Saudi Arabia Financial News

Investing.com — Ahead of Friday’s OPEC meeting, which oil bulls are counting on to intensify the group’s mantra on production cuts and crude’s five-week rally, what the U.S. government reveals on inventories might be more telling.

Russia-Ukraine war: Saudi Arabia is set to host Ukrainian-organized peace summit on 5 and 6 August, according to several reports. Saudi Arabia has invited several major countries including India, Britain, United States among others. A report by Wall Street Journal, confirms that Saudi Arabia is set to host talks in August about Ukraine.

Saudi Arabia will host a Ukrainian-organized peace summit in early August seeking to find a way to start negotiations over Russia's war on the country, an official said. The kingdom and Kyiv did not immediately acknowledge the planned talks. The summit will be held in the Red Sea port city of Jeddah, said the official, who spoke on condition of anonymity as no authorization had been given to publicly discuss the summit.

Lionel Messi is set to receive a proper farewell at Camp Nou even though he won't be rejoining his former club Barcelona, Jorge Mas, co-owner of Inter Miami, has confirmed. Argentine legend and FIFA World Cup 2022 winner Messi never had the chance to bid farewell to the Barcelona fans when he left in 2021 for French soccer club Paris Saint-Germain (PSG).

Investing.com — Non-stop chanting about Saudi output cuts; forecast-beating U.S. economic growth and fewer Americans filing unemployment claims despite moderating jobs growth — oil has little reason not to rally.

Saudi Arabia has made the first big deal in a push to deploy its vast wealth into the global mining industry, agreeing to buy a stake in Vale’s base metals unit.

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi Arabia pledged an additional voluntary cut for July. On July 3, Saudi Arabia said it would extend the cut for another month to include August, adding that it could be extended further. Oil prices have found some support from evidence of tightening supplies and economic stimulus in China. Brent crude was trading at over $84 a barrel on Friday, after hitting the highest level since April on Thursday. «Given the tentative recovery, my guess is they continue the cut for one more month and then phase it out over three months — similar to what Saudi did in 2021,» said Gary Ross, founder of Black Gold Investors and a veteran OPEC watcher. The Saudi Energy Ministry did not respond to a request for comment.

G20 nations failed to agree on peaking global emissions by 2025 and other crucial issues to address the global climate crisis at their meeting in India on Friday, France's representative said. No breakthrough was possible on several key points ahead of this year's COP28 climate talks, with negotiations also failing to reach a consensus on drastically scaling up renewable energy use. «I am very disappointed,» France's ecological transition minister Christophe Bechu told AFP after the meeting.

Investing.com — Crude oil prices weakened Friday, but still remained on course for a fifth straight week of gains on growing optimism for global economic growth and tightening supplies.

Back in June, I wrote that in a perfect world, oil would be at $80 a barrel then itself, $90 in July and $100 by August. Well, it’s taken a little longer to get both U.S. crude and global benchmark Brent moving appropriately higher. But it’s still not a perfect world by any means, because this new rally in oil might worsen an old problem: inflation.

Investing.com — ExxonMobil (NYSE:XOM) has reported lower-than-anticipated profit in the second quarter, as the largest U.S. oil major was hit by a decline in natural gas prices.

BRICS group of emerging markets to grow its political clout and counter the US, officials with knowledge of the matter said. The countries have raised objections in preparatory talks for a summit in Johannesburg next month where Brazil, Russia, India, China and South Africa will discuss potentially expanding the group to include Indonesia and Saudi Arabia. China has repeatedly lobbied for expansion during those meetings, said the officials, who asked not to be identified as the discussions are private.

Intellect Design Arena share price jumped over 15% on Friday's trading session and was hovering near its 52-week high level after the software company reported a robust Q1FY24 numbers on Thursday. Intellect Design Arena share price opened at ₹601.55 apiece on BSE. According to the company's exchange statement, the total revenue for the first quarter of fiscal year 24 increased by 19% year over year, from ₹540 to ₹644 crore rupees.

Saudi Arabia's sovereign Public Investment Fund (PIF) said on Thursday it set up Asfar, a tourism investment company that will focus on investing in projects in the sector, including alongside the private sector. Saudi Arabia aims to attract 100 million domestic and international visitors per year by 2030, part of an overhaul of the economy to cut reliance on oil.

Investing.com — Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies as the year progresses.

Gulf central banks increased their key interest rates on Wednesday after the Federal Reserve raised rates by an expected quarter of a percentage point, citing still-elevated inflation as a rationale for the latest hike. The Fed raised its rate by 25 basis points (bps) on Wednesday and left the door open to another increase.

Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payments infrastructure.

By Katya Golubkova and Muyu Xu

Investing.com — Oil prices rose in Asian trade on Thursday, recovering a bulk of losses from the prior session amid weakness in the dollar and a tighter outlook for supply, while markets also digested mixed signals on monetary policy from the Federal Reserve.

bailout package to cash-strapped Pakistan for its economic stability. In addition, Saudi Arabia, UAE, and China also extended a lifeline of USD 2 billion, USD 1 billion, and USD 700 million respectively to the South Asian country. Despite financial help from other countries and the IMF deal, Pakistan is still under the woods and tweaking its tough financial policies on demands led by the Washington-based financial body, making it difficult for common people to survive in the crisis-hit country.

Billionaire Elon Musk's SpaceX is poised to launch the world's largest commercial communications satellite today. A Falcon Heavy rocket will launch Maxar Technologies' largest ever satellite called Jupiter 3, according to Space.com.