City Riyadh Financial News

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, agreed a broad deal in early June to curtail supplies until the end of 2024. Saudi Arabia at the time announced the additional voluntary cut which brought its oil production to a multi-year low of 9 million bpd. Earlier this month, Riyadh extended the voluntary cut into September, with the energy ministry saying that it could be «extended, or extended and deepened». «We think Saudi Arabia will extend the cut in full at least through October,» Richard Bronze, analyst at consultancy Energy Aspects said. «The kingdom is adopting a cautious approach after the weakness in oil markets over the first half of the year and will want to see global inventories significantly decline before starting to unwind the additional voluntary cuts,» he added. The Saudi energy ministry did not immediately respond to a request for comment. Brent oil prices in July were up 14% on the previous month, the biggest monthly increase since January 2022.

Also read: Bahrain Steel to supply iron ore pellets to Essar's green steel project in Saudi Arabia For years, Iran and Saudi Arabia had been engaged in a bitter rivalry for influence in various Middle Eastern countries. Rivalry between Iran's revolutionary, Shi'ite Muslim leaders and Saudi Arabia's Sunni ruling family dominated the Middle East. This rivalry had led to sectarian tensions and conflicts in Iraq, Syria, Lebanon, Yemen, and Bahrain.

By Dan Williams

China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer. Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047 GMT. U.S.

Saudi Arabia said it would grant $1.2 billion of financial aid to Yemen’s internationally recognized government in a bid to buoy the country's struggling economy

Investing.com — Crude oil prices rose Monday, on track for the biggest monthly gains in over a year on expectations of a further tightening in supply as well as U.S. growth optimism.

India is expected to send a senior diplomat to represent the country at a peace summit seeking to find a way to end the conflict between Russia and Ukraine organised by Saudi Arabia in Jeddah in early August, ET has learnt. India, Brazil and South Africa have been invited to attend the meet of 30 nations as part of Saudi efforts to initiate deal between Ukraine and Russia.

Saudi Arabia will host a Ukrainian-organized peace summit in early August seeking to find a way to start negotiations over Russia's war on the country, an official said. The kingdom and Kyiv did not immediately acknowledge the planned talks. The summit will be held in the Red Sea port city of Jeddah, said the official, who spoke on condition of anonymity as no authorization had been given to publicly discuss the summit.

Turkish Finance Minister Mehmet Simsek says Turkey and the United Arab Emirates have signed deals worth $50.7 billion, as President Recep Tayyip Erdogan rounds off a three-country tour of the Gulf

reliance on oil, he is pushing companies to move their regional headquarters to Riyadh, the Saudi capital, from U.A.E.’s Dubai, a more cosmopolitan city favored by Westerners. He’s also launching plans to set up tech centers, draw more tourists and develop logistical hubs that would rival the U.A.E.’s position as the Middle East’s center of commerce. In March, he announced a second national airline that would compete with Dubai’s highly ranked Emirates.

These major tournaments encompass a range of esports titles, including Valorant, Mobile Legends, League of Legends, Apex Legends, Dota 2, and more. From massive third-party events to developer-driven spectacles, each competition serves as the pinnacle of an exhilarating and lengthy circuit. Below, you'll find a comprehensive list of the remaining major tournaments set to captivate audiences in 2023.

Muslim World League and President of the International Islamic Halal Organisation, Sheikh Muhammad bin Abdul Karim Al-Issa, said India is a great example of Unity in Diversity and his visit to the Akshardham temple in the national capital on Thursday only served to reinforce the belief. Al-Issa, who is on a five-day visit to India, spent three hours at the Swaminarayan Akshardham on Thursday.

Saudi Arabia's decision to extend its oil production cuts part of a so far largely unsuccessful bid to raise prices may trigger an economic contraction in what was the Group of 20's fastest-growing country last year. It would be a stark turnaround for the $1 trillion economy, which surged almost 9% in 2022, helping Crown Prince Mohammed bin Salman invest tens of billions of dollars in everything from sports to tourism and new cities. The boom was propelled by record crude output of around 10.5 million barrels a day and prices averaging $100 a barrel as Russia's invasion of Ukraine roiled energy markets.

Dubai | London | Saudi Arabia plans to launch a multibillion-dollar investment company to expand its sports interests following its power grab in golf and success in English soccer, according to two people familiar with the matter.

Oil rose as traders weighed Saudi Arabian and Russian production cuts after a slew of low-volume trading sessions.

BSE SME exchange at a premium on Wednesday. The stock was listed at ₹86.05 per share, nearly 4.9 percent higher than the issue price of ₹82 on the BSE SME exchange.  On day 3 of the subscription, the issue was subscribed 2.46 times. The retail investors portion was subscribed 1.65 times and other category was subscribed 3.26 times.

Brent crude futures were up 22 cents, or 0.3%, at $74.87 a barrel by 0033 GMT. U.S. West Texas Intermediate crude were at $70.06, up 27 cents, or 0.3%.

Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

With cryptocurrencies increasingly gaining a foothold across the Arab world, some industry analysts are examining how Saudi Arabia’s plan to join China’s New Development Bank, also known as the BRICS bank, could impact on diversifying the kingdom’s financial environment. 

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