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. | Photo Credit: Reuters Saudi Arabia said on June 4 that it will reduce how much oil it sends to the global economy, taking a unilateral step … Read more
“I think if you are looking at comparison to emerging markets, Indian market valuation is still a bit higher as compared to the other emerging markets. And hence, if you see, last 12 months we would have underperformed as a market as compared to other markets,” says Jinesh Gopani, Axis Mutual Fund. Let me start … Read more
Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Sign up here. Abu Dhabi, UAE CNN — Turkey’s persecuted pro-Kurdish party has emerged as a kingmaker in the country’s upcoming election, playing a decisive role that may just tip … Read more
Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia’s deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the … Read more
Iraqi Prime Minister Mohammed Shia al-Sudani shakes hands with Chinese President Xi Jinping in Riyadh, Saudi Arabia on December 9, 2022 | Photo Credit: via Reuters Chinese President Xi Jinping met Gulf Arab leaders in Riyadh on Friday in the first of two “milestone” Arab summits showcasing Saudi Arabia’s Crown Prince Mohammed bin Salman as … Read more
A flare to burn methane from oil production is seen on a well pad near Watford City, North Dakota, Aug. 26, 2021. | Photo Credit: AP Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Brent crude futures fell … Read more
Wall Street’s main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic. Beijing said on Monday it would shut businesses and schools in hard-hit districts and tighten rules for entering the city, as infections ticked higher. … Read more
Goldman Sachs on Sunday cut its fourth-quarter Brent oil price forecasts by $10 to $100 a barrel, citing factors including a likely hit to consumption from China‘s COVID case spike. But the investment bank said that the China concerns were “another speed bump on the road higher,” since the major consumer has indicated that this … Read more
Although prices cooled down from their 14-year high hit in March, crude oil prices remain extremely volatile on uncertain macroeconomic conditions. A cut in global oil demand forecast by agencies like Energy Information Administration (EIA) and OPEC, easing tensions between Russia and Ukraine, concerns over China’s demand, and a G7-proposed price cap on Russian oil … Read more
Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks’ aggressive rate hikes and China’s COVID-19 curbs will hurt demand. Brent crude futures slipped 12 cents, or 0.1%, to $89.03 a barrel at … Read more