Page 4 - Saudi Arabia

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.

Govt working on PLI schemes for more products to boost manufacturing: Goyal

The government had rolled out PLI schemes for 15 key sectors, including technology, textile, automobile, pharmaceutical drugs, speciality steel, electronics, among others

Essar to invest $4 bn in steel plant in Saudi Arabia in 3 years: Official

The Essar Group is looking to invest USD 4 billion in setting up an integrated flat steelworks plant in Saudi Arabia in the next three years, a senior company official said. The plant, which will cost Saudi Riyal 15 billion (USD 4 billion), is scheduled to break ground by this year-end and be completed by the end of 2025, said Amar Kapadia, general manager for corporate planning at Essar. The new 4-million tonnes per annum integrated flat steelworks plant will have continuous casting and hot strip capacity, 1-million tonnes of cold rolled coil capacity, and a tin plate line in Ras Al-Khair Industrial City on Saudi Arabia's east coast. The new facility will also have two direct reduced iron plants, each with a 2.5-million tonnes a year capacity. Essar signed a memorandum of understanding with the Saudi Arabia's National Industrial Development Centre (NIDC) in October 2021, and an agreement with the Royal Commission for Jubail and Yanbu (RCJY) for land allocation in December. "We ha

Pakistan will 'absolutely not' default on debts despite floods: FinMin

No default coming, says Finance Minister Miftah Ismail who expects current account deficit widening to be capped at $2 bn; Ismail says $5-bn investment from UAE, Qatar, Saudi coming this fiscal year

Saudi confirms rollover of $3-bn deposit for a year: State Bank of Pakistan

The State Bank of Pakistan on Sunday said Saudi Arabia has confirmed the rollover of a USD 3 billion deposit for one more year. The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves. "Saudi Fund for Development (SFD) has confirmed a rollover of $3bn deposit maturing on 5 Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects the continuing strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan," the bank tweeted. The agreement for the deposit was originally signed in November 2021 with an aim to improve the SBP's foreign exchange reserves. Saudi Arabia had agreed to revive its financial support to Pakistan in October 2021, including about USD 3 billion in safe deposits and USD 1.2 billion worth of oil supplies on deferred payments. Pakistan has been facing a shortfall in foreign reserves and the rupee has been

Goyal to visit Saudi for ministerial meet of economic, investment committee

India and Saudi Arabia are expected to formulate a plan of action for strengthening bilateral cooperation in different areas and projects, including the west coast refinery project, an official statement said on Saturday. The issue will come up during the meeting between Commerce and Industry Minister Piyush Goyal and Minister of Energy of Saudi Arabia Prince Abdul Aziz Bin Salman on September 18-19. They would co-chair the inaugural ministerial meeting of the Economic and Investments Committee. The two ministers are expected to discuss the progress made under the various joint working groups of the economic and investment committee, the commerce ministry said. "Both sides are expected to formulate plan of action for further strengthening bilateral cooperation in an array of priority areas and projects, including the West Coast Refinery Project, Trans-ocean grid connectivity, Green Hydrogen, Food security, energy security and pharmaceuticals," it said. They may also accelerate ...

Indonesia's plan to shut coal plants over next 30 yrs struggles for support

The Southeast Asian country plans to eliminate 15 Gigawatt of coal-generation over that time, requiring more than $600 billion of capital support, said Erick Thohir

Top headlines: AI puts in place transformation plan;BPCL divestment stalled

The carrier, which plans to induct 30 new wide-body and narrow-body aircraft, on Thursday announced 'Vihaan.AI', a comprehensive transformation plan with a detailed road map for next five years

Saudi Arabia overtakes Russia to be India's no 2 oil supplier in August

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August

PM Modi renews invitation to Saudi Crown Prince Mohammed to visit India

Ahead of the National Day of Saudi Arabia, Prime Minister Narendra Modi has conveyed his greetings to Crown Prince Mohammed bin Salman and renewed the invitation to him to visit India at an early date. External Affairs Minister S Jaishankar who just concluded his first official visit to Saudi Arabia and held talks with the top leadership here discussed measures for enhancing bilateral relations across all domains, including political, trade, energy, defence and security, the Indian embassy here said in a press release. He met the Saudi Crown Prince in Jeddah on Sunday and handed over a written message from Prime Minister Modi, conveying greetings on the upcoming National Day of Saudi Arabia on September 23 and reiterating invitation to the Crown Prince to visit India at an early date, the press release said. Crown Prince Mohammed paid his first State visit to India in February 2019. During the meeting, bilateral relations between the two countries and opportunities for enhancing th