RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman believes it would be premature to talk about potential overheating in the global oil market, Russia s RIA news agency reported on Thursday.
“There will always be a good amount of supply to meet demand, but we’ll have to see demand before you see supply,” the prince said at the St. Petersburg economic forum in Russia.
Earlier this week, the OPEC+ alliance of oil producers led by Saudi Arabia and Russia kept supply on an upward track.
The meeting of OPEC+ ministers one of the shortest on record at 30 minutes saw an agreement reached to stick to plans to increase oil supply by more than 2 million barrels a day by the end of July, noting “ongoing improvement in oil demand as economic recovery continued in most parts of the world as vaccination programs accelerated.”
The Organization of the Petroleum Exporting Countries and their allies will have a lot on their minds on Tuesday when they gather via teleconference to assess the latest developments in the oil sector.
The 1500MW project can power four million households and offset 2.5 million tonnes of CO2 a year
12 May 2021 |
Michael Marray
ACWA Power has signed an implementation agreement to build and operate a 1500MW wind power project in Uzbekistan. Located in Karakalpakstan, an autonomous republic in the northwestern end of Uzbekistan, the wind farm will be the largest in Central Asia and one of the biggest in the world.
The deal, signed on May 4 with Uzbekistan s Ministry of Investments & Foreign Trade and Ministry of Energy, is the latest in a series of projects involving cooperation between Saudi Arabia and Uzbekistan. Present at the signing ceremony were Saudi Arabia s Minister of Energy Prince Abdulaziz bin Salman and Uzbekistan’s Deputy Prime Minister and Minister of Investments & Foreign Trade Sardor Umurzakov.
Coronavirus-hit India thanks Saudi Arabia, for supplying LMO
India thanked Saudi Arabia and other Gulf Cooperation Council member states; for supplying liquid medical oxygen (LMO) in the fight against the coronavirus crisis.
In a series of tweets on Friday, India’s Oil Minister Dharmendra Pradhan also welcomed offers made by Saudi Arabia; and others to supply containers for the next six months; and for an assurance of a steady commercial supply of medical oxygen to India.
“Deeply appreciate the initial gesture of goodwill with complimentary LMO supplies; particularly from UAE, Kuwait, Bahrain & Saudi Arabia,” the Indian oil minister said.
He thanked Saudi Arabia’s Minister of Energy Prince Abdulaziz and his other counterparts of the GGC countries for their extended support and special gesture of solidarity with India, adding; “I received their wholesome support for ensuring the commercial supply of LMO to India; especially at a time when India is battling the second wav