{"id":86782,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/03\/opec-will-phase-out-voluntary-production-cuts-starting-this-fall\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"opec-will-phase-out-voluntary-production-cuts-starting-this-fall","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/03\/opec-will-phase-out-voluntary-production-cuts-starting-this-fall\/","title":{"rendered":"Opec+ will phase out voluntary production cuts starting this fall"},"content":{"rendered":"

Good morning, friends. <\/strong>Saudi dominates global business headlines this morning with word that Aramco\u2019s blockbuster share sale was fully covered just hours after the order window opened yesterday \u2014 and news that Opec+ will start phasing out voluntary production cuts this fall. <\/p>\n

PLUS- We have the rundown on three new reports for you this morning<\/strong>, one each real estate, education, and the obstacles execs say are blocking business transformation. All of that and more in this morning\u2019s news well, below. <\/p>\n

OIL WATCH-<\/p>\n

<\/a> Opec+ could start pumping more oil this fall<\/strong>:<\/strong> OPEC+ decided to extend crude oil production cuts during its meeting in Riyadh yesterday, it said in a statement<\/a>. The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl \/ d) until the end of this September, before beginning to \u201cphase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025,\u201d Reuters<\/a> reports. <\/p>\n

The bottom line: <\/strong>\u201cWe are waiting for interest rates to come down and a better trajectory when it comes to economic growth \u2026 not pockets of growth here and there,\u201d Saudi Energy Minister Prince Abdulaziz bin Salman said. <\/p>\n

This is aligned with what pundits had penciled in: <\/strong>Reuters<\/a> and the New York Times<\/a> were among those expecting some or all of the cuts<\/a> to be extended. <\/p>\n

The next checkpoint: <\/strong>The group is scheduled to meet again on Sunday, 1 December 2024. <\/p>\n

BACKGROUND- <\/strong>Brent crude prices have been falling \u201camid a fragile economic outlook in top consumer China and doubts about the pace of interest-rate reductions in major industrialized economies,\u201d Bloomberg<\/a> writes. Brent crude has fallen some 11% since early April, to trade at USD 81.11 a barrel. <\/p>\n

IN CONTEXT- <\/strong>Opec+ has largely stuck to a total of 5.9 mn bbl \/ d worth of cuts, Reuters notes, in a bid to prop up prices against a backdrop of waning demand from China<\/a> and higher US shale production<\/a> . <\/p>\n

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HAPPENING TODAY-<\/p>\n

The two-day <\/strong>Global Project Management Forum<\/a><\/strong> 2024 wraps today at the Fairmont <\/strong>Riyadh.<\/strong> Today\u2019s lineup includes discussions fo project performance, emotionally intelligent leaders, and data-driven decision making, to name a few. <\/p>\n

WEATHER-<\/strong> Expect it to be much of the same in Makkah<\/strong> today, with more wind and a daytime high of 45\u00b0C that will give way to a low of 31\u00b0C. Riyadh<\/strong> is also in for a windy day with a high of 44\u00b0C and a low of 29\u00b0C, while Jeddah<\/strong> is getting a cooler high of 38\u00b0C and low of 28\u00b0C.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- PIF-owned Riyadh Air is looking to expand its partnership network<\/strong> and is set to close an agreement in the coming days with a major southeast Asian carrier, Bloomberg<\/a> reports, citing people it says are familiar with the plan. Riyadh Air is also working towards securing agreements with an Indian long-haul flight carrier as well as a US airline, according to Bloomberg, which stopped short of naming the carriers Riyadh Air is speaking with.<\/p>\n

<\/a> #2- <\/strong>The Industry and Mineral Resources Ministry earmarked two sand and gravel <\/strong>ore<\/strong> complexes in Asir\u2019s Bisha for mining activities<\/strong>, according to state news agency SPA<\/a>. One complex is located east of the Gulf, while the other lies north of Al Shaqiqa, it said. <\/p>\n

BACKGROUND-<\/strong> The Industry and Mineral Resources Ministry announced plans<\/a> earlier this year for an incentive program to encourage exploration. It has gold and phosphate in mind, among others. The nation\u2019s untapped mineral resources could be worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January<\/a>.<\/p>\n

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#3- Al Safi Danone was fined SAR 1.3 mn for environmental damage in Al Kharj<\/strong>, the National Center for Environmental Compliance said on X<\/a>. Al Safi Danone reportedly engaged in activity that led to soil pollution, impairing its usability, or ruined its natural properties without taking appropriate precautions, the center said. The dairy and juice producer will also be required to repair the damage it caused. <\/p>\n

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DATA POINT-<\/p>\n

<\/a> The real estate loan portfolios of commercial banks grew 13.4% y-o-y in 1Q 2024 <\/strong>to SAR <\/strong>800.5 bn<\/strong>, according to SAMA\u2019s April 2024 Monthly Statistical Bulletin (pdf)<\/a>. The volume of real estate loans to individuals \u2014 which account for 78.1% of total real estate loans granted \u2014 reached a record high of SAR 625.2 bn by the end of the quarter, rising 10.3% y-o-y, while loans were issued to corporate clients rose 26% y-o-y to reach SAR 175.2 bn. <\/p>\n

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***
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\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s an unusually busy Monday morning<\/strong>, with a handful of stories fighting for a spot on the front pages.<\/p>\n

IPO WATCH- Fast-fashion retailer Shein will soon file a prospectus with the UK\u2019s <\/strong>Financial Conduct Authority ahead of its anticipated London IPO<\/strong>, which could value the company at over USD 64 bn. This is Shein\u2019s second attempt at going public after it tried to make its debut in New York but faced regulatory hurdles due to its ties to Beijing. (FT<\/a> | Reuters<\/a>)<\/p>\n

ELECTION SEASON is in full swing: Mexico could welcome its first female president. <\/strong>Mexicans headed to the polls yesterday to cast their ballots in a historic presidential race, with two female candidates in the lead \u2014 leftist former head of government of Mexico City Claudia Sheinbaum and conservative Xochitl G\u00e1lvez. Results should be announced shortly. (Reuters<\/a> | CNN<\/a> | AP<\/a>)<\/p>\n

ALSO- South Africa\u2019s African National Congress is scrambling to conclude coalition talks <\/strong>and has a few \u201cvery difficult\u201d days ahead, one political analyst told Sky News<\/a>. As we noted yesterday, the ANC lost its parliamentary majority for the first time since the fall of white rule. President Cyril Ramaphosa called yesterday for unity and said he would not step down despite the loss at the polls, Politico<\/a> reports.<\/p>\n

AND- The US presidential elections are fast approaching <\/strong>and a Reuters poll<\/a> breaks down where each of the leading candidates \u2014 Joe Biden and Donald Trump \u2014 stand among voters in comparison to this time four years ago, when they went head- to-head for the first time. <\/p>\n

All this election talk got you overwhelmed? <\/strong>We have everything you need to know about the upcoming elections this year in an Enterprise Explains<\/a> published late last year.<\/p>\n

IN LOGISTICS- <\/strong>The economic fallout of ships diverting away from the Red Sea to avoid Houthi attacks is still receiving coverage, with Bloomberg\u2019s daily supply chains newsletter<\/a> \u2014 Supply Lines \u2014 dedicating yesterday\u2019s issue<\/a> to the topic. <\/p>\n

PSAs- <\/p>\n

#1- It\u2019s time to steer clear of Makkah if you\u2019re not a resident or don\u2019t have a Hajj permit.<\/strong> Rules barring non-resident expats and citizens from Makkah and designated areas around the city came into effect yesterday, state news agency SPA said<\/a> in a reminder. The rules \u2014 which were announced last month<\/a> \u2014 will impose a SAR 10k fine and could lead to expats being deported and banned from entering the Kingdom. The rules will remain in effect until Thursday, 20 June. <\/p>\n

<\/a> #2- Importing goods for an expo? You can now get zero-duty imports with ATA <\/strong>carnets:<\/strong> The Zakat, Tax, and Customs Authority (Zatca) is now accepting temporary admission carnets (ATA carnet<\/a>), Zatca said in a statement<\/a>. ATA carnets simplify customs procedures for the temporary import of goods for purposes including trade shows, exhibitions and events and ensure zero duty and tax treatment. Anything brought into the Kingdom under an ATA carnet needs to leave Saudi within one year. <\/p>\n

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CIRCLE YOUR CALENDAR-<\/p>\n

The #Growth Summit<\/a><\/strong> is set to kick off this Wednesday, 5 June<\/strong>, bringing together marketing, product and growth experts at the InterContinental in Riyadh. You can request your invite here<\/a>. <\/p>\n

The <\/strong>Global EV and Mobility Tech Forum<\/a><\/strong> will open its doors on Wednesday, 10 July to <\/strong>Thursday, 11 July at the Riyadh International Convention and Exhibition Center. <\/strong>The event will bring together policymakers, NGOs, and startups. <\/p>\n

The Conference on Arbitration and Dispute Resolution in Energy, Oil, and Gas will be <\/strong>held in GCC countries for the first time in 2025<\/strong>, coming off the signing of a partnership between the GCC Commercial Arbitration Center, the Scottish Arbitration Center, and the International Conference on Law, according to state news agency SPA<\/a>. The conference will bring together experts in international arbitration to discuss the legal, geopolitical, economic, and security aspects and challenges related to energy disputes in the GCC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Riyadh Air is build its international network, looking for US, Indian, and southeast Asian partners<\/p>\n","protected":false},"author":1,"featured_media":86783,"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":[2120,93,2645,57,10,2121,159,514,106,353,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-al-safi-danone","tag-aviation","tag-customs","tag-debt-watch","tag-enterpriseam-ksa","tag-food-manufacturing","tag-oil-watch","tag-opec-2","tag-real-estate","tag-riyadh-air","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"23b2bb82-242d-42f7-a587-6812413add07","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/209.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Opec+ will phase out voluntary production cuts starting this fall","related_issue":[86780],"teaser":"Plus: Riyadh Air is build its international network, looking for US, Indian, and southeast Asian partners","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.96c7d009-9ab2-435d-bc22-5cac31d0f9cd.mp3"},"yoast_head":"\nOpec+ will phase out voluntary production cuts starting this fall - 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