1,059 Saudi, Egyptian inmates to be released

Updated 19 July 2014

1,059 Saudi, Egyptian inmates to be released

Alwaleed Bin Talal Foundations has secured during the holy month of Ramadan the release of 1,059 Saudi and Egyptian prisoners in their respective countries by paying their debts.
The initiative is in line with the continuous support of Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), to strengthen the bonds of cohesion and solidarity between individuals and institutions in society.
Prince Alwaleed confirmed his commitment to helping insolvents and releasing the detainees to ensure their safe return to their families during Ramadan where Muslims are seeking to do good.
Debts have been paid throughout all the regions of Saudi Arabia in coordination with the General Directorate of Prisons, Department of Religious Affairs and Division of Private Rights.
The initiative was extended to pay off the debts of fellow Egyptians in cooperation with Misr El Kheir Foundation, headed by former grand mufti of Egypt, Dr. Ali Gomaa.
Misr El Kheir Foundation was established in 2007, with the aim to provide a decent life and safeguard the dignity of individuals to achieve a self-sustained growth of their society.
Alwaleed Bin Talal Foundations is involved in a wide spectrum of humanitarian and philanthropic activities in more than 84 countries. Their focus areas are established around strategic initiatives, ranging from disaster relief and community development, to women and youth empowerment, as well as promoting intercultural understanding.


It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers

Updated 04 April 2020

It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers

  • Saudi foreign and energy ministers say Moscow's claim that Kingdom withdrew from the OPEC+ deal was unfounded
  • They said it was Russia that abandoned the agreement, leading to a collapse in world oil prices

RIYADH: Saudi Arabia's foreign and energy ministers on Saturday denied Russia's claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices.

In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said "a statement attributed to one of the media of President Vladimir Putin of the Russian Federation claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the deal of OPEC + and that the Kingdom was planning to get rid of shale oil producers."

"The minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the Kingdom from the agreement is not correct," the statement said.

In fact Saudi Arabia and 22 other countries tried to persuade Russia to make further cuts and extend the deal, but Russia did not agree, it said.

Prince Farhan expressed surprise that Russia had to resort to "falsifying facts" when Saudi Arabia's stance on shale oil production is known, the statement said.

He pointed out that Saudi Arabia is one of the main investors in the energy sector in United States, implying that there is no reason for the Kingdom "to get rid of shale oil producers" as Russia has claimed.

He further said the Kingdom "is also seeking to reach more cuts and achieve oil market equilibrium for the interest of shale oil producers."

OPEC+ refers to the cooperation between members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers. The cooperation deal which called for cuts in production by the producers was meant to stabilize oil prices. 

In a separate statement, Saudi Energy Minister Prince Abdulaziz bin Salman rejected Russian Energy Minister Alexander Novak’s similar claim that the Kingdom refused to extend the OPEC+ deal and withdrew from it.

Novak "was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April," Prince Abdulaziz said in a statement.

He said Novak's statement led other countries to decide "to raise their production to offset the lower prices and compensate for their loss of returns." 

On Thursday, Saudi Arabia called for an urgent meeting of oil exporters after US President Donald Trump said he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.

Prince Farhan said he was "hoping that Russia would take the right decisions in the urgent meeting" so that a "fair agreement that restores the desired balance of oil markets" could be achieved.

The global oil market has crashed, with prices falling to $34 a barrel from $65 at the beginning of the year, as a result of the coronavirus pandemic. 

Fuel demand has dropped by roughly a third, or 30 million barrels per day, as billions of people worldwide restrict their movements.

A global deal to reduce production by as much as 10 million to 15 million barrels per day would require participation from nations that do not exert state control over output, including the United States, now the world’s largest producer of crude.

A meeting of OPEC and allies such as Russia has been scheduled for April 6, but details were thin on the exact distribution of production cuts. No time has yet been set for the meeting, OPEC sources said.