The world’s largest green hydrogen project in Saudi Arabia’s NEOM has formally entered the construction stage. In a statement, ACWA Power said that its affiliate NEOM Green Hydrogen Co. issued a full award notice to proceed with the engineering, procurement and construction, which has been approved. ACWA Power further pointed out that its SR1.12 billion ($300 million) contribution in the limited notice to proceed will become part of its equity contribution to the project.
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ would do whatever is necessary to support the oil market. The Minister was speaking on the sidelines of the 8th OPEC International Seminar in Vienna on Wednesday. On Monday, Saudi Arabia said it would extend the one million-barrel-per-day (bpd) production cut it had initially flagged for July into August, while Russia announced a 500,000-bpd decline in exports next month.
Iranian Oil Minister Javad Owji and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud have exchanged views about the possibility of joint investment in the oil and gas industry.
The OPEC+ countries seek to maintain the stability of oil markets at their meeting on Sunday amid global economic turmoil and uncertainty surrounding global economic and political prospects. Last week, Saudi Energy Minister Prince Abdulaziz bin Salman warned "short sellers" against betting on oil prices falling, saying they should watch out. Ministers of OPEC and its allies began their two-day meetings on Saturday at the organization's headquarters in Vienna.