Page 22 - Saudi Arabia

Saudi prince MBS warned US of economic pain amid oil feud last year: Report

After Biden said it would impose penalties on Saudi Arabia for slashing oil production, MBS allegedly said he would not deal with the US anymore

Oil prices edge higher as Saudi Arabia cut outweighs bearish backdrop

The unexpected build in fuel inventories raised concerns over consumption by the world's top oil user, especially as travel demand grew during the Memorial Day weekend

Golf-crazy Saudi wealth manager orchestrated the shock PGA-LIV truce

The transaction will create a global golf superpower and bring to an end all outstanding litigation between the two sides

Saudi Arabia is slashing oil supply, higher gas prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a lollipop, Saudi Energy Minister Abdulaziz bin Salman said at a news conference that we wanted to ice the cake. He said the cut could be extended and that the group will do whatever is necessary to bring stability to this market. The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy. The move provides a price floor because the Saudis can play with the voluntary cut as mu

PGA Tour, Europe to merge with Saudi Arabia and end LIV litigation

The most disruptive year in golf ended Tuesday when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world. As part of the deal, the sides are dropping all lawsuits involving LIV Golf against each other effective immediately. Still to be determined is how players like Brooks Koepka and Dustin Johnson, who defected to Saudi-funded LIV Golf for nine-figure bonuses, can rejoin the PGA Tour after this year. Also unclear was what form the LIV Golf League would take in 2024. Commissioner Jay Monahan said in a memo to players that a thorough evaluation would determine how to integrate team golf into the game. The agreement combines the Public Investment Fund's golf-related commercial businesses and rights including LIV Golf with those of the PGA and European tours. The new entity has not been named. They were going down their path, we were going down ours, and after a lot

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

Crude Oil falls as economic fears overshadow Saudi Arabia's output cut

LONDON (Reuters) -Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

Saudi Arabia raises July flagship crude price for Asia to 6-month high

The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3.00 a barrel over Oman/Dubai quotes

S Arabia welcomes Venezuelan leader, reaching out to yet another US foe

Saudi Arabia has welcomed Venzuelan President Nicolas Maduro on an official visit, reaching out to yet another U.S. foe as the oil-rich kingdom engages in a flurry of diplomacy. Maduro arrived late Sunday in the Red Sea city of Jeddah, where he was greeted by Saudi officials, according to the state-run Saudi Press Agency. It did not give a reason for the visit or elaborate on his schedule, but Saudi Arabia is hosting an international conference on combating extremism later this week in the capital, Riyadh. The gathering will be co-chaired by U.S. Secretary of State Antony Blinken. Saudi Arabia has been a close U.S. ally for decades, but relations have been strained in recent years. Over the last few months, the kingdom has restored relations with Iran's theocracy and Syria's President Bashar Assad both seen as pariahs in the West. Last month, the Saudis welcomed Ukraine's President Volodymyr Zelenskyy, a close Western ally, to an Arab League summit. But days later, they hosted a .

Saudi Arabia cuts oil output by 1 mn barrel per day to boost sagging prices

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. This is a grand day for us, because the quality of the agreement is unprecedented, Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets are much more transparent and much more fair. The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation. That the Saudis felt another cut was necessary underlines the uncertain outlook

Synergy between start-up ecosystems of India, Saudi Arabia: Prince Al-Saud

Prince Fahad Bin Mansour Al-Saud of Saudi Arabia on Sunday said there are lots of synergies between the start up ecosystems of India and his nation, which can open up several opportunities. Talking to PTI on the sidelines of G20-StartUp20 Engagement Group meeting, which culminated here during the day, Al-Saud said all the participating countries should work towards implementing the recommendations made during the meeting. Delegates from more than 15 countries participated in the the meeting that started on Saturday. "Saudi Arabia and India are the fastest growing economies in the G20 and in the world. There are lots of synergies between the start up ecosystems of the two countries and we can find several opportunities, Al-Saud said. Saudi Arabia had just received a delegation of 20 entrepreneurs from India and it was assured of all possible help for tie-ups, he said, adding that this was his first visit to the country to explore such opportunities. Al-Saud said he would be back in

US, Saudi Arabia urge Sudan's warring parties to agree to a new cease-fire

Saudi Arabia and the United States urged Sudan's warring parties in a statement on Sunday to agree to and effectively implement a new cease-fire amid renewed fighting in the northeastern African nation. Sudan descended into chaos after fighting broke out in mid-April between the military, led by Gen. Abdel-Fattah Burhan, and the paramilitary Rapid Support Forces, commanded by Gen. Mohammed Hamdan Dagalo. For weeks, Saudi Arabia and the United States have been mediating between the warring parties. On May 21, both countries successfully brokered a temporary cease-fire agreement to help with the delivery of much-needed humanitarian aid to the war-torn country. Their efforts, however, were dealt a blow when the military announced on Wednesday it would no longer participate in the cease-fire talks held in the Saudi coastal city of Jeddah. Following the military's decision, the US and Saudi Arabia said they were suspending the talks as a result of repeated serious violations of the ...

Jaishankar holds meetings with his counterparts from Africa, Saudi Arabia

External Affairs Minister S Jaishankar on Thursday held bilateral meetings with his counterparts from South Africa and Saudi Arabia during which they exchanged views on the global situation and reviewed the progress in ties. Jaishankar, who is here to participate in a conclave of the five-nation grouping BRICS (Brazil-Russia-India-China-South Africa), held talks with both the leaders on the sidelines of the BRICS Foreign Ministers' Meeting. "A warm meeting with FM Naledi Pandor of South Africa. Thank her for hosting us in the Indo-Atlantic city of Cape Town. Reviewed the progress of our strategic partnership and agreed to commemorate the 30th anniversary of our diplomatic ties in a fitting manner," he said in a tweet. The two leaders exchanged views on BRICS, IBSA (India, Brazil and South Africa), G20 and UN where the two sides have a strong tradition of cooperating closely. The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of

L&T to build energy infra for world's largest green hydrogen plant at NEOM

The value of the packages awarded to L&T aggregate to $2.779 billion

2 Saudi astronauts return from International Space Station after 9-day trip

A private flight carrying two Saudi astronauts and other passengers returned to Earth late Tuesday night after a nine-day trip to the International Space Station. The SpaceX capsule carrying the four parachuted into the Gulf of Mexico, just off the Florida Panhandle, 12 hours after undocking from the orbiting lab. The Saudi government picked up the multimillion-dollar tab for its two astronauts: Rayyanah Barnawi, a stem cell researcher who became the first Saudi woman in space; and fighter pilot Ali al-Qarni. Barnawi wiped away tears as she wrapped up her experiments and prepared to leave the space station. Every story comes to an end and this is only the beginning of a new era for our country and our region, she said Monday. A Knoxville, Tennessee, businessman who started a race car team, John Shoffner, paid his own way to the space station. The ticket-holders were accompanied by retired NASA astronaut Peggy Whitson, who now works for the Houston company that chartered the fligh

US, Saudi call for warring sides in Sudan to extend imperfect cease-fire

The United States and Saudi Arabia called on warring sides in Sudan to extend a fragile cease-fire due to expire Monday, as weeks of fighting reached a stalemate in the capital and elsewhere in the African country. The Sudanese army and a rival paramilitary force, battling for control of Sudan since mid-April, had agreed last week to the weeklong truce, brokered by the US and the Saudis. However, the cease-fire, like others before it, did not stop the fighting in the capital of Khartoum and elsewhere in the country. In a joint statement early Sunday, the US and Saudi Arabia called for an extension of the current truce which expires at 9.45 pm local time Monday. While imperfect, an extension nonetheless will facilitate the delivery of urgently needed humanitarian assistance to the Sudanese people, the statement said. The statement also urged Sudan's military government and the rival Rapid Support Forces to continue negotiations to reach an agreement on extending the cease-fire. Th

India-Saudi Arabia bilateral maritime exercise conducted successfully

The sea phase of the second edition of bilateral exercise 'Al Mohed Al Hindi 23', between the Indian Navy and the Royal Saudi Naval Force (RSNF) has been conducted successfully, officials said on Saturday. The exercise was held from May 23-25 in Al Jubail, Saudi Arabia. "INS Tarkash, Subhadra and Dornier maritime patrol aircraft (MPA) participated in the exercise from the Indian side. The RSNF was represented by HMS Badr and Abdul Aziz, MH 60R helo and UAV, " the Indian Navy said. The three-day exercise at sea witnessed a wide spectrum of maritime operations. It culminated with debrief at sea followed by traditional steam past, officials said. The successful conduct of 'Al Mohed Al Hindi 23' showcased a high degree of professionalism, interoperability and exchanges of best practices between the two navies, they said. The bilateral exercise met all its objectives and both sides intend to graduate to a more advanced level of exercises in the next edition, they said.

Saudi foreign ministry announces restoration of diplomatic ties with Canada

Saudi Arabia and Canada have agreed to restore diplomatic relations and appoint ambassadors, the Saudi foreign ministry announced

SpaceX launches Saudi astronauts, nation's 1st woman in space, to ISS

Saudi Arabia's first astronauts in decades rocketed toward the International Space Station on a chartered multimillion-dollar flight on Sunday. SpaceX launched the ticket-holding crew, led by a retired NASA astronaut now working for the company that arranged the trip from Kennedy Space Center. Also on board: a US businessman who now owns a sports car racing team. The four should reach the space station in their capsule on Monday morning; they'll spend just over a week there before returning home with a splashdown off the Florida coast. Sponsored by the Saudi Arabian government, Rayyanah Barnawi, a stem cell researcher, became the first woman from the kingdom to go to space. She was joined by Ali al-Qarni, a fighter pilot with the Royal Saudi Air Force. They're the first from their country to ride a rocket since a Saudi prince launched aboard shuttle Discovery in 1985. In a quirk of timing, they'll be greeted at the station by an astronaut from the United Arab Emirates. Hello from

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