Saudi Arabia Financial News

Investing.com — Oil prices soared higher Monday on concerns of disruptions to global supply, particularly to the important Asian market, following mounting attacks by the Houthis on ships in the Red Sea.

Kuwait's emir Sheikh Nawaf al-Ahmad Al-Sabah, who was defence minister when Iraq invaded the oil-rich country in 1990, was laid to rest Sunday in a low-key funeral, a day after he died aged 86. Foreign leaders and envoys were later due to pay their final respects, including the Saudi de facto ruler, the kings of Bahrain and Jordan, and US Defense Secretary Lloyd Austin.

Hindustan Times on 17 December. “I believe that there is a problem of compatibility between Islamic culture and the values ​​and rights of our civilization," HT quoted her saying.

Kuwait’s new ruler is taking over in his 80s and will be confronted with the same economy-hobbling political dysfunction that has for years doomed reforms. But there are differences in this succession as well as similarities, and how they play out will help dictate whether 83-year-old Emir Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah can break the OPEC member state free of its paralysis.

PGA TOUR headquarters in Ponte Vedra. The TOUR spent years harvesting the fruits of their prominent status, attracting top talent and generous sponsorships. They used their seat at the table to concentrate power, exemplified by the uneven distribution of points in the Official World Golf Rankings, and access to major tournaments.

FIFA Club World Cup 2023 is here and Pep Guardiola's Manchester City will be eyeing to lift the silverware for the first time in Saudi Arabia. If successful, Manchester City could join the ranks of the four Premier League teams that have clinched victory in the tournament. Additionally, Guardiola is aiming for his fourth Club World Cup title, a feat achieved with a third different team, having previously won twice with Barcelona and once with Bayern Munich.

Kuwait’s ruling emir has died at age 86

Dubai, US special envoy John Kerry admitted that he thought it might never happen. The seasoned international negotiator recalled a conversation with one minister who worried about a deal that would signal the end of fossil fuels. «One minister from one of those countries involved said, 'John, you can't ask us to commit economic suicide',» Kerry said. He did not name the country but Saudi Arabia, the world's top oil exporter, led the charge against any strong language against fossil fuels. Kuwait and Iraq were also staunch opponents. In the end, nearly 200 countries adopted on Wednesday a deal stating that the world will be «transitioning away from fossil fuels» in order to achieve net-zero emissions by 2050. It was the first time in the 28-year history of the Conference of the Parties that all fossil fuels were mentioned in an accord. «I never thought we were going to have the kind of breadth that we have today, to be honest with you,» Kerry said on Wednesday.

Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter.

Like over-caffeinated college students, Sultan Al Jaber, John Kerry and other CoP-28 delegates pulled an all-nighter to turn what could have been an ‘F’ grade on a global climate deal into a respectable ‘C.’ Still, in their scramble to produce a historic pact, they left a glaring omission that could doom the whole enterprise in the longer run. They ignored the money constraint. Give credit where it’s due: The end product of this year’s UN climate conclave, an agreement that the world needs to stop using fossil fuels, was the first of its kind and a drastic improvement over most CoPs, which are usually failures.

A missile fired from Houthi-controlled territory in Yemen missed a container ship traveling through the crucial Bab el-Mandeb Strait

Yemen's Houthi rebels have been attacking ships in the Red Sea, one of the world's major trade arteries

FIFA, the famous international governing body for football, has announced a new digital collectible collection in its first collaboration with tech firm Modex – with some notable perks.

Also Read: Russian President Vladimir Putin to run for elections, 'as a military leader of a country at war’ India purchased Russian oil at an average price of about $81.24 per barrel in September, according to Reuters' based on the latest data posted on the Trade Ministry's website. India's intake of Russian oil could rise on softening prices, a government official said last week. The price of Russia's flagship grade Ural in Baltic ports has plunged since late November below the $60/barrel ceiling.

₹1,446 crore. Adar Poonawalla is the CEO of Serum Institute of India (SII), which makes the Covishield vaccine. A CNBC report confirmed the deal wherein Adar Poonawalla will buy the most expensive house in London.

COP28 climate summit, published on Monday, has drawn criticism for omitting the mention of phasing out fossil fuels, a key factor in the climate crisis. The removal of the call to abandon fossil fuels appears to be a concession to oil-producing nations opposing the measure, CNN reported. The latest draft urges countries to take action to diminish planet-warming pollution, potentially encompassing reductions in the consumption and production of oil, coal, and gas. Critics have decried the draft for its vague language and absence of concrete timelines.

diamond ring and suspected a hotel staff of stealing it. But the police resolved the mystery and found the valuable ring at a place no one could think about. The owner will get his ring back and the hotel has offered him a three-night stay free to compensate for the inconvenience caused.

China climate envoy Xie Zhenhua heads to bilateral meeting earlier today | Credit: UNFCCC

Lok Sabha elections, according to a report by ET Now. In contrast to peak losses of ₹17 per litre on petrol and ₹35 per litre on diesel in 2022, OMCs are now making a profit of ₹8-10 per litre on petrol and ₹3-4 per litre on diesel. According to the report, the oil ministry has already discussed crude versus retail price scenarios with OMCs.

Jammu & Kashmir Reservation (Amendment) Bill, 2023, and the Jammu and Kashmir Reorganisation (Amendment) Bill, 2023, have been passed in the Lok Sabha on Wednesday. These bills, according to Union Minister Amit Shah, aim to address historical injustices and restore rights to those who were deprived of them in the Union Territory.

DUBAI: Lack of progress on designing a framework for a global goal on adaptation, or measures taken by countries to live with and become more resilient to adverse impacts of climate change, could derail a successful conclusion to the COP28 climate talks. While emission reduction or mitigation has clear goals-the temperature target of well below 2C and pursuing efforts to limit the temperature increase to 1.5C, there are no comparable targets for adapting to impacts of climate change. The 2015 Paris Agreement addresses this gap through the decision to put in place a global goal that mirrors that for mitigation. Over 8 workshops and two years countries have been working to develop this framework, which countries are expected to agree to in Dubai.