Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom’s willingness to defend market share at a time when oil markets have staged a fragile recovery.
There are worries among some producers that growing output from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) could snuff out a recent rebound in oil prices, particularly with economic growth in key consumer China the slowest in six years in the first quarter.
OPEC had said its overall output surged to 30.79 million barrels per day in March, up 810,000 bpd from the previous month, with demand higher than expected due to lower prices.
FRUITFUL COOPERATION: Gammon Group Chairman Sheikh Rafik Mohammed with Prince Faisal bin Saud bin Musaed.
Realizing the decades-old dream of expat parents, a Saudi business group led by Prince Saud bin Musaed has taken the initiative to open an international university in Jeddah, offering degrees in engineering, automobile mechanics and business management.
The new university is a joint venture between Gammon Saudi Arabia and the Bangalore-based Bapuji Institute of Science & Technology,