Browsing: Saudi

[ad_1] By Bhavik Patel It was an eventful and volatile week for crude. It all started on Sunday with OPEC+ producers deciding to keep the current cuts until the end of 2024 while Saudi Arabia gave lollipop to the bulls by voluntarily reducing its production by 1 million bpd in July, to around 9 million bpd for a month. The aim behind this was to weed out the short position bears and trap them. Right now there are 148 million short positions which has increased by 140% compared to the previous month.  Before Sunday, Saudi Arabia said that they will…

[ad_1] Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51, or 2%, at 0014 GMT after earlier hitting a session-high of $78.73 a barrel. U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. Both contracts extended gains after rising more than 2% on Friday as the Saudi energy ministry…

[ad_1] Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts. Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06. Oil prices have recently come under pressure amid heightened concerns about China’s slowing economic recovery. They rose after Saudi Arabia announced it would cut its…

[ad_1] Saudi Arabia‘s announcement to reduce how much oil it sends to the global economy may arrest the fall in international oil prices, delaying revision in fuel prices in India, industry sources said. Saudi Arabia on Sunday announced cuts of 1 million barrels per day in oil output starting July, while the rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. The decision led to oil prices rising by more than USD 1 a barrel on Monday. Brent crude futures were at USD 77.64 a barrel, up USD 1.51, or 2 per…

[ad_1] Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi’s energy ministry said the country’s output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. “This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz told a news conference. “We wanted to ice the cake. We always want to add suspense. We don’t want people to try to predict what we…

[ad_1] Argentina captain Lionel Messi has been suspended by Paris St-Germain for two weeks after travelling to Saudi Arabia this week without the club’s permission.It means Messi will not train or play for the French club for 14 days.It is understood the 35-year-old asked permission to make the journey to carry out commercial work but was refused. Messi has a role as a tourism ambassador for Saudi Arabia.More to follow. [ad_2] Source link

[ad_1] By 2040 Saudi Arabia is aiming to build a futuristic city in the desert called NEOM.  It’s part of Crown Prince Mohammed bin Salman’s modernizing vision of the country.  But analysts believe that Chinese tech could be used to place residents under total surveillance. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Plans for the trillion-dollar Saudi Arabian desert city of NEOM are taking shape, and prospective residents are being promised an experience like something from a sci-fi movie. The city will have a…

[ad_1] Gulf nations are snapping up cheap Russian oil products while exporting their own crude at market rates. Saudia Arabia and the UAE have emerged as key storage and trading hubs for Russian products, the Wall Street Journal reported. Russia is sending 100,000 barrels a day to Saudi Arabia, up from effectively zero pre-Ukraine war, Kpler data shows. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Petro-rich nations in the Persian Gulf are buying discounted Russian oil products as Moscow continues to seek willing…

[ad_1] Sen. Lindsey Graham said he wouldn’t do business with Saudi Arabia in 2018. Graham recently visited the country and met with MBS.  On Sunday, Graham justified his visit and said a lot has changed since then.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Sen. Lindsey Graham is praising Saudi Arabia during a recent visit despite having once called Saudi Arabia’s crown prince “toxic” and refusing to set foot in the country.ABC ‘This Week’ host Johnathan Karl on Sunday asked Graham about his…

[ad_1] The foreign ministers from the two bitter Middle Eastern rivals meet for the first time since 2016. [ad_2] Source link