OPEC+ alliance maintains oil production in December

The seven OPEC+ member states, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a video conference today to review the latest developments in the oil market and its future outlook. These countries had previously announced additional voluntary adjustments in April and November 2023.

The seven participating countries decided to maintain the production levels required for last September in December. They reaffirmed their commitment to the cooperation agreement and will continue to hold monthly meetings to monitor market developments, with the next meeting scheduled for the 29th of this month, according to the Saudi Press Agency (SPA).

The OPEC+ alliance completed the gradual phase-out of voluntary production cuts totaling 1.65 million barrels per day, which it had implemented in 2023, last September.

The US-Israeli war on Iran, which began in late February last year, pushed Brent crude prices up to $126.41 per barrel in April 2026. The war’s repercussions spread across the Middle East, placing the Strait of Hormuz, through which approximately 20 percent of global energy supplies passed before the conflict, at the heart of the turmoil.

Al-Zaidi said in a statement issued by the Government Media and Communications Office today that this comes “in support of our dear people in the Kurdistan region and with the onset of winter.”

Saudi Aramco acquired a 49 percent stake in Humain, an artificial intelligence company owned by the Public Investment Fund (PIF), according to a joint statement from the two Saudi entities today, as the oil giant seeks to harness this advanced technology in the oil sector.

PIF and Aramco announced in a statement the completion of Aramco’s acquisition, through one of its wholly owned subsidiaries, of a 49 percent stake in Humain, with the fund retaining a 51 percent ownership share.

The statement noted that Aramco will benefit from Humain’s AI infrastructure to translate advanced AI capabilities into industrial applications, further enhancing its global business and operations.

It added that the deal involves cash contributions of approximately SAR 9.9 billion ($2.6 billion) in 2026, injected by Aramco into Humain, along with AI assets, computing resources, and digital assets.

In a quote included in the joint statement, Al-Nasser said, “Since 2023, the value realized through technology at Saudi Aramco has reached SAR 42.4 billion ($11.31 billion), with a significant portion coming from technical solutions, particularly artificial intelligence.”

Al-Nasser had said in January last year at the Davos Forum that Aramco benefits more from AI in the refining and distribution sectors than in exploration.

Humain, backed by Saudi Arabia’s sovereign wealth fund valued at around $1 trillion, was launched in May 2025, as the kingdom bets on AI to diversify its economy. It sits at the core of the Gulf state’s ambition to become a leading global hub for artificial intelligence.

In November 2025, Humain announced a partnership with technology giant NVIDIA, following US authorities’ approval for the export of advanced chips manufactured by the American giant to Saudi Arabia.

The company had previously announced a multi-billion-dollar deal with Entrantek to build data centers in Saudi Arabia.

Vietnam has slashed the special consumption tax on all types of gasoline to zero percent from today until March 31, 2027, under a new government decree issued on Saturday, according to the local VNExpress newspaper.

Under the special consumption tax law, which took effect on July 1 of last year, the tax rates stand at 10 percent for regular gasoline, 8 percent for E5 biofuel, and 7 percent for E10 biofuel.

The tax had previously been reduced to zero percent from late March to June 2026 to help stabilize the domestic market.