Saudi Arabia Financial News

DUBAI (Reuters) — Growth in non-oil business activity in Saudi Arabia eased in November from the previous month as a decline in export demand and inflationary pressures weighed, but the outlook was positive as new orders hit a five-month high, a survey showed on Tuesday.

₹368.7-384.1 per share, a discount of up to 4% on the prevailing market price.Oil steadied after a three-day loss as Saudi Arabia said recent cuts by Opec would be honored in full and could be extended, pushing back against persistent skepticism over the curbs’ effectiveness.Global benchmark Brent held above $78 a barrel after dropping by more than 6% in the preceding three sessions, while West Texas Intermediate was over $73. Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News the recently decided cuts would “overcome" an expected inventory build in the first quarter, and could be continued further into 2024 if needed.HCL Tech, Honasa Consumer, SpiceJet, Brigade Enterprises, are among the stocks, that could be in focus in trade Tuesday.Indiabulls Housing Finance, India Cements, Zee Entertainment Enterprises, and Delta Corp are in the F&O ban list for 5 December.GIFT Nifty futures on the NSE IX fell 43.5 points to 20,817 in early deals on Tuesday, indicating a negative start for Indian indices.India's benchmark indexes ended at fresh all-time highs on Monday, aided by strong domestic macroeconomic data and elevated bets of a US rate cut in March, while analysts saw momentum picking up in the ongoing rally after the ruling Bharatiya Janata Party's victory in key state elections.The Nifty closed at 20,686.80, up 419 points, while the Sensex added 1,384 points to end at 68,865.12.Asian markets fell across the board as investors assessed a slew of economic data from across the region.

SINGAPORE (Reuters) — Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.

Vladimir Putin will travel to the United Arab Emirates and Saudi Arabia, according to people familiar with the plans, a rare trip abroad for the leader since his invasion of Ukraine. Putin plans to visit Abu Dhabi, UAE, this week, according to one person, who asked not to be identified due to the sensitivity of the topic. He also intends to travel to Saudi Arabia, according to another person.

Vladimir Putin will visit the United Arab Emirates and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin's aide Yury Ushakov. The reported visit comes after the OPEC+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day. Markets reacted with scepticism to the deal because of doubts about whether the voluntary cuts would be fully implemented. Oil prices fell 2% last week after the announcement, and declined further on Monday. Putin has rarely travelled abroad in recent years, and mostly to states of the former Soviet Union.

By Simon Jessop, Maha El Dahan and Hadeel Al Sayegh

Fifty oil companies are pledging to reach near-zero methane emissions.

DUBAI—World leaders gathered for climate talks in this oil-rich corner of the globe amid sharp divisions over how quickly governments need to wean their economies off fossil fuels to prevent the planet from blowing past the Paris accord’s temperature targets. Vice President Kamala Harris was expected to join Brazilian President Luiz Inácio Lula da Silva, French President Emmanuel Macron and a host of leaders from across the Gulf region Friday at the start of a two-day summit to kick off the United Nations’ annual climate talks, known as COP28.

₹6,231 per bbl, having swung between ₹6,210 and ₹6,409 per bbl during the session, against a previous close of ₹6,281 per barrel. Also Read: Stock Picks: ONGC, Oil India among top picks for Motilal Oswal in upstream sector, Indian Oil among OMCs -OPEC+ producers agreed on Thursday to remove around 2.2 million barrels per day (bpd) of oil from the global market in the first quarter of next year, with the total including a rollover of Saudi Arabia and Russia's 1.3 million bpd of current voluntary cuts.

Goldman Sachs Head of Oil Research Daan Struyven provides insight on the refinery sector on 'The Claman Countdown.'

Investing.com — Oil prices fell for a sixth-straight week Friday, as voluntary output cut agreements from major oil producers that fell short expectations continued to keep worries about oversupply front and centre. 

By Valerie Volcovici and William James

TortoiseEcofin Senior Portfolio Manager Robert Thummel discusses how China's economic woes could impact crude oil prices on «The Claman Countdown.»

Investing.com-- Oil prices fell slightly in Asian trade on Friday, extending losses from the prior session as the OPEC+ cut supply by a smaller-than-expected margin, while weak data from China added to concerns over worsening demand. 

By Laura Sanicola

The OPEC oil cartel and allied producers have made another big swipe at propping up lagging crude prices

Henry Kissinger leaves behind a significant legacy in the United States, especially on how he crafted American foreign and security policy in the peak of the Cold War. From an Indian standpoint, however, his policy outlook was detrimental as it solemnised the China-Pakistan nexus which till date remains India's principal security threat. Declassified papers convey a high degree of complicity between US and China under Kissinger's watch to aid Pakistan in the 1971 war.

By Lisandra Paraguassu, Roberto Samora and Sabrina Valle

₹6,430 per bbl, having swung between ₹6,409 and ₹6,644 per bbl during the session so far, against a previous close of ₹6,488 per barrel. -Saudi Arabia, Russia and other members of OPEC+, who pump more than 40 per cent of the world's oil, held a virtual meeting on Thursday to discuss 2024 output amid concerns the market faces a potential surplus. Their output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilising the market.

(Reuters) — Brazil is set to join the OPEC+ group of oil-producing countries which includes Saudi Arabia and Russia from January, an OPEC+ delegate told Reuters on Thursday.

oil-supply cuts to go alongside Saudi Arabia’s much-anticipated extension of its voluntary reduction of the same size. Members have agreed to this in principle and it now goes to a vote at the meeting, delegates said, asking not the be named because the information was private. The deal fulfills what delegates had said were Riyadh’s goals for the meeting. More than a week of preparatory talks appeared to have overcome internal disagreements over some members’ production quotas. Oil rose 1.3% to $84.16 a barrel as of 2:56 p.m.