Saudi Arabia Financial News

Ramadan moon sighting 2024: Muslim population in Saudi Arabia sighted the crescent moon on Sunday and began their Ramadan 2024 fasting on Monday, March 11. Usually, the Ramadan moon is sighted in parts of Asia and Australia a day after the crescent moon sighting in Saudi Arabia and the UAE. Ramadan 2024 is the ninth month of the Islamic calendar and is considered as the holiest month for the people of the Muslim faith.

Read here. Bengaluru is currently in the grip of a severe water crisis, with residents experiencing daily water cuts and certain areas receiving water only on alternate days. In response to this pressing issue, the BJP has declared a protest at Freedom Park on Monday, aimed at shedding light on the water woes plaguing the city.

By Yousef Saba and Maha El Dahan

Arizona officials say a Saudi-owned company they targeted over its use of virtually unfettered amounts of groundwater to grow forage crops is moving its farming operation out of a valley in the Southwestern state’s rural west

Saudi oil giant Aramco says it made $121 billion profit last year, down from its 2022 record due to lower energy prices

Saudi Press Agency reports, quoted by Hindustan Times, the Supreme Court has asked that anyone in the Kingdom, who sees the Ramadan crescent moon with their naked eyes or through binoculars, should notify the court nearest to their location and record their testimony there. ALSO READ: Ramadan 2024 moon sighting: When crescent moon is expected to be sighted in India, Saudi Arabia The report added that various observatories across the Kingdom of Saudi Arabia will search for the crescent moon for the month of Ramadan 1445 AH on Sunday.

Ramadan 2024 moon sighting: The sighting of the crescent moon marks the beginning of the holy month of Ramadan. The exact timing of the moon sighting can vary depending on geographical location and local moon sighting traditions. The beginning of Ramadan 2024 is determined by the Islamic calendar which is based on the lunar cycle and is 29-30 days long.

By Maha El Dahan and Yousef Saba

Saudi Aramco on Sunday reported a 24.7 percent decline in profits in 2023 compared to the previous year, the result of lower oil prices and production cuts. The oil giant said in a filing with the Saudi stock market that net income reached 454.7 billion Saudi riyals ($121.25 billion) in 2023, compared to 604.01 billion Saudi riyals ($161.07 billion) in 2022.

India typically begins upon the sighting of the crescent moon marking the start of Ramadan. In Saudi Arabia, if the Ramadan crescent moon is sighted on Sunday evening, fasting will commence on Monday, March 11.

₹6,462 per bbl, having swung between ₹6,427 and ₹6,525 per bbl during the session, against a previous close of ₹6,459 per barrel. Also Read: Explained | Why did OPEC+ members extend oil output cuts to mid-2024 -China's imports of crude oil rose in the first two months of the year compared with the same period in 2023, but they were also weaker than the preceding months, data showed on Thursday, continuing a trend of softening purchases by the world's biggest buyer. -On the supply side, OPEC members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output levels.

ChatGPT, is rapidly approaching Apple's spot as the world's second-most valuable company.. In a remarkable rally driven by AI advancements, Nvidia's market valuation has surged from $1 trillion to over $2 trillion in just nine months, surpassing Amazon.com, Google-parent Alphabet, and Saudi Aramco along the way, according to a report by CNBC-TV18.

Ramadan lights installation at Piccadilly Circus to start Ramadan 2024 celebrations He said that the great thing about Ramadan lights is that it gives Muslims Brits a sense of belonging. It sends a message ‘we are not simply tolerated but respected, embraced and celebrated. Also, not only Muslims, but even non-Muslims enjoy these lights.

three of its four leases in the Butler Valley Basin would not be renewed. Fondomonte was simultaneously notified that the fourth lease would be canceled as well.

Saudi Arabia’s crown prince has transferred another 8% of shares in the kingdom’s oil giant Saudi Aramco to the country’s prominent sovereign wealth fund

By Pesha Magid, Yousef Saba and Clauda Tanios

developing countries’ ideas for growth are staggeringly ambitious. India and Indonesia hope to become high-income countries within 25 years. Muhammad bin Salman, Saudi Arabia’s crown prince, wants to diversify and develop its economy just as rapidly.

(Reuters) — Oil prices ticked higher on Thursday after U.S. crude inventories rose less than expected last week and fuel stocks saw large draws.

Also Read: US sanctions threaten Russian oil sales to India; complicate process for OMCs to secure annual deals: Report Oil has found support in 2024 from rising geopolitical tensions and Houthi attacks on Red Sea shipping, although concern about economic growth has weighed. While OPEC+ was widely expected to keep the cuts in place, Russia's announcement could bolster prices further. -Boost crude oil prices: The oil supply cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

Also Read: Explained | Why did OPEC+ members extend oil output cuts to mid-2024 Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a March 19 expiry, was last trading 2.42 per cent higher at ₹6,638 per bbl, having swung between ₹6,484 and ₹6,671 per bbl during the session, against a previous close of ₹6,481 per barrel. -The Organisation of Petroleum Exporting Countries and its allies (OPEC+) led by Saudi Arabia and Russia agreed earlier this week to extend voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter or mid-2024.

Russia expanded its share in India's crude oil imports to 32% in February from 27% in the previous month, little affected by Red Sea tensions and helped by rising demand from state-run refiners in India. Saudi Arabia became India's second-largest crude supplier in February, with its share rising to 19% from 14%. Iraq was a key loser, falling to 18% from 24%. In November, Russia had a share of 35%, which fell in both December and January before recovering in February. State-run refiners accounted for 61% of total 1.41 million barrels per day (mbd) of crude India received from Russia in February, according to energy cargo tracker Vortexa. These companies' combined share expanded from 52% in January as their daily import volume jumped by a quarter in a month while private sector refiners' intake fell by 12%.