Saudi Arabia Financial News

₹7.9per litre compared to the historical margin of ₹3.5/litre and gross auto-fuel integrated margin has risen to ₹16.8/litre compared to the historical margin of ₹11.3/litre. ‘’Optimism on OMCs will be contingent on crude sustaining below ~$80/bbl with OMCs’ FY24 P/B valuations (at ~0.9x for HPCL/IOCL and 1.1x for BPCL) being only 10 per cent discount to historical average after recent rally,'' said JM Financials.

By Alex Lawler

By Florence Tan and Alex Lawler

BRICS leaders on Tuesday to discuss the Israel-Hamas conflict. The heads of state of six countries invited to join the group earlier this year — Saudi Arabia, Iran, Egypt, Ethiopia, Argentina and the United Arab Emirates — will attend the talks, the presidency said in a statement on Monday. United Nations Secretary-General António Guterres will also participate in the virtual meeting, it said.

Investing.com-- Oil prices moved little in Asian trade on Monday as top importer China kept its benchmark interest rates unchanged, while an upcoming meeting of the Organization of Petroleum Exporting Countries was squarely in focus. 

Ayatollah Ali Khamenei issued an appeal to all Muslim-majority countries on November 19, asking them to snap political ties with the Zionist state. "Islamic governments should at least cut off political ties to Israel for a limited time," Khamenei said on November 19, while attending a military exhibition in Tehran.

By Duncan Miriri

Aramco has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday. The discovery of the Al-Hiran gas field was confirmed after gas flowed at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensate daily. The Al-Mahakik gas field was confirmed after gas flowed from it at a rate of 0.85 million standard cubic feet, the agency said. «Natural gas was also discovered in five reservoirs in previously discovered fields,» the agency added, citing the minister. Other discoveries were also announced in fields in the Eastern Province, according to the agency. Aramco, overwhelmingly an oil producer, aims to boost its gas production by 50% by 2030 from 2021 levels. It said in late September that it agreed to acquire a strategic minority stake in liquefied natural gas (LNG) company MidOcean Energy for $500 million, with an option to increase the stake — part of its push into natural gas. Last month, Aramco Chief Executive Amin Nasser said Aramco was looking at more investments in LNG to boost its plans to become a leading player in the seaborne gas market.

Bianca Censori and her husband Kanye West are «taking a break» after her friends allegedly intervened. They both married in December 2022 and have been apart since the middle of October. West has never been well-liked by Bianca's family, and those who know her have questioned if marrying him was the best choice. Bianca has been one of the most patient persons to deal with, but he is a very tough person to be around and work for.

Goldman Sachs expects Brent prices to average at $92 per barrel (bbl)in 2024, and expects the oil market to tighten at a moderate pace amid solid demand while core OPEC supply remains low. The bank in a note dated Thursday said it expects a 0.7 million barrel per day (mb/d) deficit and a solid 1.6 million barrel per day demand growth in 2024. Goldman highlighted that while it expects the oil market to tighten at a moderate pace, still sees significant spare capacity to handle tightening shocks. It added in the note that Organization of the Petroleum Exporting Countries (OPEC) is poised to maintain Brent within the $80-$100 range by establishing an "$80 floor from the OPEC put, and a $100 ceiling from spare capacity." Meanwhile, Saudi Arabia and Russia, part of the OPEC+ group of producers, this month confirmed they would continue with additional voluntary oil output cuts until the end of the year as concern over demand and economic growth continue to weigh on crude markets. Global benchmark Brent futures were trading around $80 a barrel, after sinking 5% to a four month-low on Friday and on track for their fourth straight week of losses.

Embattled Brisbane fast-charger company Tritium is in negotiations with Taiwanese electronics company Lite-On Technology Corporation for a key strategic stake to ensure its financial future.

₹6,252 per bbl, having swung between ₹6,070 and ₹6,261 per bbl during the session so far, against a previous close of ₹6,026 per barrel. -Oil's decline this week was mainly triggered by a steep rise in US crude inventories and production sustaining at record levels, while signs of thawing demand in China also triggered concerns.

By Nicole Jao

Delhivery, the country's largest fully integrated logistics services provider, tumbled 3.70% in early trade on Friday, reaching ₹398.50 apiece. This downturn came after 1,74,57,113 shares of the company changed hands in a block deal window on Friday. The total worth of the transaction was around ₹722.18 crore.

Investing.com-- Oil prices hovered around a four-month low in Asian trade on Friday, and were headed for steep weekly losses amid signs of increased supplies and fears of worsening global demand. 

how to formulate it. The platform for this will be ready in the next three-to-four months. However, it will require efforts to make sure all the heterogeneity is addressed," he added.

Oil fell as an increase in US inventories added to market sentiment over weaker demand and steady supplies. 

cricket. Bloomberg News reported that Saudi Arabia proposed making an investment worth as much as $5 billion into the Indian Premier League, cricket’s most popular and lucrative event. It’s a tempting offer, but one that the Board of Control for Cricket in India, the IPL’s owner, should turn down if it values the future of the sport. The problem is climate change. More than almost any other sport, cricket has already been affected by the extreme heat, precipitation and storms associated with a warming globe.

Also Read: US October wholesale prices fall to 0.5% in biggest monthly drop since April 2020 Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a November 17 expiry, was last trading lower by 1.43 per cent at ₹6,415 per bbl, having swung between ₹6,393 and ₹6,548 during the session far, against a previous close of ₹6,508 per barrel. -Top oil exporters Saudi Arabia and Russia said this month they would continue with their additional voluntary oil output cuts of 1.3 million barrels per day until the end of the year.

Vedanta group on Wednesday said in Saudi Arabia it has set up a new copper unit through subsidiary Malco Energy Limited for SAR (saudi riyal) 1,00,000. The new unit has been named as Vedanta Copper International VCI Company Limited, the company said in an exchange filing. In September, Vedanta’s board had approved a plan to split the business into six separate listed entities.

Yemen have chanted slogans at their mass rallies calling for the destruction of Israel. But they never acted on it until the Israel-Hamas war began on Oct. 7. Since then, the Iran-backed Shiite Muslim force has launched at least six drone and missile attacks toward southern Israel, causing little to no damage.