Page 43 - Saudi Arabia

Indian refiners to buy one-third less oil from Saudi Arabia next month

Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices. With Saudi Arabia ignoring its pleas to lift output curbs, the Indian government last month asked state refiners to look for sources outside of the Middle East. Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations. They have in recent weeks bought newer crudes from geographies rang

Power play: India wields oil 'weapon' to cut dependence on Saudi Arabia

Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources said, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels

US resumes calls to Saudi Arabia as OPEC+ debates increase or rollover

Trump insisted OPEC raise production to prevent prices from spiking too high

Saudi daily lauds Indian govt's development, welfare initiatives in J-K

Noting the positive initiatives taken by the Indian government in Jammu and Kashmir, Saudi Gazette has lauded Prime Minister Narendra Modi's government for undertaking various development and public welfare programmes, in the aftermath of the abrogation of Article 370.The Saudi daily noted that the J-K youth have responded positively to the Modi government's initiatives and have shown their desire to become a part of the progress of the country."Even the local militants who gave up arms after August 5, 2019, have been rehabilitated and have become a part of the national mainstream," the English daily noted.Saudi Gazette reported that most of the local leaders of Kashmir who used to claim that "if J & K's special status is revoked no one will be left in Kashmir to hold the tricolour" have been proven wrong.The Saudi newspaper further pointed out that the Centre's scholarship schemes for Jammu and Kashmir students had helped many youths from poor backgrounds to get admissions in ...

Saudi Arabia's listed firms to cut payouts for Prince's $1.3-trn plan

The companies will benefit from extra subsidies and the ability to lobby for law changes

Saudi announces $1.3 trn pvt sector investment push led by Aramco, SABIC

The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income

Explained: Why 'atmanirbharta' flows against oil security for India

Instead of relying on negligible domestic deposits, India should be securing steady supplies from abroad

FTSE puts India, Saudi on watchlist for inclusion in its bond index

FTSE Russell's semi-annual country classification review said market accessibility level of Indian and Saudi bonds will be considered for reclassification to 1 from 0

Saudi local office must for foreign firms to get state contracts from 2024

The government has told foreign companies that, from 2024, they can only secure state contracts if they have local offices

CBI arrests ponzi firm promoter after his deportation from Saudi Arabia

The CBI has arrested Sudeer Muhammed Cheriya Vannarakkal who allegedly siphoned off about Rs 10 crore of public money through a ponzi scheme

India to buy oil from cheapest supplier on favourable terms, says Pradhan

UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members

India calls Saudi Arabia's advice on tapping stored oil 'undiplomatic'

India, the world's third-biggest oil importer and consumer, has asked refiners to speed up diversification and cut reliance on Middle Eastern oil

Saudi-led jets strike Yemen rebel sites after Aramco hit: Report

The escalation is liable to hinder U.S. efforts to end the seven-year war in Yemen, which has created the world's worst humanitarian crisis, with widespread famine and disease.

Saudi: Drones attack Riyadh oil facility, no supply disruption reported

A drone attack struck an oil installation in Saudi Arabia's capital of Riyadh on Friday, the Saudi state-run news agency reported, igniting a blaze at the facility deep in the kingdom's territory

India, Saudi Arabia hold talks on initiating cooperation in space

India and Saudi Arabia held discussions on initiating cooperation in the space field and explored the possibility of inking a county-level MoU

Indian state refiners prepare to cut May Saudi oil imports: Report

Indian state refiners prepare to cut May Saudi oil imports

Yemen forces backed by Saudi coalition launch offensive against Houthis

The offensive comes after years of a political and military stalemate during the six years of deadly civil war, Xinhua news agency reported

Saudi cuts April crude for some Asian refiners, maintains India supply

Saudi Arabia has pledged to continue with an extra 1 million barrels per day voluntary output cut for a third month in April

It's time Gulf Arab States look away from Oil and find new revenue sources

We are approaching an energy inflection point in the global economy: plentiful oil supply, a demand plateau by 2030 and more competitive renewable-energy options

Saudi oil hawkishness speeds Indian plan to seek alternatives

India would prefer an oil price in the $50 to $60 a barrel range, says HPCL chairman Mukesh Kumar Surana