Saudi Arabia Financial News

crude prices tends to be bad news for India as it has always weighed down on the economy in the past. With Brent crude futures at about $95 a barrel due to supply cuts by oil producing countries like Saudi Arabia and Russia, market participants have begun evaluating its impact with the country importing more than 80% of its oil needs. In addition to the economy, companies in various sectors such as paints, tyres, oil, cement, and aviation also feel the direct pain of rising prices as crude is a key raw material for many of them.

Investing.com — The Dow eked out a win Monday, as gains in tech and energy helped offset Tesla-led weakness in consumer stocks just a day ahead of the Federal Reserve's two-day meeting. 

Saudi Arabia is in talks with Tesla about setting up a manufacturing facility there, people familiar with the discussions said, as part of an ambitious push by the kingdom to secure metals needed for electric vehicles and help diversify its economy away from oil. The talks are at a very early stage and could fall apart.

Investing.com — Oil bulls pressed ahead Monday with the momentum they had gained in the past three weeks, closing in on the Saudi wish for triple-digit pricing, as markets awaited the Federal Reserve’s verdict on U.S. inflation creeping again from high energy costs.

When the Federal Reserve’s rate-setting committee sits down Tuesday and Wednesday, one thing it has to grapple with is that underlying inflation is looking cooler than it thought just a few months ago. Another: The economy is looking much stronger. The central bank’s policy makers will need to update the economic projections to reflect these changes.

UEFA Champions League group stage after a gap of 22 years. They will take on AC Milan at San Siro on Tuesday. They have made tremendous improvements after the Saudi takeover. A win against AC Milan will be a statement of how they have improved their lot. But it will not be an easy task for the team that landed in a difficult group alongside AC Milan, Paris Saint-Germain and Borussia Dortmund.

renewable energy. Saudi officials said the talks with Tesla, made by the Saudi Public Investment Fund, began this summer, and is at very early stage. The US EV maker is entertaining the conversation, but the company could still reject the proposal, the Saudi officials added.

Stocks fell as traders took risk off the table ahead of a raft of policy decisions this week from the US, the UK and Japan. 

report by Financial Times. Turkey has pushed against the proposed India-Middle East-Europe corridor that was agreed upon this month during the G20 Summit held in New Delhi. The India-Middle East corridor would transport goods from the subcontinent through the United Arab Emirates (UAE), Saudi Arabia, Jordan, and Israel to European markets.

By Florence Tan

The Jerusalem Post citing the report, Riyadh has communicated through the United States that the "extremist" character of Israel's right-wing government, led by Prime Minister Benjamin Netanyahu, is obstructing any potential improvement in relations with the Palestinians, consequently affecting ties with Saudi Arabia. The report also mentioned that Saudi Arabia was discouraged from pursuing a potential peace agreement because of Netanyahu's willingness to accommodate the demands of individuals like National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich, whom the Saudis perceive as being from the "far-right" political spectrum.

Investing.com-- Oil prices fell slightly in Asian trade on Monday as traders hunkered down in anticipation of several key central bank meetings this week, although the prospect of a tighter market, on more supply cuts, kept prices at 10-month peaks.

External Affairs Minister S Jaishankar on Sunday expressed his happiness over the conferment of UNESCO's World Heritage status on Santiniketan, the abode of Rabindranath Tagore in the Burbhum district of West Bengal. Santiniketan was inscribed in the UNESCO World Heritage list during the 45th Session of the World Heritage Committee in Saudi Arabia on Sunday, the UN agency informed through a post on the social media platform 'X'. Responding to the post by Vishal V Sharma, India's ambassador and permanent representative to UNESCO, on X, Jaishankar wrote, «Congratulations. A fitting tribute to our first Nobel laureate Rabindranath Tagore and all those who have kept his message alive.» Earlier, taking to his social media 'X', Vishal V Sharma said it is a great day for Indians as Santiniketan had been inscribed on UNESCO'S World Heritage List. «Santiniketan inscribed on UNESCO's World Heritage List (Agenda 45COM.8B.10).

India is the world’s 3rd largest oil importer and the rise above $95 could bring back inflation fears and put pressure on India's fiscal math. India’s current account deficit can widen, thus weakening its currency, says Navneet Damani, Head of Commodity & Currency Research at Motilal Oswal Financial Services.Considering the current trends in crude oil prices, where do you see Brent/WTI price targets in the near term and for the year 2023? Oil prices have been on a roll trading at 10 months highs recently, as Chinese central banks have been cutting cash reserve requirements to boost its economic recovery, expectations of peaking interest rate cycles by major central banks along with output cuts driven by Saudi Arabia and Russia amid record global consumption. Prices got a further boost after the IEA warned that continued supply cuts by the two OPEC+ leaders are likely to create a “significant supply shortfall” and threaten further price volatility.

oil refiners are proving powerless to make enough diesel, opening a new inflationary front and depriving economies of a fuel that powers industry and transport alike. While oil futures are rocketing — on Friday they were just below $95 a barrel in London — the rally pales in comparison with the surge in diesel. US prices jumped above $140 to the highest ever for this time of year on Thursday. Europe’s equivalent soared 60% since summer. And it could get worse. Saudi Arabia and Russia have turned down the taps on production of crudes that are richer in diesel. On Sept. 5, both nations — leaders in the OPEC+ alliance — announced they would prolong those curbs through year-end, a period in which demand for the fuel usually picks up. “We’re at risk of seeing continued tightness in the market, especially for distillates, coming into the winter months,” said Toril Bosoni, head of the oil market division at the International Energy Agency, referring to the category of fuel that includes diesel. “Refineries are struggling to keep up.” The situation is challenging for a global refining fleet that’s been dogged by lackluster production for months. Searing Northern-Hemisphere heat this summer forced many plants to run at a slower pace than normal, leaving stockpiles stunted. There’s also been pressure on them to make other products instead like jet fuel and gasoline, where demand has rebounded hard, according to Callum Bruce, an analyst at Goldman Sachs Group Inc.

The fossil fuel industry is increasingly under the microscope for its contribution to climate change, but the president of British oil giant Shell’s Canadian subsidiary says oil and gas companies can’t be held solely responsible for the pace of the global energy transition.

leadership in developing the futuristic city. Along with admiration for Nadhmi Al Nasr, whom he fondly called as ‘No-Nonsense Nadhmi’, Anand Mahindra also shared a glimpse of the ambitious project.

power capacity over the 49 GW already planned or under construction to meet future requirements, power minister RK Singh said on Friday.

₹10,000 per tonne. The levy was at ₹6,700 per tonne for the past two weeks. The new rates would be effective from Saturday, 16 September.

On the latest episode of Macro Markets, analyst Marcel Pechman examines the current state of the American economy. He references a headline from Barron’s that highlights the disparity between people’s perception of the economy and the objective data.

₹7,534 per bbl, having swung between ₹7,417 and ₹7,568 per bbl during the session so far, against a previous close of ₹7,501 per barrel. -Earlier this month, oil producers Saudi Arabia and Russia extended their voluntary oil output cuts of a combined 1.3 million barrels per day (bpd) to the end of the year which resulted in a sharp surge in international crude prices - reaching a 10-month high peak. The supply concerns have pushed the Brent and WTI benchmarks to their highest levels since November.