Page 48 - Saudi Arabia

Crude oil prices ease after Opec+ agrees to relax output curbs next month

Futures in New York dropped below $41 a barrel, though the more global Brent benchmark's structure firmed on signs of tightness in physical markets.

SpiceJet operating 25 repatriation flights from UAE, Saudi Arabia and Oman

In a press release, the airline said it will help bring back close to 4,500 Indians stranded in the UAE, Saudi Arabia and Oman due to the coronavirus-induced lockdown.

SoftBank has no plan to improve board oversight of Vision Fund: Report

SoftBank has pushed back against creating such a committee, with executives arguing investments already vetted by top management and $3-5 billion deals put to the large limited partners

India's May oil imports hit lowest since 2011 over drop in demand: Report

In May, India imported 3.18 million barrels per day (bpd) of oil, a decline of about 31% from April and about 26% from a year ago, the data showed

Saudi to allow 'very limited' hajj pilgrims as coronavirus precaution

The kingdom said Tuesday that only people of various nationalities already residing in the country would be allowed to perform the hajj

India-Saudi supply chains maintained even during Covid-19: Jaishankar

"Ensuring health needs reflects the strength of our ties. Appreciate the gestures made by Saudi authorities to the Indian community," Jaishankar said

Reliance sells 2.32% stake in Jio to Saudi wealth fund PIF for Rs 11,367 cr

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion", the company said in a statement.

Saudi Arabia's PIF picks up 2.3% stake in Reliance Jio for Rs 11,367 cr

This is the 10th investment in Reliance Jio in nine weeks

OPEC, Russia to extend record oil cuts until end of July: Draft deal

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

Oil hits $40, cools off as doubts emerge over next step on Opec cuts

Saudi Arabia and Russia have a deal to extend the cuts by a month, but a policy meeting on Thursday rather than later in June is unlikely

Saudi's SABIC helps India fight Covid-19 with 150,000 kits and PPEs a day

Development comes at a time when India has surpassed China in Covid-19 count, becoming the 11th most infected country. ICMR announced a target of 100,000 tests across the country per day

Oil prices rise as Saudi Arabia pledges to deepen production cuts in June

US West Texas Intermediate (WTI) crude futures were up 1 per cent, or 24 cents, at $24.38 after touching a high of $24.77

Saudi Arabia triples taxes, cuts $26 bn in costs amid Covid-19 pandemic

Despite efforts to diversify the economy, the kingdom continues to rely heavily on oil for revenue.

Aramco may cut govt payout as drop in oil prices hits first-quarter profits

Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first five years to attract investors to its initial public offering in December last year

Saudi Arabia triples taxes, cuts spending by $26 billion amid Covid-19

Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister

Saudi, US companies also eyeing stakes in Reliance's Jio Platforms

The deal could be completed as soon as this month, though no agreement has been finalised and plans may change

Vision 2030: Saudi Arabia abolishes death penalty for juveniles, flogging

Alawwad said that recent decisions reflect how Saudi Arabia is working towards "realising its critical human rights reforms"

A responsible consumer

Strategic oil reserve is an important tool during ongoing crisis

Coronavirus hits Saudi royals, King and Crown Prince in isolation

More than six weeks after Saudi Arabia reported its first case, the coronavirus is striking terror into the heart of the kingdom's royal family.

Coronavirus gives chance for peace, Saudi and Yemen rebels begin ceasefire

The Saudi-led coalition began a unilateral ceasefire in Yemen's long war on Thursday, saying it hoped the initiative to prevent coronavirus in the impoverished country would lead to a wider political solution. The Iran-backed Huthi rebels have not made any comment on the coalition's declaration of a two-week pause in the five-year conflict that took effect from 0900 GMT. If the ceasefire does hold, it would be the first breakthrough since the warring parties agreed to a UN-brokered ceasefire in the port city of Hodeida during talks in Sweden in late 2018. The United Arab Emirates, a key ally in the coalition which drew down its troops last year as the conflict became increasingly intractable, applauded the Saudi move as "wise and responsible". "Hope the Huthis rise to the occasion. The COVID-19 crisis eclipses everything -- the international community must step up efforts & work together to protect the Yemeni people," UAE Minister of State for Foreign Affairs Anwar Gargash ...