South-West Asia

According to government data released on Monday, the annual inflation rate in Saudi Arabia fell to 1.9% from 2.2% in October. The consumer price index, which measures inflation, has been hovering around 2.1%-2.3% for the majority of this year. This is due to rising house prices. According to the General Authority for Statistics in Saudi Arabia, housing rental prices rose 5.4% and passenger transport prices increased by 6.4%. Saudi Arabia's Real Estate Authority in September outlined new rules to combat'rental increases'. These included a suspension of annual rent increases for both residential and commercial properties within the urban boundaries of...

Elon Musk’s SpaceX will?be pursuing an initial public offer next year. The company is looking to?raise more than $25 billion with a valuation of over $1 trillion. SpaceX has begun discussions with banks regarding the public listing. This could happen around June or July. Musk said in 2020 that SpaceX would list Starlink a few years later, once revenue growth was "smooth and predictable". SpaceX didn't?immediately reply to a comment request. Saudi Aramco is the only IPO that has?achieved a value of $1 trillion or higher. It debuted 'in December 2019 and had an estimated market capitalization of $1.7 billion....

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

A survey released on Wednesday showed that Saudi Arabia's private non-oil sector expanded at the fastest rate in ten months in November. This was driven by robust hiring and increased demand, but new orders grew slower than in previous months. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index fell to 58.5 from 60.2 in Oct., but remained above 50, indicating strong activity growth. The output subindex rose to 63.7, its highest level since January. New orders also continued to increase, although at a slower rate than the October peak. Domestic demand was particularly strong. In November, the subindex for...

Saudi Arabia, which is the top oil exporter in the world, approved its budget 2026 on February 2. It forecasts a deficit next year of 165 billion Riyals, and deficits until 2028, as it prioritizes its spending to meet Vision 2030 goals. Here are some comments on the budget from Saudi officials, analysts and economists: SPA, the state news agency, quotes MOHAMED BIN SALMAN as CROWN PRINCE and Prime Minister: The 2026 budget confirms that the government is determined to improve the resilience and flexibility in the local economy. This will contribute to its sustainable development and enable it to...

Five Iraqi sources who are directly involved in the matter confirmed that Exxon Mobil had approached the Iraqi Oil Ministry to express their interest in purchasing the majority stake of Russian company Lukoil in the West Qurna 2 giant oilfield. Exxon is expanding its presence in Iraq, as the U.S. company returns to the country after sanctions imposed by the U.S. Exxon refused to comment, while Lukoil did not respond to the request for comment. The U.S. Treasury has given potential buyers permission to speak to Lukoil up until December 13 but will require approval for specific transactions. Last month,...

Saudi Energy Minister Prince Abdulaziz Bin Salman stated on Monday that a new mechanism adopted by OPEC+ for assessing members' maximum production capacity will help stabilize markets and reward those investing in production. OPEC announced on Sunday that the OPEC+ group has approved a mechanism for assessing members' maximum production capacities to be used to set baselines starting in 2027 against which output targets will be set. Prince Abdulaziz claimed that the production level determination mechanism was "fair" and "transparent". He said, "Now, we have the most detailed and transparent approach to managing the market in the future, as well...

More milestones in the opening up of Kingdom Dhahran and Jeddah follow Riyadh's 'Booze Bunker. Aramco has not commented on the reported plan By Timour Azhari & Maha El Dahan RIYADH - Saudi Arabia is planning to open two new liquor stores, one of which will serve non-Muslim foreign employees at the state oil giant Aramco. The kingdom has also eased restrictions on alcohol, according to those briefed about the plans. Launching outlets in Dhahran, a province in eastern Saudi Arabia, and in Jeddah, a port city, would mark a new milestone in the efforts of Crown Prince Mohammed bin...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...

Azerbaijan's state oil company SOCAR delivered 1,220 metric tonnes of gasoline to Armenia on Friday, the first shipment in 30 years as the two countries?gradually? improve their relations after decades of war. Azerbaijani officials said that the gasoline was transported by train near the border of Georgia to Boyuk Kesik, where it will be then delivered to Armenia. Hikmet Hajiyev is the assistant to Azerbaijani president Ilham Aliyev and head of foreign policy in his administration. He said they also discussed demarcation of the disputed border. Azerbaijan has been at war with Armenia for almost 30 years. In the 1990s,...

QatarEnergy lowered the term premium on the?al-Shaheen oil loading for February, according to several 'trade sources'. This was due to the weakness of the spot benchmark premiums. The company, which is owned by the state, set February's prices at 53 cents per barrel over Dubai's quotes. This was down from 84 cents in January. Loading of January cargoes The price reduction?followed the decline in spot premiums of Middle East crude oil so far in this month. This was weighed down by abundant supplies on the?market, and an outlook for a surplus in 2026. QatarEnergy has sold five cargoes to Glencore,...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

A survey on Thursday found that OPEC oil production fell in November despite an OPEC+ deal to increase production in the month due to unavailability in some members. This brought the supply of the group even further below their target. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in October, a decrease of 30,000 barrels per days from the total for October. Nigeria and Iraq recorded the largest declines. OPEC+ - a grouping of OPEC, Russia and its allies - has slowed down the rate of monthly production...

India's oil exports to Russia are expected to reach their highest level for five months in November, according to preliminary data from Kpler, as refiners scrambled to secure barrels before a U.S. date to stop transactions with Russian oil producers sanctioned by the United States. India, which is the third largest oil importer in the world, was the biggest purchaser of discounted Russian crude shipped by sea after Russia's 2022 invasion of Ukraine. According to the Kremlin, Russian President Vladimir Putin will visit South Asia next month. His last visit was in December of 2021, just a few months after...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...

Sources and data show that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year. Refineries have avoided a sharp decline in fuel output by using spare capacity to offset the damage caused by the strikes. Ukraine has intensified drone attacks in Russia. The aim is to destroy oil refineries and depots, and shut down pipelines, as well as Moscow's main source of funding the war in Ukraine. The majority of attacks took place at the beginning of 2025, then resumed in August. At least 17 major refineries were targeted by Ukrainian drones, which...

Sources at three Indian refiners reported on Tuesday that Saudi Arabia and Iraq, producers from the Middle East, have allotted full-term crude volumes for Indian refiners in December while also offering additional quantities under optional contracts. After halting their Russian oil purchases due to the tightening of Western sanctions, Indian suppliers have increased demand for Middle East crude. Last month, the United States, Britain and European Union designated Russian Top oil producers Rosneft, and Lukoil caused immediate disruptions in trade as fears of sanctions drove away buyers from India and China. Sources said that the Indian refiners received their full...

Kuwait Petroleum Corp. has offered heavy crude to be loaded in December through a spot bid, according to sources within the industry and the tender document. This is because it sells extra oil that Al-Zour Refinery cannot process. The producer offered to load 500,000 barrels Kuwait Heavy Crude on December 6 and 7, as well as the same amount of Eocene Crude on December 8 and 9. The bids will be valid until Thursday. KPC now has a total of 3.9 million barrels in heavy crude spot sales. Kuwait Integrated Petroleum Industries Company (KIPIC) has announced that on October 21...

The Turkish government said that it was continuing talks with Qatar and Oman to procure Eurofighter Typhoon jet fighters. This follows a Monday deal with Britain for the purchase of 20 jets. The agreement between NATO allies Turkey, Britain and France aims to strengthen their relationship and boost Turkish air defences. Ankara said that it also wanted to purchase 24 jets from Qatar and Oman, even if they were lightly used. Analysts have called the British Prime Minister Keir starmer's deal worth 8 billion pounds ($10.7billion) expensive. The Turkish Defence Ministry announced at a briefing held in Ankara that the...

OPEC did not change its forecasts on Monday for the relatively high growth in global oil demand this year and the next. It also implied that the oil market would see a smaller deficit of supply by 2026, as the OPEC+ group continues to increase production. OPEC+ has added more crude oil to the market since the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies have decided to undo some production cuts faster than originally planned. This extra supply has led to concerns of an oil surplus, and has weighed down on the price of crude this...