Saudi Arabia Financial News

G20 Summit 2023. For the first time in history, India has become the host the the Group of 20 Nations (popularly known as G20).

G20 Summit, Northern Railways has decided to cancel and divert over 200 passenger trains temporarily from September 8 to 11 here, a notification stated on Saturday. According to the schedule, over 90 trains have been cancelled on September 9. More than 100 passenger trains will be cancelled on September 10 as well.

Russia and Mexico skipping the G20 Summit in India a closer look at the past summits revealed that not Heads of State among the members have always attended all Summits. While Russian President Vladimir Putin spoke to PM Narendra Modi and announced that he would skip the Summit, it is widely believed that Presidents of China and Mexico will be the other absentees. As is evident, the level of attendance at global summits varies from year to year. In today's world with so many demands on the leaders' time, it is not always possible for every leader to attend every summit, sources pointed out. From time to time, many leaders skip summits for their own reasons. The most glaring example is the 2021 G20 Summit in Italy where there was no major geopolitical or health reason for leaders to skip it, but the circumstances happened in such a way that six countries attended below Head of State(HOS)/ Head of Government (HOG )level. These things do not reflect anything about the host country, sources said. From 2008, there have been 16 physical summits of the G20, and one virtual summit (Saudi Arabia, 2020). There were two summits each in 2009 and 2010. Out of these 16 physical summits, except the first three summits in 2008 and 2009, there has never been a single occasion from 2010 till now when every country has attended at HOS/HOG level. Six times there was one country below HOS/HOG: 2010, 2011, 2012, 2013, 2016 & 2017. Five times there were two countries below HOS/HOG: 2010, 2014, 2015, 2018 & 2019. One time there were three countries below HOS/HOG: 2022. One time there were six countries below HOS/HOG: 2021 (before Ukraine, after Covid)

₹6,700 per tonne. For the past two weeks, the levy was at ₹7,100 per tonne after it was increased on 14 August. However, the ministry has raised the Special Additional Excise Duty (SAED) on the export of diesel to ₹6 per litre from ₹5.50 a litre.

Investing.com — As OPEC, you just have to say it, and worry about doing it later, or not doing it at all. But the market will respond, as you want it to, and that’s all that matters.

Saudi Arabia’s on-again, off-again plans to list more shares of Aramco, the world’s most valuable oil company, appear to be on again. The kingdom is considering selling a stake of as much as $50 billion, people familiar with the potential deal said, an amount that would be the largest offering in the history of capital markets. After monthslong consultations with advisers, the kingdom has decided to host any new Aramco offering on the Riyadh exchange to avoid legal risks associated with an international listing, according to Saudi officials and other people familiar with the plan.

NEW DELHI : Average room rates for premier New Delhi hotels are set to triple next week, reaching a range of ₹18,000- ₹25,000, amid heightened demand driven by the arrival of thousands of delegates from 20 nations for the G20 summit across 9 and 10 September. The average daily rate (ADR), a key metric used by hoteliers to measure room revenue, from 7-11 September surged to ₹26,000, a more than fourfold increase from the average ₹6,000 in the past year, according to RateGain Travel Technologies’ Adara division data. ADR includes room rates, food and beverage, and other services availed of by customers, but it only counts the occupied rooms in a hotel, not the empty ones.

(Reuters) — Saudi Aramco (TADAWUL:2222) is considering selling a stake worth as much as $50 billion ,the Wall Street Journal reported on Friday.

The three- day enthralling event witnessed the participation of the 16 most renowned schools of the country, with each school team representing a G20 country. The team members assumed the roles of Prime Ministers, Finance Ministers, Sherpas, and Foreign Ministers. The Chief Guests at the event were Mr.

Al-Hilal will take on Al-Ittihad to snatch the position of the best team in the Saudi Professional League. Al-Ittihad have won all the games in the league so far through their star player Karim Benzema suffered a muscle injury in the last game.

By Natalie Grover

“Our dependence on Russian oil is going to decrease sharply,” Oil Minister Hardeep Puri said in an interview. “The cost viability from the Gulf is much more attractive now.” India’s consumption of Russian crude has soared since President Vladimir Putin’s invasion of Ukraine in February last year, ousting Saudi Arabia and Iraq from the top spots.

Scam 2003 - The Telgi Story was released on September 1. Hansal Mehta, the creator of the blockbuster web series Scam 1992, is the creative director of the second instalment of the Scam franchise. Based on Sanjay Singh's Telgi Scam: Reporter's ki Diary, the web series will stream on SonyLIV.

Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year. Major benchmarks rose slightly in early Asian trade, with the U.S. West Texas Intermediate crude (WTI) up 7 cents, or 0.1%, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl as of 0107 GMT. Analysts expect Saudi Arabia to extend a voluntary oil production cut of 1 million barrels a day into October, adding to cuts by the Organization Petroleum Exporting Countries and allies, known as OPEC+. «We continue to expect cuts to be extended, with prices above US$90/bbl (on a sustained basis) required to draw OPEC supply back to market, as well as incentivize U.S.

₹6,806 per bbl, having swung between ₹6,739 and ₹6,874 per bbl during the session so far, against a previous close of ₹6,735 per barrel. Analysts expect Saudi Arabia to extend a voluntary oil production cut of 1 million barrels per day (bpd) into October, adding to cuts put in place by the OPEC+.

By Ahmad Ghaddar

India's imports of Russian oil fell in August to a seven-month low as refiners curbed purchases due to planned maintenance outages at some plants and lower discounts for Russian grades. However, oil imports from Saudi Arabia surged to a multi-month high, according to preliminary data from Kpler and Refinitiv trade flows. Refiners in India have been snapping up discounted Russian oil after some Western buyers shunned purchases over Russia's full-scale invasion of Ukraine in February last year. But India's monthly imports of Russian oil have been declining since June as discounts began to shrink, the data from the two agencies show. «Imports of Russian oil are likely to remain at subdued levels for a couple of months due to lower discounts, and that would force suppliers of Russian oil to provide deeper discounts,» said Refinitiv analyst Ehsan Ul Haq. Discounts on Russian oil for October loading are below $5 a barrel to benchmark dated Brent, a refinery source said, adding his company had not yet placed an order for October Russian oil. Buying Russian oil in spot markets gives Indian refiners greater flexibility than Middle Eastern purchases that are mostly under annual contracts. A government source last month said Indian refiners could cut imports of Russian oil as narrowing discounts were raising the price of Russian grades to above the $60 per barrel ceiling set by Western nations. India's Russian oil imports in August declined by a fifth from July to about 1.5 million barrels per day (bpd) while those from Saudi Arabia leapt by about 63%, according to Refinitiv data. According to Kpler estimates, India imported 1.35 million bpd of Russian oil in August, down from about 1.9 million bpd in July.

Investing.com — Oil prices rose Thursday, boosted by a large drop in U.S. crude inventories and further signs of supply tightness, outweighing a slowdown in China's manufacturing activity.

India’s appetite for cheap Russian oil took a breather in August as monsoon rains dampened demand and refiners scheduled routine maintenance works. The world’s third largest oil consumer reduced imports from Moscow for the third consecutive month in August to 1.57 million barrels a day, down 24% on the month and bringing them to their lowest since January, according to data intelligence firm Kpler. Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day. Some of those volumes were replaced by a sharp surge in imports from Saudi Arabia, which rose 63% on month to 852,000 barrels a day, the data showed.India’s consumption of Russian crude has soared since last year, hitting a peak 2.15 million barrels a day in May, as refiners vied for heavily discounted shipments.Mangalore Refinery and Petrochemicals Ltd., whose unit has a capacity of 301,000 barrels a day, lowered imports by two-thirds.

BRICS intensified discussions on expansion and a common currency. Originally comprising Brazil, Russia, India, and China, BRICS was coined by Goldman Sachs in the 1990s to encourage investment in emerging economies. South Africa, the first non-original member, aptly led a summit centered on group expansion.BRICS expanded its wings: The BRICS meeting concluded, and the good news is that they are happy to shake hands with 6 more countries- Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE). Currently, the core BRICS countries control around 23% of global exports and 19% of global imports, and the new members would add 3.7% and 3.0% respectively, with Saudi Arabia being the biggest individual new member in terms of exports and the UAE the biggest new importer. What BRICS+ have now? This alliance includes six leading crude oil producers—Saudi Arabia, Russia, China, UAE, and Iran—yielding substantial energy and geopolitical influence. It unites three top African economies—Egypt, South Africa, and Ethiopia—and South America's key players, Brazil, and Argentina. Strikingly, this coalition bridges the divide between ideological rivals: Sunni-majority Saudi Arabia and Shia-majority Iran. With a diverse mix of economic, energy, and political dynamics, this alignment reflects a complex global landscape where nations with disparate interests find common ground, underscoring the intricate interconnectedness shaping today's international relations. Saudi Arabia, China, Russia, India, and other nations have rapidly bolstered trade and relations.

A Saudi court has sentenced a man to death over his posts on X, formerly known as Twitter, and his activity on YouTube