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OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady | The Express Tribune
OPEC says geopolitical developments need close monitoring, no forecast changes yet
A woman passes by a logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. Photo: Reuters
The Organisation of the Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia sharply increased oil production in February ahead of US and Israeli strikes on Iran and kept its forecasts for relatively strong global oil demand growth this year.
Saudi Arabia boosted output and exports as part of a contingency plan in case any US strike on Iran disrupted Middle East supplies, sources familiar with the plan said in February. The attack came on February 28 and the ensuing conflict has disrupted oil exports, forced production stoppages and sent prices soaring.
OPEC, in a monthly report on its website, said that Saudi Arabia told the group its February supply to the market was 10.111 million barrels per day, while production reached 10.882m bpd. The kingdom reported January output of 10.10m bpd.
Saudi Arabia has long intervened in oil markets, adding barrels during disruptions or curbing output when it sees oversupply. The February rise echoed a contingency plan last year when it moved more oil to storage, the sources said last month.
OPEC also said output by the wider OPEC+, which includes other producers such as Russia, averaged 42.72m bpd in February, up 445,000 bpd from January, citing secondary sources.
Read More: OPEC+ mulls larger oil output boost
“Supply to market” usually covers exports plus domestic refinery and power-plant use, excluding oil shifted into storage. As such, Saudi Arabia’s February supply to the market stayed close to its OPEC+ quota, even as production ran well above the target.
OPEC left unchanged its forecast that world oil demand will grow by 1.38m bpd this year. Its 2026 demand estimate remains higher than those of other analysts, including the International Energy Agency.
Also Read: Oil crisis: Is world better placed than in 1973?
“Ongoing geopolitical developments warrant close monitoring, although their impact, if any, on the growth forecast may be too early to determine,” OPEC said in the report, referring to economic growth.
The Saudi and OPEC increases in February came despite OPEC+ agreeing to keep output targets steady for the first quarter of the year.
Business
Starmer says ‘tide could be turning’ on shoplifting epidemic
Sir Keir Starmer claimed “the tide could be turning” against shoplifting as he set out the Government’s efforts to crack down on retail crime.
The Prime Minister said shop thefts were “slightly down” in the latest figures and he wanted wider use of technology which allows CCTV footage to be shared immediately with the police.
His comments came as a think tank highlighted figures showing 67% of shoplifting offenders go on to commit another offence within 12 months, up from 55% before the pandemic.
In an address to the Usdaw shopworkers’ union, Sir Keir said: “It’s disgraceful that people just working in their shop have to take abuse from customers.
“It’s disgraceful that people feel sick to the stomach thinking about how they’re going to get through the day and it’s disgraceful that people can have their lives and livelihoods ruined by persistent shop theft.”
He said the Government has put an extra 3,000 neighbourhood police officers on the streets and scrapped the “ridiculous” rule which left theft of goods worth less than £200 “not properly investigated” by police.
“That was a shoplifters’ charter, and we’ve ended it and not before time,” he said.
“We’ve toughened up punishment too. We’re giving police stronger powers, making the abuse and assault of retail workers a specific crime and giving you the same protections as emergency workers.”
Sir Keir said he was “not blind to how big this challenge is” but said the number of people charged had gone up 17% in the latest statistics and shop theft was down.
The latest Office for National Statistics (ONS) data showed shoplifting offences fell slightly last year, down from 516,611 in 2024 to 509,566 in 2025.
Sir Keir said: “It’s only slightly down, but the tide could be turning.”
The Prime Minister’s speech came as the Centre for Social Justice (CSJ) warned of a high street crime epidemic.
The centre-right think tank highlighted figures uncovered by former Tory leader Sir Iain Duncan Smith through parliamentary questions which showed the extent of repeat offending.
The think tank’s analysis showed the average number of offences committed by shoplifters has nearly doubled in five years, rising from 5.5 to 9.1 offences per convicted thief.
Sir Iain, the CSJ’s chairman, said: “Communities across Britain are suffering from a high street crime wave.
“Set against years of economic difficulties, there is a risk that some of our town and city centres are left permanently hollowed out.”
A standalone offence for assaulting a retail worker is set to be introduced in the Crime and Policing Bill going through Parliament.
But the two Houses of Parliament are currently in a tussle over the final draft of the Bill as the end of the parliamentary session nears.
Almost 80% of shop workers said they experienced verbal abuse, more than half said they were threatened by a customer and 10% said they were assaulted in the latest annual survey by retail trade union Usdaw.
The small drop in shoplifting in the ONS figures may reflect a change in how such offences are recorded.
Offences where someone has entered a retail premises, steals, then either uses or threatens violence against staff or other people should be classed as robbery of business, police forces were advised in April last year.
This may account for the steep increase in the number of such robberies recorded, which rose 78% to 26,158 in 2025.
Joanne Thomas, Usdaw general secretary, said the incoming legislation delivers “much-needed protection of retail workers’ law”.
She said: “While there has been a welcome small decrease in shoplifting across last year, the fact is retail crime continues to be a significant issue for the sector and particularly staff.
“Usdaw’s last survey found that this is in no way a victimless crime, with two-thirds of attacks on retail staff being triggered by theft or armed robbery.
“Having to deal with repeated and persistent offences can cause issues beyond the theft itself, like anxiety, fear and physical harm to retail workers.”
Shadow home secretary Chris Philp accused the Prime Minister of “brazen cheek”, saying Sir Keir was “part of the problem, not the solution”.
He said: “Shoplifting is up 8% under Labour, made worse by a drop in total police numbers of 1,300 in the last year alone.
“Starmer is abolishing prison sentences under a year, which means virtually no shoplifter will ever go to prison.
“The Conservative plan to take back our streets will see 10,000 extra police hotspot patrol high crime areas, combined with a tripling of stop and search and widespread use of live facial recognition to catch wanted criminals.
“Only the Conservatives have a plan to fix this.”
Business
Gold prices rise rebound in Pakistan after recent decline – SUCH TV
Gold prices in Pakistan have risen again at the start of the business week after several days of decline, according to the All Pakistan Bullion Market.
The price of gold per tola increased by Rs 800, reaching Rs 493,962.
Similarly, the price of 10 grams of gold rose by Rs 686 to Rs 423,492.
In the global market, gold also recorded an increase of $8 per ounce, reaching $4,716.
Experts say global economic uncertainty, currency fluctuations, and investor preference for safe-haven assets are driving the upward trend in gold prices.
They add that changes in international markets directly impact Pakistan’s local bullion rates, leading to continued fluctuations in domestic prices.
Business
Anta: The Chinese sports brand taking on Nike and Adidas
Now one of the biggest sportswear firms, Anta’s rise follows a playbook adopted by many Chinese giants.
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