Saudi Arabia Financial News

Investing.com — Saudi Arabia is truly “balancing” the oil market by preparing to ship full volumes required by its North Asian customers, notwithstanding its output cuts — an act that’s costing it in price-per-barrel.

Caroline Ellison, former Alameda Research CEO and ex-girlfriend of disgraced FTX founder Sam Bankman-Fried, stunned the jury today in Manhattan Federal Court when she revealed startling claims involving Alameda Research’s ties to international government officials.

Former Alameda Research CEO Caroline Ellison claimed in court that Sam “SBF” Bankman-Fried attempted to raise equity for FTX by considering an investment from Saudi Crown Prince Mohammed bin Salman, or MBS.

₹7,030 per bbl, having swung between ₹6,932 and ₹7,208 per bbl during the session so far, against a previous close of ₹7,161 per barrel. THIS COPY IS BEING UPDATED "Exciting news! Mint is now on WhatsApp Channels

Also Read: Oil snaps Israel-Hamas conflict-induced rally, slides over $1 on demand concerns; Brent eases to $86/bbl Novak said he and Prince Abdulaziz discussed the oil market and cooperation within the Organisation of Petroleum Exporting Countries and its allies (OPEC+). "Of course, (cooperation within OPEC+) was (considered) at our internal meeting, one of the most important topics that we discussed today," Novak said, according to Interfax news agency.

Iran on Tuesday claimed that it played no role in the attack launched by Hamas last Saturday that took Israelis by surprise but there is no denying the fact that Tehran over the years has increased its support and appeal across the Arab world that is dominated by people who profess Sunni sect of Islam. The world's biggest non-Sunni country has become a key factor in the West Asian fault lines creating its proxy groups in Lebanon and Yemen and backing Hamas to take on Israel over the last few decades. It is no secret that Tehran has exploited sentiments and presence of the Shia population in some Gulf states. While the USA and Israel have not yet directly blamed Iran for the October 7 carnage, Tehran came out openly in support of Hamas for carrying out the attacks against Israel.

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By Robert Harvey

As part of its quest to gain access to minerals critical to the energy transition, the U.S. has recently considered a plan to drop sanctions against an Israeli mining magnate accused of corruption, according to people familiar with the matter. The plan involves the U.S.

Russian oil at the widest premium above a G-7 imposed cap since the curb was introduced, highlighting the market’s importance to Moscow and a gap that may intensify scrutiny of the controversial mechanism. Crude processors in the key importer paid an average of $86 a barrel for Russian shipments in August, according to the Ministry of Commerce and Industry. That’s the biggest spread in dollar terms since the $60-a-barrel limit came into force after Moscow’s invasion of Ukraine in the first quarter of 2022. Oil rallied in the third quarter as OPEC+ leaders Russia and Saudi Arabia choked off some supply to tighten the market.

Nawaz Sharif will reach Pakistan in a chartered plane from Dubai on October 21, ending his four-year-long self-imposed exile in the UK, according to a media report. The flight carrying Nawaz will have the name «Umeed-e-Pakistan» which can carry approximately 150 passengers, Geo News reported. «The booking has been made and all arrangements are in place,» the report said.

Indonesia is in discussions with Australia about a possible joint bid to host the 2034 World Cup along with Malaysia and Singapore, the president of the country's football federation (PSSI) said on Wednesday. World football's governing body FIFA invited member associations from Asia and Oceania to bid for the rights to the 2034 edition last week. «We are discussing (a bid) with Australia,» PSSI President Erick Thohir was quoted as saying by the Sydney Morning Herald. «When I visited Malaysia and Singapore both countries expressed interest to join Indonesia and Australia.» When asked for comment on a possible joint bid, Football Australia referred Reuters to a statement last week that said it was «exploring the possibility of bidding for the 2029 FIFA Club World Cup and/or the FIFA World Cup 2034». The PSSI has not responded to a Reuters request for comment. After announcing Spain, Morocco and Portugal would host the 2030 World Cup, with Uruguay, Paraguay and Argentina staging the opening games, FIFA invited Asia and Oceania to bid for 2034. Saudi Arabia quickly announced its intention to bid for the hosting rights and FIFA have set a deadline of Oct. 31 for other interested parties to make their intentions known. With Qatar having hosted the 2022 edition, Thohir said it might be too soon for the World Cup to return to the Middle East. «We are quite strong,» he said.

Saudi Arabia, Kuwait, and Qatar. These rights are allocated based on existing bilateral agreements.

Mukesh Ambani, chairman of Reliance Industries, has reclaimed the top spot as the richest Indian after a year, as per the '360 One Wealth Hurun India Rich List 2023'. Ambani was ranked at the top with a wealth of ₹8,08,800 crore with 2% appreciation over the previous year. Industrialist Gautam Adani, despite a 57% erosion in wealth, was ranked second in the list with a wealth of ₹4,74,800 crore.

₹3.3/litre in 2QFY24 from the record high of ₹8.8/litre in 1QFY24. Crude oil prices rose as high as 30 per cent in three months spanning July-September as the production cuts announced by Saudi Arabia and Russia have squeezed the global crude supply.

Investing.com — Oil prices edged lower Tuesday, handing back some of the previous session’s hefty gains as traders digest the possibility of a wider impact from the conflict between Israel and the Palestinian Islamist group Hamas.

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Shoogloo Group launches its new venture Broadband.asia in India, Singapore, UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar. Broadband.asia, a one-of-a-kind online comparison website, is designed to filter, select, and compare broadband plans based on users’ preferences. By personalizing broadband plans, Broadband.asia helps consumers meet their internet demands. Users can now search for plans available in their area, decide on the price range and features to find an internet plan that meets all their needs.

For currency traders, it’s hard to be a bull of anything except the dollar, it seems.

The King Abdullah University of Science and Technology (KAUST) in Saudi Arabia has collaborated with two Chinese universities to create an Arabic-focused artificial intelligence (AI) system. 

Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) may remain volatile in the near term looking at uncertainties pertaining to the oil prices amidst geopolitical stress caused by Israel Hamas Conflict, said analysts. Brent that was $70-75 a barrel levels in June had risen to more than $95 a barrel by the end of September.