 3,920.63 an ounce, before paring some gains, while BTC reached USD 125,689 for the first time early yesterday. BTC\u2019s rise also comes during a month that has historically been a strong month for digital assets\u2019 performance \u2014 earning it the nickname \u201cUptober.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gold\u2019s rise is featured on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-05\/gold-advances-to-record-above-3-900-with-haven-assets-in-demand\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/54dc2b76-8c24-4dd7-a01a-7d1f38b5ea6d\" style=\"\" rel=\"noopener\">Financial Times<\/a><\/strong><strong>\u2019 front pages<\/strong>, while BTC\u2019s new record got attention from <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-05\/bitcoin-rises-to-a-record-as-debasement-trade-spurs-risk-rally?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/bitcoin-hits-all-time-high-above-125000-2025-10-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/03\/bitcoin-rallies-to-within-1percent-of-all-time-high-gaining-safe-haven-status-during-shutdown-.html\" style=\"\" rel=\"noopener\">CNBC<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Egypt is set to host talks between <\/strong><strong>Israel <\/strong><strong>and Hamas today to discuss the US President Donald Trump-proposed ceasefire agreement.<\/strong> The two sides will discuss the conditions for a ceasefire in Gaza and the details of the hostage exchange. Trump\u2019s envoys Jared Kushner and Steve Witkoff are already in Cairo to finalize details of the hostage release and discuss the broader peace framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trump is \u201cpositive\u201d that the first phase of negotiations should be completed this week<\/strong>, he said in a <a target=\"_blank\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115323790604734426\" style=\"\" rel=\"noopener\">social media post<\/a>, while US Secretary of State Marc Rubio said we are closer than we have been \u201cin a very long time\u201d in an interview with Fox News Sunday, though the hostage release and prisoner exchange could be the easiest part of negotiations. The tougher parts? Discussions around rebuilding governing Gaza, he told ABC. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-05\/trump-pushes-israel-hamas-to-strike-deal-with-talks-set-to-open?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/trump-says-gaza-talks-advancing-rapidly-first-phase-should-be-completed-this-2025-10-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/17bf1567-65c0-42df-9e0f-4b3fcbc19787\" style=\"\" rel=\"noopener\">FT<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This comes after Hamas responded to Trump\u2019s proposal over the weekend<\/strong>, with the foreign ministers of the UAE, Jordan, Indonesia, Pakistan, Turkey, Saudi Arabia, Qatar, and Egypt welcoming Hamas\u2019 response in a <a target=\"_blank\" href=\"https:\/\/www.mfa.gov.eg\/ar\/Ministers\/Details\/StatementsAndWordsOfTheMinisterOfForeignAffairs\/3175\" style=\"\" rel=\"noopener\">joint statement<\/a> and calling for an immediate launch of negotiations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/forum.fa.gov.sa\/home\" style=\"\" rel=\"noopener\">Financial Acade<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/forum.fa.gov.sa\/home\" style=\"\" rel=\"noopener\">my Forum<\/a><\/strong> <strong> will be held on 8 October at King Abdullah Financial <\/strong><strong>District Conference Hall in Riyadh.<\/strong> The annual event will gather over 3k participants from the Saudi financial sector, along with government officials and experts to discuss innovation, AI, sustainability, and finance leadership.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worlddefenseshow.com\/en\" style=\"\" rel=\"noopener\">World Defense Show<\/a><\/strong> <strong> will return to Riyadh on 8-12 February 2026 at the <\/strong><strong>Riyadh <\/strong><strong>International Convention and Exhibition Center<\/strong>, featuring live demonstrations, networking programs, and sessions aimed at advancing local and global defense industries. The five-day event is expected to see over SAR 26 bn in defense orders and announcements, gathering over 773 exhibitors and 106k visitors from over 76 countries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Saudi-made cybersecurity products incoming<\/p>\n","protected":false},"author":1,"featured_media":101168,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,514,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-opec-2","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"bc59d77d-78b0-4a7c-9c84-96a7c3d9282f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/10\/272.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Opec+ agrees on another output hike","related_issue":[101165],"teaser":"PLUS: Saudi-made cybersecurity products incoming","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.722c5053-a8e1-4acc-b9fe-5dc3b0b1e8c7.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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