A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals. Shares in Sulaiman Al Habib’s eponymous company have surged 30% since hitting a one-year low in October. That’s made Al Habib — who … Read more
Goldman Sachs expects Brent prices to average at $92 per barrel (bbl)in 2024, and expects the oil market to tighten at a moderate pace amid solid demand while core OPEC supply remains low. The bank in a note dated Thursday said it expects a 0.7 million barrel per day (mb/d) deficit and a solid 1.6 … Read more
NEW DELHI: India saved roughly $2.7 billion by importing discounted Russian oil in the first nine months of this year, according to calculations based on government data, helping it support economic growth and easing pressure on its trade deficit. Crude oil accounts for about a third of India’s overall imports by value. The world’s third-biggest … Read more
Saudi Arabia‘s real gross domestic product (GDP) contracted by 4.5% in the third quarter, according to preliminary government data on Tuesday, weighed down by a sharp fall in oil activity. Oil activities decreased by 17.3% in the third quarter from a year earlier, the General Authority for Statistics data showed, pulling overall growth lower despite … Read more
Saudi Arabia‘s Prince Turki al-Faisal recently spoke about the ongoing violence in the Middle East, making references to historical events in India. The Saudi prince condemned both Hamas and Israel for their attacks on civilians, emphasizing the importance of peaceful resistance. During a speech at the Baker Institute in the US, Prince Turki al-Faisal stated, … Read more
U.S. Secretary of State Antony Blinken meets with Saudi Foreign Minister Prince Faisal bin Farhan, at the Ministry of Foreign Affairs in Riyadh, Saudi Arabia, on Oct. 14, 2023. | Photo Credit: VIA REUTERS U.S. Secretary of State Antony Blinken called on Saturday for protection for civilians in both the Gaza Strip and Israel as … Read more
DUBAI: Saudi Arabia on Wednesday said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year. The kingdom’s production for November and December will be approximately 9 million bpd, an energy ministry statement posted on the Saudi … Read more
The CEO of Saudi Arabian oil giant Aramco on Monday pushed back against forecasts of peak oil demand, and said the narrative of the current energy transition was based on “unrealistic” assumptions and scenarios. Speaking at the World Petroleum Congress in Calgary, Aramco CEO Amin Nasser said talk of peak oil demand had come up … Read more
A general view shows tents housing Muslims pilgrims in Mina, near Islam’s holy city of Mecca, on June 26, 2023 during the annual Hajj pilgrimage. | Photo Credit: AFP Palestinian pilgrim Abu Anas Abu Rahal was hoping to find cheaper lodgings for a week-long stay in Islam’s holiest sites in Saudi Arabia, as the minimum … Read more
Bahrain is targeting to increase tourist footfalls from India beyond the 2019 levels and has stepped up marketing and promotion efforts to achieve this target, a senior official of Bahrain Tourism and Exhibition Authority has said. “India is an important market for us and this year we are targeting to increase the tourist footfalls from … Read more