Page 26 - Saudi Arabia

Saudi Arabia tell US that Iran may attack the kingdom, says officials

Saudi Arabia has shared intelligence with American officials that suggests Iran could be preparing for an imminent attack on the kingdom, three US officials said on Tuesday. The heightened concerns about a potential attack on Saudi Arabia come as the Biden administration is criticising Tehran for its crackdown on widespread protests and condemning it for sending hundreds of drones as well as technical support to Russia for use in its war in Ukraine. We are concerned about the threat picture, and we remain in constant contact through military and intelligence channels with the Saudis, the National Security Council said in a statement. We will not hesitate to act in the defence of our interests and partners in the region. Saudi Arabia did not respond to requests for comment. Iran's mission to the United Nations told The Associated Press on Wednesday the US claims are baseless. Western and Zionist regimes spread biased news aimed at creating a negative mood towards the Islamic Repub

Iran preparing for an attack on the kingdom, Saudi Arabia tell US

Saudi Arabia has shared intelligence with American officials that suggests Iran could be preparing for an imminent attack on the kingdom, three US officials have said. The heightened concerns about a potential attack on Saudi Arabia as the Biden administration is criticising Tehran for its crackdown on widespread protests and condemning it for sending hundreds of drones as well as technical support to Russia for use in its war in Ukraine. We are concerned about the threat picture, and we remain in constant contact through military and intelligence channels with the Saudis, the National Security Council said in a statement. We will not hesitate to act in the defense of our interests and partners in the region. Saudi Arabia did not immediately respond to requests for comment. Nor did Iran's mission to the United Nations. One of the officials who confirmed the intelligence sharing described it as a credible threat of an attack soon or within 48 hours. No US embassy or consulate in

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Saudi, UAE back OPEC cuts as US envoy warns of 'economic uncertainty'

Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of economic uncertainty ahead for the world. While cordial, the comments at the Abu Dhabi International Petroleum Exhibition and Conference showed the stark divide between the United States and Gulf Arab countries it supports militarily in the wider Middle East. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, hinted at that in brief remarks to the event, noting that upcoming UN climate change summits will be held in Egypt and the United Arab Emirates. We don't owe it to anybody but us, the prince said to applause. Emirati Energy Minister Suhail al-Mazrouei echoed that defence. While saying that OPEC and its allies are "only a phone call away if the requirements are there to raise production, he offered no suggestion such a boost would be on its way anytime soon. I can assure you that we in the United Arab Emirates, as w

Saudi Arabia sets up carbon market firm to support net-zero goal

The Public Investment Fund said it started the Regional Voluntary Carbon Market Co. with Saudi Tadawul Group

Pak PM leaves for Saudi; to attend summit, hold talks with Crown Prince

Pakistan Prime Minister Shehbaz Sharif on Monday left for a two-day visit to Saudi Arabia to attend a key investment summit and hold bilateral talks with Saudi Crown Prince Mohammed bin Salman. The Saudi Future Investment Initiative Summit, often referred to as Davos in the Desert' aims to lure in investors to the desert kingdom. The summit has been an annual feature since 2017. Confirming his attendance at the summit, the PM tweeted: The present state of the global economy needs new thinking and bold vision to overcome the irritants and forge new paths. There are serious concerns about the threat of global recession hitting the economies. The pandemic and climate-induced disasters have already put immense strains on developing countries. High time the world explored solutions to the deepening challenges through candid dialogue, Sharif said in the tweet. Sharif during his travel to Saudi is being accompanied by Finance Minister Ishaq Dar and other officials and would try to convinc

Pakistan convinces Saudi Arabia to revive $12 billion oil refinery: Report

Pakistan has persuaded Saudi Arabia to revive a USD 12 billion state-of-the-art deep conversion refinery and a petrochemical complex in the country, a project that was shelved by the oil-rich Gulf Kingdom during the Imran Khan regime, a media report said on Monday. The development comes ahead of the visit of a delegation from Saudi Arabia led by Crown Prince Mohammed bin Salman to Pakistan next month. The Pakistan government has made efforts to persuade Saudi Arabia to honour the MoUs signed three years ago and invest in Pakistan, The News reported. In 2019, Crown Prince Mohammed visited Pakistan when Khan was the prime minister, and signed MoUs for an investment of USD 21 billion, including the project of a deep conversion refinery and petrochemical complex with an investment of USD 12 billion. Subsequently, when Khan tried to cobble up a bloc of Islamic countries with the consent of Turkey and Malaysia, outside the ambit of the Saudi-dominated Organisation of Islamic Cooperation

Saudi PM Mohammad bin Salman likely to visit India next month: Reports

Prime Minister of the Kingdom of Saudi Arabia and Crown Prince, Mohammed bin Salman, is expected to visit India next month, according to reports

Saudi Arabia defends output cut, says OPEC+ doing right job for stable mkt

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partner's decision to cut crude oil production, saying they were doing the right job to secure and stabilise the market. OPEC+ alliance "is doing the right job", said Saudi Energy Minister Abdulaziz bin Salman here. The minister is on a day-long visit to prepare the ground for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month. OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November. The decisions of OPEC+ are aimed at securing, stabilise and sustaining the markets, he said. Since the OPEC+ decision on October 5, Dated Brent peaked at USD 98.775 per barrel on October 7 and was down to USD 91.35 on Friday. The visiting minister held discussions with top Indian ministers including Commerce and Industry Minister Piyush Goyal, Oil Minister Hardeep Singh Puri and Power Minister RK Singh. The Saudi Minister said bilateral

India, Saudi Arabia explore renewable energy projects via undersea cables

Saudi Energy Minister Prince Abdulaziz bin Salman, who will be visiting India on Friday, will discuss cross-country renewable energy projects

US calls OPEC+ decision on oil production mistake, says it backed Russia

The move of the OPEC and its allies to cut oil production is a "mistake" and a "short-sighted" decision that has favoured the Russians and the US is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and their Russia-led allies earlier this month agreed on a major cut in oil production, amidst a downward trend in prices. The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna. It is the biggest cut since the height of the COVID-19 pandemic in 2020. The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday. We believe that the decision is going to hurt and harm lower-income economies. It was misguided

Saudi Arabia says US sought 1 month delay of OPEC+ production cuts

Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month. A statement issued by the Saudi Foreign Ministry didn't specifically mention the Nov. 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. suggested the cuts be delayed by a month. In the end, OPEC announced the cuts at its Oct. 5 meeting in Vienna. Holding off on cuts would have meant implementing them just before the Nov. 8 election at a time when they likely couldn't drastically influence prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the U.S. and around the world, worsening global economic woes as Russia's months-long war on Ukraine also

Saudi Arabia says US sought a month delay of OPEC+ oil cut decision

Saudi Arabia said on Thursday that the US had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month which would have been just before the upcoming American midterm elections. A statement issued by the Saudi Foreign Ministry didn't specifically mention the elections, crucial to US President Joe Biden maintaining his Democratic Party's narrow majorities in Congress. However, it stated that the US suggested the cuts be delayed by a month as opposed to being implemented at OPEC's October 5 meeting in Vienna. A month delay would have put them just before the November 8 elections where they likely couldn't have drastically influenced prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the US and around the world, worsening global economic woes as Russia's monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up

Sitharaman holds talks with Saudi, Netherlands, S Korea, Japan counterparts

Union Finance Minister Nirmala Sitharaman on Wednesday held bilateral meetings with her counterparts from Japan, Saudi Arabia, the Netherlands, and South Korea as part of the Indian efforts to strengthen its economic ties with major countries of the world. Being held on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the finance minister, in addition to bilateral issues, discussed with them some of the major economic challenges being faced by the world, prominently the energy crisis and inflation in the wake of the Ukrainian war, debt sustainability, and climate change. India's emergence as a bright spot during the current global downturn and some of its successful policies such as digitisation and direct cash transfer were appreciated by her counterparts. The finance minister used the occasion to get feedback from these leaders as to what role India could play next year as the chair of the G-20 group of countries. During her meeting

Biden vows 'consequences' for Saudi Arabia after OPEC+ cuts output

President Joe Biden said on Tuesday there will be "consequences for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis. Biden suggested he would soon take action as aides announced that the administration is reevaluating its relationship with the kingdom in light of the oil production cut that White House officials say will help another OPEC+ member, Russia, pad its coffers as it continues its nearly eight-month war in Ukraine. Democratic Sen. Richard Blumenthal of Connecticut and Rep. Ro Khanna of California introduced legislation that would immediately pause all US arms sales to Saudi Arabia for one year. This pause would also halt sales of spare and repair parts, support services and logistical support. But it remains to be seen how far Biden is willing to go in showing his displeasure with the Saudis, a vital but complicated ally in the Middle East. Biden came into office vowing to

Morocco, Saudi Arabia vow to strengthen bilateral trade cooperation

Morocco and Saudi Arabia have pledged to boost trade and economic cooperation at a bilateral economic forum held in Casablanca, the commercial hub city of Morocco

Saudi Arabia's Crown Prince Mohammed bin Salman appointed as prime minister

Saudi Arabia's powerful Crown Prince Mohammed bin Salman was appointed prime minister on Tuesday by royal decree. The crown prince, who is heir to the throne held by King Salman, already wields wide powers and is seen as the kingdom's day-to-day leader. The royal decree appointing him as prime minister was carried by the Saudi Press Agency. It said King Salman will continue to chair the Cabinet meetings that he attends. The 37-year-old crown prince, widely known by the acronym MBS, has taken the lead on Vision 2030, the kingdom's wide-ranging plan to transform its economy and end its dependency on oil. He is associated with the October 2018 killing of Saudi journalist and critic Jamal Khashoggi, who disappeared after entering the Saudi Consulate in Istanbul. US intelligence found that the crown prince likely approved the killing. The prince said in 2019 that he took full responsibility for the killing since it happened on his watch, but denied ordering it. Saudi officials have sai

Saudi Arabian King appoints Crown Prince Mohammed bin Salman as PM

Saudi Arabian King Salman bin Abdulaziz Al Saud has appointed Crown Prince Mohammed bin Salman as the kingdom's Prime Minister

Saudi Arabia announces 5 renewable energy projects to produce electricity

Saudi Arabia has announced five new projects to produce electricity using renewable energy.