Saudi Arabia

The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession. On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners. Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%. Oil prices, which are a major factor in...

Lawrence Stroll, the team owner of the Silverstone-based outfit, said that the Aston Martin brand would be present in Formula One for many decades to come. Aston Martin has announced that it will raise more than 125 millions pounds ($161.9million) from Stroll, the company's chairman, as well as the sale of the stake in its F1 team, which is controlled and owned by the Canadian. The billionaire stated in a press release that "these moves demonstrate Aston Martin's position on the Formula One Grid is as secure and ever." Aston Martin and its British racing-green colours will continue to compete...

The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of...

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Cognite, a Saudi Aramco-backed software company for industrial applications in Bengaluru in southern India, opened its AI service center on Wednesday and announced that it was exploring possible contracts with the top conglomerates of the country. The company declined to give further details, but said that it had signed agreements with two major automobile companies and a large industrial-cement company. Hakon Bjerke, chief strategy officer at Cognite, said that the company is "betting on India" and investing millions of dollars in India. Cognite produces software to help companies improve the safety and operation of industrial installations such as oil and...

S&P, a global ratings agency, raised Saudi Arabia's credit rating from 'A to 'A+ with a stable outlook' on Friday. This was based on the ongoing social-economic transformation of the country. Fitch stated that the Vision 2030 project of the country provides flexibility in managing capital spending and debt issuance. This report stated that the sustained momentum of this project could help boost activity in the construction, manufacturing, and mining sectors to spur GDP growth between 2025-2028. The ratings agency said earlier this week that it expected the Saudi government to reduce capex, and current spending associated with them in...

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

Aramco, the Saudi oil giant, said it expected to declare dividends totaling $85.4 billion by 2025. This is a drop of nearly 30% from 2024 payouts due to lower sales and increased costs. Aramco will pay out about $124.25 Billion in dividends by 2024, and $97.78 Billion in 2023. Aramco’s dividends in 2024 included approximately $43,1 billion in performance-linked bonuses, a mechanism that was introduced in 2023 and is paid on top of the base dividends which are paid regardless. The company announced $200 million in performance linked dividends that will be paid out in the first quarter 2025. This...

A survey released on Tuesday showed that the Saudi Arabian non-oil sector's growth continued to be robust in February. This was due to strong sales by customers and higher activity levels. However, the rate of growth has slowed since the previous month. The Riyad Bank Saudi Arabia Purchasing Managers' Index fell from a decade high reading of 60.5 to 58.4 at the end of February, but remained above 50. This indicates strong growth. The small drop in the headline PMI can be attributed to the slowing of new business growth that had soared at the beginning of the year. The...

Saudi Arabian chemical giant SABIC announced worse-than-expected fourth quarter results on Wednesday, against a backdrop of margin pressures in the sector. Chemicals industry is struggling with low demand and high input cost, which has led to lower prices and squeezed profit margins. SABIC reported a net loss for the three-month period ending December 31 of 1,89 billion riyals (US$504 million), compared to a loss in the same period last year of 1,73 billion riyals. LSEG data indicates that analysts had predicted a profit of a bit more than 1 billion riyals. Salah Al-Hareky is the executive vice president of corporate...

Investors waited for more details about U.S. president Donald Trump's plans to impose reciprocal tariffs, and were concerned that global trade tensions could escalate. Trump re-invigorated his tariff threats on Friday, warning that auto levies may kick in as early as April 2. Trump also instructed commerce and economic officials in the U.S. to investigate reciprocal tariffs against countries that impose tariffs on U.S. products, with an April 1 deadline for recommendations. Saudi Arabia's benchmark stock index fell 0.5%. The biggest lender, Saudi National Bank, saw a 0.7% drop and ACWA Power dropped 1.2%. Saudi Aramco Base Oil Company also...

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first...

Eight OPEC+ sources have said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. OPEC+ confirms its policy of supply a month in advance, so that buyers have enough time to order crude. The group has until the end of March to decide on its April production, but some sources claim that no consensus has yet been reached. Several sources have said that the United Arab Emirates would also like...

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

OPEC's share in India's. petroleum imports edged up in 2024, increasing for the very first time in. nine years, after top supplier Russia's share dipped, information. gotten from trade sources showed. Russia's share in the world's third-biggest oil importer and. consumer is expected to drop further in 2025 after Washington. last Friday announced sweeping sanctions targeting Russian. manufacturers and tankers, interrupting supply from the world's No. 2. manufacturer to India and China and tightening up ship schedule. India imported 4.84 million barrels daily of oil in 2024,. up 4.3% from the previous year, the information showed. The share of Organization...

OPEC oil output increased for a. 2nd month in November as Libya's production recovered after. resolution of a political crisis, a Reuters survey discovered, however. members making cuts vowed to the broader OPEC+ alliance kept. output broadly constant. The Company of the Petroleum Exporting Countries pumped. 26.51 million barrels per day (bpd) last month, up 180,000 bpd. from October, the study revealed on Tuesday, with Libya once again. posting the biggest boost. Libyan output recovered after resolution of a dispute over. control of the central bank, allowing complete production to resume. at oilfields and applying down pressure on rates. The....

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...

Saudi Arabia's crude oil exports in September rose to their highest level in 3 months, information from the Joint Organizations Data Effort (JODI) revealed on Monday. The country's exports in September increased by 0.080 million barrels daily (bpd) to 5.751 million bpd from 5.671 million bpd in August. Saudi Arabia is the world's largest exporter of crude. At the same time, Saudi's production fell to 8.975 million bpd from 8.992 million bpd in August. Saudi refineries' unrefined throughput rose by 0.035 million bpd to 2.756 million bpd, the information showed, while direct crude burning decreased by 296,000 bpd to 518,000...

Federal governments around the globe are ploughing billions of dollars into fossil fuel subsidies to shelter people from higher energy costs, but that comes at a. financial burden, develops ineffectiveness, and obstructs the objective of. decreasing total usage. At the U.N.'s COP29 environment top in Baku, conversations are. continuous over decreasing distortions and inefficiencies produced by. aids - a crucial to decrease the production and use of fossil. fuels, which contribute significantly to climate modification and. pollution. JUST HOW MUCH DO GOVERNMENTS SPEND ON FOSSIL FUELS? The International Energy Company (IEA) computed that fossil. fuel consumption aids stood at $620...

The scale of OPEC+'s China problem appears in yet another month of weak petroleum arrivals, with the world's biggest importer recording a 6th successive decline in October. Customs data last week revealed imports of 44.7 million metric loads in October, equivalent to 10.53 million barrels each day ( bpd), below 11.07 million bpd in September and 11.53 million bpd in October last year. For the very first 10 months of the year China's imports were 10.94 million bpd, down 3.7% on a daily basis from the 11.36 million bpd for the exact same duration in 2023. That decrease of 420,000...

Exxon Mobil on Friday beat Wall Street's 3rd quarter earnings price quote, boosted by strong oil output in its first complete quarter that consists of volumes from U.S. shale manufacturer Pioneer Natural Resources. Oil market revenues have been squeezed this year by slowing need and weak margins on fuel and diesel. However Exxon's year-over-year revenue fell 5%, a much smaller drop than at rivals BP and TotalEnergies, which posted dramatically lower quarterly outcomes. The U.S. oil producer reported earnings of $8.61 billion, down from $9.07 billion a year ago. Its $1.92 per share profit topped Wall Street's outlook of $1.88...

OPEC+ could postpone a. planned hike in oil production arranged to take effect in. December by a month or more, three sources informed Reuters on. Wednesday, pointing out concern about soft oil need and increasing. supply. The prepared 180,000 barrels per day hike in December, which. is arranged to come from the 8 OPEC+ members who have been. making the group's newest layer of output cuts, was already. postponed from October in the middle of falling rates. Two of the sources, who are people familiar with OPEC+. talks, stated the December increase might be postponed for a month. a minimum...