South-West Asia

Saudi Arabia's nonoil company sector grew in November at the fastest rate given that July 2023 thanks to robust need, a service study revealed on Tuesday. The seasonally adjusted Riyad Bank Saudi Arabia Acquiring Managers' Index surged to 59.0 from October's 56.9. It was the fourth consecutive month-to-month increase in the headline PMI, which stayed well above the 50.0 mark representing growth. The new orders subindex increased to 63.4 in November from 62.5 the previous month, supported by growth in customer bases and increased investment spending, according to participants. This robust expansion, marked by accelerated output and demand, reflects the...

Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered a few of its barrels in what might be an early sign of a shift in market characteristics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day (bpd) in November, up from 5.28 million bpd in October, according to data put together by LSEG Oil Research Study. On the other hand Russia's products to Asia, the top-importing region, dropped to 3.51 million bpd in November, down from October's 3.96 million and the lowest given that January,...

International Holding Co's (IHC). outlook on investments in India's Adani Group stays. unchanged, the Abu Dhabi conglomerate stated following the U.S. indictment of billionaire Gautam Adani. Our partnership with the Adani Group reflects our. self-confidence in their contributions to the green energy and. sustainability sectors, IHC, among the Indian company group's. key foreign financiers, said in a declaration on Wednesday. Just like all our investments, our team continues to assess. relevant information and developments. At this time, our outlook. on these investments stays the same. Adani Green shares rose a more 7% in early trade on. Thursday, following a 10%...

Saudi Arabia, Russia and Kazakhstan stressed on Wednesday the significance of complete dedication to the voluntary oil production cuts concurred by the Company of the Petroleum Exporting Countries and their allies, the Saudi state news agency reported. OPEC+ members are discussing an additional hold-up to a prepared oil output trek that was due to start in January, 2 sources from the producer group told Reuters on Tuesday, ahead of Sunday's meeting to decide policy for the early months of 2025. The remarks follow a meeting on phone held by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, Kazakh Energy Minister...

This year's U.N. environment summit delivered an offer on climate finance two days past due date, after 2 weeks of tense negotiations. Here are a few of the takeaways from the COP29 top kept in Azerbaijan's capital of Baku: MONEY FOR ENVIRONMENT STAYS TIGHT The top's main program item - setting a brand-new annual target for global climate finance - had countries wrangling for 2 weeks. Even after reaching an offer for $300 billion a year by 2035, many developing nations said the amount was far too low. They also alerted that the deadline for a years away in 2035...

A United Nations resolution that ended the last round of lethal dispute in between Hezbollah and Israel in 2006 is viewed as the cornerstone of a brand-new ceasefire being worked out by the United States. Adopted in August 2006, the 19-paragraph resolution was key to ending the month-long war between Israel and Hezbollah in 2006 and leading the way for long-lasting stability along the border. The resolution mandated an instant cessation of hostilities, with both celebrations consenting to stop battling. While important, the ceasefire dealt with challenges and violations throughout the years, but it laid the structure for ending open...

Britain has barred Angolan billionaire Isabel dos Santos and Ukrainian oligarch Dmytro Firtash and has frozen their UK possessions, the federal government announced on Thursday, in what it said became part of a new crackdown on ' dirty cash'. The procedures were the first step in tightening Britain's. anti-corruption sanctions program as promised in July's election,. the Labour federal government stated. These deceitful people selfishly deny their. fellow people of much-needed funding for education, healthcare. and infrastructure - for their own enrichment, Foreign. Secretary David Lammy said in a declaration. Dos Santos, whose daddy Jose Eduardo dos Santos ruled. Angola...

Iraq's fuel oil exports are on track to strike alltime highs this year after the country increase shipments in October, as domestic demand reduced while output rose, according to industry sources and shiptracking information. The increase in exports of the residue fuel will support oil earnings for the Company of the Petroleum Exporting Countries' (OPEC's) second-largest producer despite stagnant crude deliveries this year, due to production caps under quotas set by OPEC and its allies, or OPEC+. Higher exports from Iraq will likewise contribute to international supply and ease elevated costs in Asia while lowering feedstock expenses at refineries. Exports...

Oil edged up on Wednesday in the middle of an escalation in the Ukraine war and indications of growing Chinese crude imports, while rising U.S. unrefined stocks inspected total cost gains. Brent unrefined futures got 9 cents, or 0.1%, to $ 73.40 a barrel by 0003 GMT. U.S. West Texas Intermediate crude futures increased 14 cents, or 0.2%, to $69.53 per barrel. U.S. petroleum stocks were seen rising by 4.75 million barrels in the week ended Nov. 15, market sources stated on Tuesday, pointing out American Petroleum Institute figures. Gas stocks, however, fell by 2.48 million barrels. Extract stocks likewise...

Azerbaijan's oil output fell by 4.8% to 24.1 million metric tons in the first 10 months of 2024, from 25.3 million heaps a year previously, the Energy Ministry said on Monday. Production of oil in Azerbaijan has been decreasing for several years as the output at Azeri-- Chirag-- Gunashli complex of offshore oilfields, run by BP, has passed its peak. Azerbaijan belongs to the OPEC+ group of leading oil producers, which has actually been curbing output to prop up costs. According to a report published by Ministry Energy on Monday, Azerbaijan's oil production in October edged up to 484,000 barrels...

QatarEnergy sharply cut the term cost for alShaheen petroleum loading in January, trade sources said on Friday, in line with a current fall in Middle East area premiums. The January term rate was up to 73 cents a barrel above Dubai quotes, the sources stated, down for a second straight month and at a multi-month low. The sources decreased to be named as they are not authorised to consult with the media. The term cost for December freights was at a premium of $ 1.93 a barrel. For its January tender, QatarEnergy offered 5 cargoes at premiums between 40 and...

Saudi Arabia's yearly inflation rate continued to edge up in October to 1.9% from 1.7%. in September, according to government data launched on Thursday,. driven by a boost in real estate leas. Rents for real estate increased by 11.6% in October, with house. leas up 11.3%, the General Authority for Data said,. pushing up costs for the combined Real estate, Water, Electrical energy,. Gas and Other Fuels category by 9.6%. The category brings a considerable weight in the general. basket determining inflation. Rental cost hikes, especially in. the larger cities like Riyadh, have actually been the crucial factor behind. inflation...

Restoring the world's degraded land and keeping back its deserts will require at least $2.6. trillion in financial investment by the end of the years, the U.N. executive managing international talks on the problem told Reuters,. quantifying the expense for the first time. More frequent and extreme dry spells as a result of climate. change integrated with the food needs of a rising population implied. societies were at greater threat of turmoil unless action was. taken, Ibrahim Thiaw said ahead of talks in Riyadh this week. The two-week meeting aims to strengthen the world's drought. durability, including by toughening up...

Gas manufacturer Energean on Thursday reduced its fullyear 2024 production projection due to lower sales in Israel owing to bad weather. The business expects 2024 production to be between 150,000 and 155,000 barrels of oil comparable per day (boepd), compared with its prior forecast of 155,000-165,000 boepd. Third-quarter production balanced 135,000 boepd, it included, above brokerage Peel Hunt Research's price quote of 120,000 boepd for the quarter. This reduction [in forecast] is due to Israel, which shows lower than anticipated sales in November owing to weather conditions and market characteristics and, for the lower end, an assumption of flat month-on-month...

An international renewal in industrial policies that intend to enhance or secure domestic interests threatens worldwide cooperation and could hurt poorer countries in particular, the European Bank for Reconstruction and Development said in an annual report. The annual shifts report, which this year analyzed information impacting trade for 140 countries, found a impressive global renewal in strategic interventions created to shape nations' economies. Industrial policy is back with a vengeance, Beata Javorcik, EBRD Chief Economist said in an interview. It is back in rich countries in addition to in emerging markets. Such policies typically include state-backed grants or loans or...

Nations consented to a hard-fought COP29 offer to supply $300 billion in annual environment financing by 2035. But while some delegates responded to the arrangement early Sunday with a standing ovation, others voiced anger and lambasted wealthy countries for not doing more. Here are some of their remarks: U.N. FRAMEWORK CONVENTION ON ENVIRONMENT MODIFICATION EXECUTIVE SECRETARY SIMON STIELL It has actually been a difficult journey, but we've delivered a. offer. This new finance objective is an insurance plan for humankind,. amid worsening climate effects striking every country. This deal will keep the clean energy boom growing and. secure billions of...

Nations accepted a hard-fought COP29 offer to offer $300 billion in yearly climate financing by 2035. However while some delegates reacted to the arrangement's. early Sunday with a standing ovation, others voiced anger and. berated rich countries for refraining from doing more. Here are a few of their comments: U.N. STRUCTURE CONVENTION ON ENVIRONMENT CHANGE EXECUTIVE. SECRETARY SIMON STIELL It has been a hard journey, but we have actually delivered a. offer. This new financing goal is an insurance policy for humanity,. in the middle of getting worse environment effects hitting every country. This offer will keep the clean energy...

Country delegates at COP29 satisfied for a plenary Saturday night to settle on some elements of this year's settlements, while their teams continued to deal with the top's centerpiece topic: concurring a new target for annual climate finance. Here are a few of the remarks made throughout the plenary. AZERBAIJAN'S COP29 PRESIDENT MUKHTAR BABAYEV: We have actually all been working really hard over the previous two weeks, and I understand that none of us wish to leave Baku without an excellent result on our crucial deliverable. The eyes of the world are rather focused on us. However, time is not...

The European Union, U.S. and other rich nations at the COP29 summit have actually accepted raise their deal to $300 billion each year by 2035 to help developing countries handle climate modification, sources told Reuters on Saturday, after a previous proposal was dismissed as insultingly low. The top had been because of end up on Friday but encountered overtime as arbitrators from almost 200 countries - who need to embrace the offer by agreement - tried to reach agreement on a. climate funding plan for the next years. The shift in position followed a $250 billion proposition for. a deal,...

The following are the top stories on business pages of British papers. Reuters has not validated these stories and does not vouch for their accuracy. The Times - Another 800 jobs are being cut at Ford, which represents 15% of the remaining individuals the business uses in the UK, simply 18 months after the company cut one fifth of its UK labor force. - Abu Dhabi-backed RedBird IMI is thinking about offering financial support for a sale of The Telegraph papers to New York business owner Dovid Efune as he struggles to secure support for a quote. The Guardian -...

OPEC Secretary General Haitham Al Ghais on Wednesday informed the COP29 climate top in Baku that petroleum and gas were a gift from God, and that international warming talks should concentrate on cutting emissions not selecting energy sources. His words echoed those of Azerbaijan President Ilham Aliyev, who utilized his opening address to the top to hit back at Western critics of his nation's oil and gas industry, and also explained those resources as a present from God. They are undoubtedly a present of God, Al Ghais, a veteran Kuwaiti oil executive, said in a speech at the conference. They...

French President Emmanuel Macron stated on Tuesday that China has a crucial role to play in avoiding nuclear escalation, after Russian President Vladimir Putin reduced the threshold for a nuclear strike. Macron consulted with China's President Xi Jinping on Tuesday in Rio de Janeiro as part of the G20 top, and said he asked him to put pressure on Putin to end the war with Ukraine. He likewise required Putin to show reason. Macron said North Korea's decision to send out soldiers to fight in Ukraine had actually raised the stakes for China, which it must push for a de-escalation...

Turkish President Tayyip Erdogan said on Tuesday that Turkey refused to permit Israeli President Isaac Herzog to utilize its airspace to participate in the COP environment top in Azerbaijan, highlighting Ankara's position in the middle of stress with Israel. We did not allow the Israeli president to use our airspace to attend the police officer summit. We recommended alternative routes and other alternatives, Erdogan informed press reporters at the G20 Summit in Brazil. Herzog wound up cancelling the go to. Because of the scenario evaluation and for security factors, the President of the State has actually decided to cancel his...

Australia and Turkey are in a. standoff over which country is better matched to host United. Countries climate modification talks in 2026, with neither willing to. give up on their bid. Both countries have actually remained in the running given that 2022, but. matters have come to a head at this year's COP29 top being. held this week in Baku, Azerbaijan. Australia's environment minister made a last-minute stop in. Turkey on Friday, his office confirmed, intending to reach a deal. on the Australian quote. Nevertheless, Turkish officials declined to. drop their quote and the two remain in talks. The host...