MUST-READS

• Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on healthier oil market outlook

  The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook. Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions. Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability.

• Saudi Arabia to consider resuming Lebanon imports, lifting travel ban

  Saudi Arabia will review “obstacles” to resuming Lebanese imports and ending a ban on its nationals visiting Lebanon, the two governments said. The announcement was made in a joint statement released after Lebanese President Joseph Aoun met Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman (MBS) in Riyadh on Tuesday – Aoun’s first trip abroad since taking office in January. “The two sides agreed to start studying the obstacles facing the resumption of exports from the Lebanese Republic to the Kingdom of Saudi Arabia, and the measures necessary to allow Saudi citizens to travel to” Lebanon, the statement published by the official Saudi Press Agency said. In April 2021, the kingdom suspended fruit and vegetable imports from Lebanon, charging that shipments were being used for drug smuggling and accusing Beirut of inaction.

• Saudi oil giant Aramco posts drop in full-year profit, slashes dividend

  Saudi state oil producer Aramco reported on Tuesday a decline in net profit to $106.2 billion in 2024, down from $121.3 billion in 2023. The company said it expects total dividends for 2025 of $85.4 billion — a significant fall from 2024′s total of $124.2 billion. This comes as it cut its total payout for the fourth quarter. The oil giant said its base dividend for the final three months of the year would be increased to $21.1 billion, but its performance-linked payout would be just $200 million. This compares to a third-quarter base dividend of $20.3 billion and a performance-linked dividend of $10.8 billion. Lower oil prices hit the company’s net profit last year as crude production around the world increased and demand slowed. Amarco’s realized oil price — the final price the company receives for selling its crude after accounting for transport costs and other factors — dropped to $80.2 per barrel in 2024 from $83.6 the year prior.

• Saudi, Lebanese leaders reaffirm commitment to Taif Agreement and Lebanon’s sovereignty

  Leaders of Saudi Arabia and Lebanon emphasized the importance of enhancing Arab cooperation and coordinating positions on regional and international issues, Saudi state news agency SPA reported on Tuesday. Both sides reaffirmed the necessity of fully implementing the Taif Agreement. This agreement, which ended Lebanon’s civil war, was negotiated in Saudi Arabia, in 1989. They also stressed the importance of ensuring Lebanon's sovereignty over all its territories, restricting weapons to the Lebanese state, and supporting the Lebanese army’s national role - calling for the withdrawal of the Israeli occupation forces from all Lebanese territories. These points were highlighted in a joint statement issued following the official visit of Lebanese President, Joseph Aoun, to Saudi Arabia.

• The 2025 Global Energy Agenda

  The scale of political transformation that took place throughout the democratic world in 2024 will be evident when the Group of Seven (G7) convenes under new Canadian leadership later this year. Ultimately, elections last year led to a notable political shift to the right, laying the foundation for a new international energy and climate architecture. Global affairs are only part of the story, however. The release of generative artificial intelligence (AI) models like ChatGPT and OpenAI illustrate the emergence of novel challenges with global consequences on par with those stemming from foreign affairs. For a world still largely pursuing a net-zero future, its leaders must now also contend with yet another competitive race between the United States and China, this time for dominance over key aspects of the development, deployment, and governance of a technology central to global military and economic primacy.

• Heavy rains sweep across Saudi Arabia, triggering weather warnings and supension of in-person classes
  Saudi Arabia’s General Directorate of Civil Defense has issued a weather warning for most regions of Saudi Arabia, forecasting moderate to heavy rainfall across large parts of the country until Friday. The affected regions include Mecca, Riyadh, Medina, Tabuk, Hail, Qassim, the Eastern Province, Northern Borders, Al Jouf, Al Baha, and Asir. The Civil Defence urged residents to take necessary precautions, avoid flood-prone areas such as valleys, and refrain from swimming in them.

• Estimating the economic impacts of AI in Saudi Arabia

  Since 2019, the World Bank has been actively engaged with Saudi authorities to enhance the Kingdom's digital sector, and with AI adoption spreading at breakneck speed across the globe, this work continues.  Our collaboration has aimed to transform the way people in Saudi Arabia experience everyday online transactions and engage with government services through partnership and technical assistance with four key digital authorities: 1) the Ministry of Communications and Information Technologies (MCIT), 2) the Saudi Digital Government Authority, 3) the Saudi Data and Artificial Intelligence Authority, and 4) the Digital Cooperation Organization. And tangible results were achieved. For example, Saudi Arabia successfully implemented key reforms that revolutionized the production and delivery of public services through digital means. These reforms have improved back-end operations related to data and information management, streamlined workflows and processes around people’s needs, and enhanced online user interfaces. As a result, Saudi Arabia recently came up number 6 out of 193 countries in the 2024 United Nations E-Government Survey ranking.

• Lebanon appreciates Saudi support for its stability: Aoun

  Aoun, in his first trip abroad as president, expressed hope that discussions with the crown prince will further enhance cooperation between the two nations. The Lebanese president said that it was “an opportunity to express gratitude to the Kingdom for hosting Lebanese individuals who have come to it years ago and contributed to its urban and economic development.” Aoun arrived at King Khalid International Airport in Riyadh in the afternoon, accompanied by Foreign Minister Youssef Raji. Aoun and his delegation are scheduled to travel to Cairo on Tuesday to participate in the extraordinary Arab summit.

• Iranians outraged as Turkey warns action in Syria will boomerang for Iran

  Turkish Foreign Minister Hakan Fidan’s warning that Iran will face instability if it makes any destabilizing move in Syria has sparked widespread condemnation in Tehran. As Iran’s longtime Syrian ally Bashar Al-Assad has been toppled by Turkish-backed Sunni Islamists, some Iranians say Ankara now believes that Tehran is too weak to stand up to Turkey.

• Saudi deficit to rise after $40bn loss in Aramco oil dividends

  A projected 30 percent drop in Saudi Aramco’s oil dividends in 2025 is likely to force the government and state-owned Saudi Public Investment Fund to step up borrowing to fund infrastructure and other projects under the kingdom’s Vision 2030 economic and social strategy, analysts say. The world’s largest oil company intends to cut dividends to shareholders by $38.8 billion in 2025 compared to last year. This would leave the Saudi government and Saudi PIF – which between them own 97.5 percent of Aramco – facing a drop in revenue larger than the GDP of Zimbabwe. Saudi Arabia’s budget deficit is likely to increase as a result, analysts say, although the country should be able to maintain spending on infrastructure projects by tapping international debt markets.

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