City Riyadh Financial News

Investing.com — Crude prices fell for a third day in a row as trading began in Asia Thursday, responding to a report by industry group API that the largest weekly crude stockpile build in eight months may have taken place in the United States last week.

By Natalie Grover

Reuters said on Sunday citing the Saudi state news agency. “Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news agency SPA said, as per the Reuters report. Energy ministers of the six Arab nations met on the sidelines of the UN MENA climate week event in Riyadh on Sunday.

NEW DELHI : India and Saudi Arabia on Sunday signed a memorandum of understanding (MoU) on securing a green hydrogen supply chain and cooperation on power grid interconnection. The MoU was signed in Riyadh by union minister for power and new & renewable energy RK Singh and the Saudi minister of energy Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week 2023.

Asian Games weightlifting on Saturday but it was the North Koreans' stunning return after four years that raised eyebrows in Hangzhou. The country that prides itself on shows of strength emerged from a self-imposed Covid exile to capture six gold medals, five silvers and two bronze in weightlifting. They also smashed six world records. Two weeks before the opening ceremony it was unclear if North Korea would show up, having failed to do so at the Tokyo Olympics and last month's weightlifting World Championships in Riyadh. But they came and they conquered hosts China, who were second in the weightlifting standings with five golds, three silvers and one bronze. North Korea proclaimed themselves «world leaders» at the sport, after not being seen in competition since December 2019. «Now North Korea is ahead of us and we need to catch up. We cannot remain in the comfort zone,» said China's head coach Wang Guoxin. The gold rush raised questions about what the North Korean weightlifters had done while the country's borders were sealed to the outside world because of the pandemic. Jang Song Nam, manager of the North Korean weightlifting team, said the success was «payback» for their sacrifices over years of Covid isolation. «Our athletes for these Asian Games have put in so much hard work,» said Jang. «Every gold medal is payback for our hardship over four years.

Saudi Arabia and Russia reaffirmed that they will stick with oil supply curbs of more than 1 million barrels a day until the end of the year as a rally in prices falters.

Saudi Arabia said on Monday it has decided to end light-touch oversight of its nuclear activities by the U.N. atomic watchdog and switch to full-blown safeguards, a change the agency has been demanding for years. Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include activities like proliferation-sensitive uranium enrichment.

Oil surged to a 10-month high — extending a powerful rally that may rekindle inflation — as supply cuts from OPEC+ tightened the market and Saudi Arabia's energy minister shied away from any change in course. Global benchmark Brent topped $95 a barrel for the first time since November. The tighter market has ignited a flurry of predictions that $100 oil could return in a roster than runs from industry heavyweights such as Chevron Corp.

Biden administration is pressing ahead with a concerted effort to strike a «grand bargain» in the Middle East that includes normalization of relations between Israel and Saudi Arabia, calculating that the U.S. could reap big rewards if it can overcome steep obstacles. President Joe Biden's aides have made this diplomatic push a foreign policy priority despite varying degrees of skepticism by experts on whether the timing, conditions and current regional leadership are right for a mega-deal that could reshape the geopolitics of the Middle East. This marks a dramatic reversal for a president who had spent much of his term shying away from deeper diplomatic involvement in the region's troubles, raising questions about why he has committed to such a challenging goal, what he stands to gain and whether he might end up paying too high a price. A bid to broker relations between longtime foes Israel and Saudi Arabia is the centerpiece of complex negotiations that involve discussions of U.S.

The Jerusalem Post citing the report, Riyadh has communicated through the United States that the "extremist" character of Israel's right-wing government, led by Prime Minister Benjamin Netanyahu, is obstructing any potential improvement in relations with the Palestinians, consequently affecting ties with Saudi Arabia. The report also mentioned that Saudi Arabia was discouraged from pursuing a potential peace agreement because of Netanyahu's willingness to accommodate the demands of individuals like National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich, whom the Saudis perceive as being from the "far-right" political spectrum.

India and Saudi Arabia can look at doubling bilateral trade to USD 100 billion in the coming years from about USD 52 billion at present, Commerce and Industry Minister Piyush Goyal said on Monday. He said the two countries can also look at a more balanced trade. The minister suggested Saudi Arabia to open an office of their sovereign wealth fund in GIFT city in Gujarat and industry chamber Ficci set up an office in Riyadh in partnership with Invest India, and the commerce ministry to facilitate investments. «Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about USD 52 billion. »Can we be more ambitious and take it to USD 100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertiliser.

India, Delhi and Riyadh have explored the possibility of offering artist residencies and holding joint training programmes in cultural domains such as film, culinary arts, and visual arts. The two sides have also discussed mechanisms for preserving intangible cultural heritage and historical sites. These programmes will introduce Indians to Saudi culture and vice versa and will foster mutual understanding and collaboration in various fields, Saudi Minister of Culture Prince Bader bin Abdullah bin Mohammed bin Farhan Al Saud told ET’s Dipanjan Roy Chaudhury in an exclusive interview.Q: The Ministry of Culture’s recent participation in the 4th G20 Culture Ministers' Meeting highlighted the importance of cultural cooperation among nations. In what ways has the Kingdom of Saudi Arabia contributed to the G20 Cultural Track?A: The Kingdom’s contributions to the G20 Cultural Track stem from our belief that culture is fundamental to the human experience, as it both expresses and shapes our humanity.

G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East and Europe, the United States said — a modern-day Spice Route that could more closely bind three regions that account for about a third of the global economy. Washington, Saudi Arabia, the EU, UAE and others will sign an agreement on the sidelines of the G20 summit to explore a railway and port project to augment trade flows between Europe and India, officials said.Track all the live updates here The agreement comes with Washington actively engaging with Riyadh, a major oil producer and security partner, as it encourages the kingdom to normalise ties with Israel. Jon Finer, US deputy national security advisor, said the announcement came after «months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings». Finer said the plan could include shipping and rail transportation projects to «enable the flow of commerce, energy and data from here in India across the Middle East to Europe». This project «has enormous potential» he said.

By Yousef Saba and Rachna Uppal

Fury and Ngannou are poised to contest the 'Riyadh Champion' belt, a prestigious WBC commission title. This event marks a significant moment in the realm of crossover super fights, akin to the historic Conor McGregor vs. Floyd Mayweather bout. Having briefly retired from boxing, Fury is now resolute in seizing the opportunities presented in this phase of his career. The impending encounter between Fury and Ngannou promises to be an epic spectacle, hailing as one of the most significant heavyweight contests in recent memory. While Fury's focus remains firmly on his impending clash with Ngannou, he's already contemplating his next formidable opponent from the world of MMA.

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of the year

Oil prices jumped roughly 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December. GMT Brent crude futures for November were up $1.62, or about 1.8%, to $90.62 a barrel, while U.S.

Saudi Arabia’s on-again, off-again plans to list more shares of Aramco, the world’s most valuable oil company, appear to be on again. The kingdom is considering selling a stake of as much as $50 billion, people familiar with the potential deal said, an amount that would be the largest offering in the history of capital markets. After monthslong consultations with advisers, the kingdom has decided to host any new Aramco offering on the Riyadh exchange to avoid legal risks associated with an international listing, according to Saudi officials and other people familiar with the plan.

Al-Hilal will take on Al-Ittihad to snatch the position of the best team in the Saudi Professional League. Al-Ittihad have won all the games in the league so far through their star player Karim Benzema suffered a muscle injury in the last game.

Mint in an exclusive interview. “Earlier, the Indian airports were merely destination airports, but today we find a rising trend of people flying from one part of the world and come to Delhi, Mumbai, Hyderabad, and Kolkata, and take another onward flight without really exiting into any Indian city. That trend is increasing," Vinay Malhotra, head of global sales at IndiGo, said.

BRICS group of countries, comprising Brazil, Russia, India, China and South Africa, has agreed to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE as new members. Concerns of BRICS gradually turning into an anti-West club have increased ever since Russia’s invasion of Ukraine and its “no-limits" partnership with China, which had been especially keen to expand membership. The group’s potential influence over global geopolitics has gone up.