Energy Saudi Crown Prince and Putin discuss Opec+ deal By Pramod Kumar April 23, 2023, 4:24 AM REUTERS/Ahmed Yosri Crown Prince Mohammed bin Salman and Russian President Vladimir Putin have expressed satisfaction with the level of cooperation to bring stability to the oil market Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the Opec+ deal to cap oil production in a telephone call on Friday. The two leaders expressed satisfaction with the level of cooperation between the respective countries to bring stability to the global oil market, the Kremlin said in a statement. “The conversation proceeded in a friendly manner, constructive and informative. With this in mind, it was agreed to build up contacts in specific areas of cooperation,” the Kremlin added. Earlier this month, Opec+, which includes other big producers led by Russia, announced further oil output cuts of around 1.16 million barrels per day (bpd) in a surprise move. Saudi Arabia said the voluntary reduction of 500,000 bpd was a precautionary measure to support the stability of the oil market. Russia also cut its crude oil output by 500,000 bpd until the end of the year to prop up the oil price. Russia’s deputy energy minister Pavel Sorokin stated earlier that oil production is forecast to remain stable until 2025 and proved resilient in the face of Western sanctions.
Construction Abu Dhabi buys stake in US power company for $500m A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen, is owned by affiliates […] 2 hours ago
Banking & Finance Qatar National Bank reports strong profit growth Qatar National Bank, the Middle East and Africa’s largest lender by assets, reported a 11 percent rise in fourth-quarter profit on Monday as net interest and fee income increased. QNB, which is 50 percent owned by Qatar’s government, dominates the country’s banking sector and has sizeable operations in Egypt and Turkey. It made a fourth-quarter […] 8 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 13 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 13 hours ago
