Saudi Arabia Financial News

NEW DELHI : Prime Minister Narendra Modi may launch the much-anticipated Global Biofuels Alliance on 9 September during the upcoming G20 summit, said two people aware of the development. The marquee alliance with India, the US and Brazil as its founding members has received interest from 19 countries, from the G20 as well as outside it.

₹3-5/litre around Diwali given key state elections start from November-December 2023. According to domestic brokerage firm JM Financials, this cut in fuel prices should mostly happen via reduction in excise duty or value-added tax (VAT), given the oil marketing companies (OMCs) lose out on auto-fuel marketing business at the current high crude prices.

Wales will meet South Korea in a friendly match on Thursday evening. Rob Page's men will take on Latvia in their first match in the qualifying round of the EURO 2024 tournament. Earlier, they held Croatia to a draw in their opening qualifier before beating Latvia at the Cardiff City Stadium in March and they are fourth on the table in Group D after four games. But they lost to Armenia 4-2 and to Turkey 2-0.

steel imports into Saudi Arabia and the GCC region with its bouquet of products. As per the terms of the agreement, Vale will supply Essar with 4 million tonne per annum (mtpa) of DR grade pellets and briquettes.

G20 Summit under the India's Presidency scheduled to be held from September 9-10, reported ANI. The French President will have a bilateral meeting with Indian Prime Minister Narendra Modi, likely in the form of a lunch on the 10th of September at the end of the G20 Summit.

By Ahmad Ghaddar

On the Comex, Brent Oil futures were trading at $90.420, down $0.180 or 0.200%. After a strong rally, crude oil futures are witnessing some profit-booking at higher levels, but the overall trend remains positive, and a buy-on-dips strategy is recommended, analyst Anuj Gupta, Head Commodity & Currency at HDFC Securities, told ETMarkets. He suggests a buy at Rs 7,050 with a stop loss of Rs 6,950 and a target of Rs 7,300. The prices are at 10-month high levels, the analyst informed. Crude oil futures have gained 5.47% or Rs 377/bbl in September while the year-to-day gains stand at Rs 694 or 10.59%, Gupta said. Analyst Prathamesh Mallya, Deputy Vice President, Research, Non-Agro Commodities & Currency at Angel One, believes that the uptick in prices is on the back of declining US inventories and sustained production cuts by Saudi Arabia and Russia, and the situation could remain as it is, going ahead. Earlier, Reuters reported the US crude oil inventories were projected to fall by 5.5 million barrels in the week ending September 1, quoting market sources in the American Petroleum Institute.

renewable energy capacity by 2030 though also offered support to technology that can sustain the use of fossil fuels, easing concerns from Russia and Saudi Arabia that had previously stalled a deal. Members will make a commitment to “pursue and encourage” efforts to meet the target to increase clean energy generation, according to people familiar with the negotiations. The bloc will also call for a similar impetus in the deployment of abatement technologies like carbon capture that can reduce emissions from the use of gas, coal and oil, said some of the people, who asked not to be named as the details aren’t yet public. Even so, the outcome offers some new momentum in the energy transition after global concerns over supply security and costs had begun to erode progress on a shift away from fossil fuels.

settle at $90.04 a barrel on Tuesday, closing above the $90 mark for the first time since November 16, 2022. US WTI futures had gained $1.14, or 1.3 per cent, to settle at $86.69 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected.

G20 nations — which together contribute over 80% to global output — when they meet this weekend in New Delhi. ET looks at the finance track of the G20, which focuses on key economic issues the world is grappling with.Progress so far

Jeddah-bound flight of Indonesia-based Lion Air were stranded at the international airport here for around 24 hours after a technical issue was found in the aircraft when it stopped for refuelling here on Tuesday, airport sources said. An alternative aircraft of the airline arrived from Indonesia on Wednesday afternoon to take the passengers onward to Jeddah in Saudi Arabia, the source said. The Lion Air flight — JT052 — with 212 passengers landed at the Thiruvananthapuram International airport at 3 pm on Tuesday for refuelling and that is when the technical issue was spotted.

DUBAI (Reuters) -The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2% of GDP in 2023, from a surplus of 2.5% in 2022, it said in its latest assessment report on Wednesday.

Energy stocks have been on a tear in recent weeks, with the latest boost coming from surging crude oil prices, which recently rose to their highest level of 2023 to around $87 per barrel.

₹7,194 per bbl, having swung between ₹7,154 and ₹7,123 per bbl during the session so far, against a previous close of ₹7,218 per barrel. Against a basket of currencies, the dollar was at 104.69, not far off the six-month high of 104.90 touched overnight.

By Shristi Achar A and Amruta Khandekar

Investing.com -- U.S. stock futures decline as investors gauge the outlook for Federal Reserve monetary policy and digest extended supply cuts by major oil producers Saudi Arabia and Russia. Elsewhere, new data later in the session on Wednesday will provide a look into the state of the key U.S. services sector, while China's Tencent prepares to unveil a new AI chatbot.

Investing.com — U.S. stock futures traded lower Wednesday, continuing the previous session’s selloff as stronger oil prices and global economic weakness weigh on sentiment.

Investing.com — U.S. futures traded marginally lower Wednesday, as higher oil prices and weak global economic data weighed on sentiment.

Oil prices hit a 10-month high of nearly USD 90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year. For a nation that is more than 85 per cent dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of returning to market-driven petrol and diesel prices in the near future diminished further. Brent crude prices surged around 6.5 per cent over the past week after Saudi Arabia, which leads the expanded OPEC+ cartel with Russia, decided to keep its one million barrels a day reduction in supplies to the global market until the end of December. Russia has added its own voluntary export cuts in recent months. The move has led to Brent rising above USD 90 a barrel for the first time this year on Tuesday.

The Middle East is home to some of the world’s largest sovereign wealth funds. Overseeing close to $3 trillion of assets, these investing giants have become key players in global dealmaking. 

Nifty settled higher for the fourth consecutive session on Wednesday, September 6, supported by gains in shares of select heavyweights, including HDFC Bankand Bharti Airtel. However, weak global cues curtailed gains for them as concerns over interest rate hikes and weakening global economic growth weighs on market sentiment. In Asian markets, Tokyo, Shanghai and Hong Kong ended in the green while Seoul settled lower.