MUST-READS

• Saudi Arabia’s capacity U-turn was months in the making

  Saudi Arabia's surprise reversal of its oil expansion plan was at least six months in the making and spurred by uncertainty over the market's need for additional spare capacity, an industry source told Reuters on Wednesday. State oil giant Aramco (2222.SE), opens new tab was ordered by the Saudi energy ministry on Tuesday to halt plans to boost its maximum sustainable capacity to 13 million barrels per day (bpd), returning to the previous 12 million bpd target. "I think price management is the priority for 2024 and 2025," said a second person familiar with the matter.

• Riyadh Art: Transforming Saudi Arabia’s Capital

  But Riyadh Art is more than just visual appeal; it's a force for societal transformation. By fostering inclusivity and nurturing a dynamic creative community, it enriches lives, inspires creative expression, and fuels a vibrant creative economy. As the city's walls come alive with colorful narratives, residents and visitors alike find joy, forging a sense of shared identity and civic pride.

• Saudi Arabia asks Aramco to lower its maximum capacity target

  Saudi Arabia's government on Tuesday ordered state oil company Saudi Aramco (2222.SE), opens new tab to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day, one million bpd below a target announced in 2020. Saudi Arabia has for decades been the holder of the world's only significant spare oil capacity, providing a safety cushion in case of major disruptions to global output such as those caused by conflict or natural disasters. In recent years, fellow OPEC member the United Arab Emirates has also built up its capacity.

• Saudi Arabia’s Aramco halts plans to increase maximum oil production capacity

  Saudi Arabia’s state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day. In a statement, the world’s largest crude exporter said it had been ordered by the Saudi Ministry of Energy to maintain its Maximum Sustainable Capacity (MSC) at current levels, several years and billions of dollars since it received a directive to boost production capacity to 13 million barrels per day by 2027. Aramco, which went public in 2019, did not disclose the reason behind the ministry’s decision and said it will update its capital spending guidance when its full-year 2023 results are announced in March.

• Nature’s Palette: Mohammad Alfaraj’s Art Captures the Spirit of Al-Ahsa

  Saudi filmmaker, storyteller, and installation artist Mohammad Alfaraj hails from the agricultural and industrial city of Al-Ahsa, a place that has shaped his creative practice both physically and conceptually. Mohammad’s artwork, often featuring fables with human and nonhuman characters, draws on local and regional histories to explore everyday life and environmental issues as well as to reflect on Saudi natural history. His multidisciplinary practice relies on found materials, such as palm fronds, sand, and dates, in a nod to the environmental pillars of his hometown.

• Saudi Arabia in prime position for green hydrogen in global energy landscape

  “The plan aims to produce 1.2 million tons of green hydrogen and to supply 10% of the global demand for hydrogen by 2030,” they explained. “Furthermore, Saudi Arabia Public Investment Fund (SAPIF) has been investing in several energy projects globally, including a joint venture with Power and Air Products to develop a $5 billion green hydrogen-based ammonia production facility in NEOM, Saudi Arabia. The facility will have a capacity of 1.2 GW and will produce 650 tons of green hydrogen per day.”

• Saudi Arabia’s Aramco Allocates $4 Billion More to Venture Capital Unit

  Saudi Aramco will allocate an additional $4 billion to its venture capital unit as the kingdom expands its global ambitions in an effort to diversify its oil-dependent economy. The extra funds will be injected over four years and will more than double Aramco Ventures’s capital from $3 billion to $7 billion, according to a statement. The bigger size will help with investments in new energies, chemicals and energy transition materials, and digital technologies, it said.

• Saudi Arabia Powers Up its Green Energy Evolution With Carbon Capture

  The Saudi Power Procurement Co. (SPPC) has put out bids for four separate power plant projects, totalling 7,200 megawatts in capacity. Two of these projects, Rumah1 and Rumah2, are slated for the central region, while Nairyah1 and Nairyah2 will be in the eastern region of Saudi Arabia. Each of these projects is designed to produce 1,800MW of power, using natural gas combined-cycle technology and incorporating carbon capture methods. Carbon capture involves the use of various technologies that draw in CO2 from the atmosphere and store it away or use it for other purposes.

• Savvy Games Group: “Approximately 75 percent of our capital allotment has not yet been invested”

  Savvy has three areas of focus - namely, games developers and publishers, esports organisations, and supporting the ecosystem here in the Kingdom. Saudi Arabia is a fascinating and rapidly growing market. There are over 21 million gamers in the Kingdom, 70 percent of the population, over 40 per cent of whom are women.

• Saudi Arabia launches 4 projects to generate 7,200 MW using carbon-capture tech

  The Saudi Power Procurement Co. has invited bids for four independent power plant projects with a combined capacity of 7,200 megawatts. The company has specified that two of the projects, namely Rumah1 and Rumah2, are slated for the central region, while the remaining two, Nairyah1 and Nairyah2, will be situated in the eastern region of the Kingdom, the Saudi Press Agency reported. All these projects will have a capacity of 1,800 MW each and use natural gas combined-cycle technology, along with carbon capture.

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