Invest Qatar launches $1bn incentive program to accelerate investment

LONDON: Oil prices were little changed on Tuesday on increasing expectations members of the Organization of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.

Brent crude futures were up 11 cents, or 0.2 percent, at $64.85 a barrel by 9:40 a.m. Saudi time, while US West Texas Intermediate crude rose 6 cents, or 0.1 percent, to $61.59 a barrel. The WTI contract did not settle on Monday because of the US Memorial Day holiday.

“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” Daniel Hynes, senior commodity strategist at ANZ, said in a note.

OPEC+ will likely finalize July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalize output quotas in an online ministerial meeting on May 28.

Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday.

OPEC+ members had already agreed to accelerate oil output increases for a second month in June.

However, US President Donald Trump’s decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand.

Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Co. said. The price it set for May was a premium of $1.65.

Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the US over its nuclear program fail to secure a deal.

If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. 

RIYADH: Saudi Arabia has raised wage subsidies for local workers in the tourism sector from 30 percent to 50 percent, in a strategic push to expand employment opportunities for Saudi nationals and reduce reliance on foreign labor.

The initiative, part of the Employment Support Program by the Human Resources Development Fund, was unveiled by the Ministry of Tourism in coordination with other government agencies.

It extends financial support to 43 tourism-related professions and is designed to enhance the appeal and sustainability of careers in the sector.

According to the Saudi Press Agency, the program aligns with the Ahlaha initiative — the ministry’s national workforce empowerment plan — which seeks to train and integrate Saudi citizens into the tourism industry.

The updated wage support is expected to encourage more private sector involvement in national workforce development and marks a significant step toward achieving the goals outlined in the Kingdom’s National Tourism Strategy, which aims to create 1.6 million jobs by 2030 as part of the broader Vision 2030 economic diversification agenda.

“The step aims to raise the percentage of national employment in the tourism sector, while ensuring job sustainability and stability for Saudi workers,” the SPA report stated.

The decision underscores ongoing efforts by the Ministry of Tourism and its partners to empower Saudi men and women in tourism-related roles and increase Saudization rates across the industry.

Latest figures from the General Authority for Statistics show that by the fourth quarter of 2024, employment in the tourism sector grew by 4 percent year on year. Saudi nationals comprised 25 percent of the workforce — or 242,073 employees — while expatriates accounted for 75 percent, totaling 724,458 workers. The Riyadh and Makkah regions led the sector in employment numbers.

In a related move, authorities announced in April that 41 key tourism roles, including hotel managers, travel agency directors, and tour guides, will be exclusively reserved for Saudi nationals starting April 2026. The decision is part of continued efforts to localize critical job functions and strengthen the domestic workforce.