Saudi Arabia Becomes Latest to Earmark Inflation Relief for Poor

Breadcrumb Trail Links PMN Business (Bloomberg) — Saudi Arabia will provide 20 billion riyals ($5.3 billion) to protect the poorest citizens from inflation and stockpile basic commodities, a policy that resembles steps taken recently by Malaysia and Singapore as rising energy and food prices take a toll on economies around the world. Author of the … Read more

Saudi Oil Chief Visits Russia in Gesture to Fellow OPEC+ Member

Breadcrumb Trail Links PMN Business Saudi Arabia’s energy minister traveled to Russia in a show of support for the fellow OPEC+ member just as the US encourages the cartel to pump more oil and isolate Moscow. Author of the article: Bloomberg News Bloomberg News i4d9xzaz71oilgsn393g[bkh_media_dl_1.jpg via Bloomberg Article content (Bloomberg) — Saudi Arabia’s energy minister … Read more

Saudi Arabia is increasing supply. Why is the oil price holding firm?

The price of oil has barely budged since Saudi Arabia and allied producers agreed to start pumping more quickly. The Brent crude contract for August delivery settled at $119.51 a barrel on Monday — higher than before last Thursday’s momentous meeting of the Opec+ group. When Saudi Arabia, the so-called central bank of oil, can’t … Read more

Oil jumps after Saudi Arabia hikes crude prices By Reuters

© Reuters. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo MELBOURNE (Reuters) – Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in … Read more

Biden forced into Saudi thaw amid rising oil prices

When Joe Biden took over the White House from Donald Trump last year, there was no country whose relationship with the US changed more suddenly and more drastically than Saudi Arabia. As a candidate, Biden had vowed to treat the kingdom as a “pariah” amid mounting evidence Saudi officials were behind the 2018 murder of … Read more

Saudi Arabia ready to pump more oil if Russian output sinks under ban

Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially under the weight of sanctions, according to five people familiar with the discussions. The kingdom has resisted calls from the White House to accelerate production increases despite oil prices trading near $120 a barrel, the … Read more

Oil Slides on Report Saudi Arabia Prepared to Boost Production

(Bloomberg) — Oil fell to trade near $113 a barrel following a report that Saudi Arabia is ready to pump more should Russian output decline substantially due to increasing sanctions over its invasion of Ukraine. Most Read from Bloomberg West Texas Intermediate futures dropped more than 3% in Asian trading before paring some of those … Read more

Saudi Arabia bans travel to 15 nations, including India amid Covid surge

Saudi Arabia has banned citizens from travelling to 16 countries, including India, over the Covid-19 situation in those nations, the media reported The General Directorate of Passports said that the list of countries comprised Lebanon, Syria, Turkey, Iran, Afghanistan, India, Yemen, Somalia, Ethiopia, the Democratic Republic of the Congo, Libya, … Read more