Saudi Arabia Financial News

Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China. The international benchmark Brent futures rose 8 cents, or 0.1%, to $92.14 a barrel by 0054 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $88.98 a barrel. Both benchmarks surged nearly 2% on Tuesday to close at their highest levels since November 2022. «Bullish demand outlook by the OPEC and the U.S.

Demand for all three major fossil fuels—oil, coal and natural gas—will peak this decade, marking the “beginning of the end" of fossil fuels and a “historic turning point" in the world’s transition toward renewable energy, the head of the International Energy Agency said Tuesday. The IEA has been at the forefront of predictions that demand for fossil fuels is reaching its zenith, but it is the first time the Paris-based agency has predicted a peak in demand for all three energy sources.

OPEC optimism over the resilience of energy demand in major economies.Brent futures rose $1.64, or 1.8%, to $92.28 a barrel by 11:15 a.m. EDT (1515 GMT). U.S.

₹7,359 per bbl, having swung between ₹7,254 and ₹7,385 per bbl during the session so far, against a previous close of ₹7,248 per barrel.

Good morning,

President Joe Biden has wrapped up a five-day diplomatic sprint through Vietnam and India that put a spotlight on complicated relationships he believes will be crucial for global stability

United Nations Security Council (UNSC). Among other things, India has called for the expansion of the permanent membership of the body, which currently includes only five countries. The reform of international institutions also featured prominently in deliberations at the G20.

By Stephanie Kelly

Investing.com-- Oil prices moved little in Asian trade on Tuesday as markets awaited forecasts on supply and demand from an OPEC report due later in the day, although optimism over recent supply cuts kept prices near 10-month highs.

India and Saudi Arabia have agreed to expand trade and security ties, two days after their leaders and others attending a Group of 20 summit announced a new railways and port corridor deal that will link India, Middle East and Europe

President Joe Biden has wrapped up a five-day diplomatic sprint through Vietnam and India that put a spotlight on complicated relationships he believes will be crucial for global stability

Saudi Arabia on Monday said it will consider setting up an office of its sovereign wealth fund in GIFT City to facilitate investments. Saudi investment minister Khalid A. Al Falih said within the next few weeks, he would send a strong delegation to GIFT City to explore the opportunity.

NEW DELHI : India and Saudi Arabia agreed to link their power grids, underscoring a deepening energy alliance that could significantly boost the reliability of power grids in both countries and foster economic development. The agreement on linking power grids follows another more expansive infrastructure connectivity project plan to develop an India-Middle East-Europe economic corridor. The project, announced on 9 September during the G20 summit, envisages a rail and shipping corridor connecting India, the United Arab Emirates (UAE), Saudi Arabia, the European Union, France, Italy, Germany and the US.

NEW DELHI : India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman. The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry. “The Saudi side is aware that we have worked out similar arrangements with other countries in the region.

By Valerie Volcovici and Riham Alkousaa

New Delhi: Saudi Arabia said it will consider setting up an office of its sovereign wealth fund (SWF) in Gujarat International Finance Tec-City (GIFT) to facilitate investments. Investment minister of Saudi Arabia Khalid A.

China said on Monday that it welcomes the India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 summit so long it doesn't become a «geopolitical tool», even as it downplayed Italy's plan to pull out of its Belt and Road Initiative (BRI). China welcomes all initiatives that truly help developing countries build infrastructure and sincere efforts to promote connectivity and common development, the Chinese Foreign Ministry said. «At the same time, we advocate that various connectivity initiatives should be open, inclusive, and form synergy, and should not become geopolitical tools,» the ministry said in a written response to PTI to a question on China's reaction to the new corridor. On Saturday, Prime Minister Narendra Modi announced plans to launch the India-Middle East-Europe Economic Corridor which includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US. «Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,» Modi said.

Saudi Arabia on Monday said the whole world is focused on one of the most successful G20 summits and never in the past, the consensus among members was achieved on Day 1 of the meeting. On September 9, India pulled off a big diplomatic win after the G20 Summit adopted a consensus declaration overcoming major differences over the Russia-Ukraine war. The announcement about a consensus on the 37-page declaration and its subsequent adoption was made by Prime Minister Narendra Modi at the start of the second session on the opening day of the two-day summit. «Today the whole world is focused on one of the most successful G20 Summit...As part of your family, I can tell you that we are really proud.

Avaada Group on Monday announced that it has entered into an agreement with Al Jomaih Energy and Water (AEW) to develop renewable power projects in Saudi Arabia. The projects will be developed in Saudi Arabia and selected Middle Eastern regions, Avaada Group said in a statement. «Avaada Energy (group firm) announces a strategic partnership with AEW to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions,» the company said. Vineet Mittal, Chairman of Avaada Group, said the alliance is set to explore the potential of solar, wind, hybrid, and battery Energy Storage solutions. Under the Memorandum of Understanding (MoU), AVAADA will act as a technology partner and provider of solutions for renewable energy (RE) installations, while AEW will provide essential resources, the statement said.

G20 meeting in New Delhi. Xi has not missed a single G20 since he came to power in 2012. Whether Xi’s absence is a snub aimed at India or whether China is turning against the construct of the G20 itself, only time will tell.

India and Saudi Arabia can look at doubling bilateral trade to USD 100 billion in the coming years from about USD 52 billion at present, Commerce and Industry Minister Piyush Goyal said on Monday. He said the two countries can also look at a more balanced trade. The minister suggested Saudi Arabia to open an office of their sovereign wealth fund in GIFT city in Gujarat and industry chamber Ficci set up an office in Riyadh in partnership with Invest India, and the commerce ministry to facilitate investments. «Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about USD 52 billion. »Can we be more ambitious and take it to USD 100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertiliser.