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[ad_1] NEW YORK: Oil prices rose about 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended voluntary cuts this week. Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 1608 GMT. US West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Both crude benchmarks remained technically overbought for a sixth day in a row, with Brent on track for its highest close since November 16 and WTI since November 11. For the week, both benchmarks were up about 3% after Brent gained about 5% last week and WTI gained about 7% last week. Also read Of rising oil prices and the devaluing rupee This week, Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Saudi Arabia will probably find it difficult to end its cuts at the end of the year without triggering a price slide, Commerzbank analysts said in a not...

[ad_1] KHARTOUM, Sudan - May 6, 2023: Sudanese Army sodliers walk near armoured vehicles stationed on a street in southern Khartoum, amid ongoing fighting against the paramilitary Rapid Support Forces. AFP via Getty Images One month after fighting between Sudan's two military factions broke out in the capital, Khartoum, internationally-brokered peace talks in Saudi Arabia have yielded no solution. Airstrikes and artillery continued to pound the country's capital and surrounding regions in recent days, and violence has also spread to the long-embattled Darfur region in the west. The International Rescue Committee (IRC) said Monday that more than 600 people had been killed and over 5,000 injured as a result of the fighting. The real toll is expected to be far higher. Almost a million people have fled their homes, both to locations within Sudan and across the border to neighboring countries . Meanwhile, those who have stayed put often have no access to essentials despite a ...

[ad_1] An Iranian delegation arrived in Saudi Arabia on Wednesday, Tehran said, to pave the way for reopening diplomatic missions as the Gulf rivals prepare to normalise relations, seven years after an acrimonious split. The announcement came just days after a Saudi delegation made a similar visit to Iran’s capital, following a historic meeting in China between the two governments’ foreign ministers who vowed to bring stability to the turbulent region. “In accordance with the implementation of the agreement between Iran and Saudi Arabia on the resumption of diplomatic activities… the Iranian technical delegation arrived in Riyadh at midday Wednesday and was welcomed by Saudi officials,” said Iran’s foreign ministry spokesman Nasser Kanani. “The Iranian delegation will take the necessary steps to reopen the embassy in Riyadh and the consulate general in Jeddah as well as the activities of Iran’s permanent representative in the (Jeddah-based) Organisation of Islamic Cooperatio...

[ad_1] The potential normalization of relations with Saudi Arabia and other Arab states was a top priority for Secretary of State Antony Blinken during his June trip to Riyadh, although he acknowledged no progress should be expected imminently. Palestinian group Hamas' 7 Oct attack on Israel that killed about 1,400 people aimed to disrupt a potential normalization of ties between Israel and Saudi Arabia, US President Joe Biden said on Friday. Saudi Arabia, a Middle East powerhouse and home to Islam's two holiest shrines, gave its blessing to Gulf neighbors United Arab Emirates and Bahrain establishing relations with Israel in 2020 under the previous US administration of Donald Trump. Riyadh has not followed suit, saying Palestinian statehood goals should be addressed first.  "One of the reasons Hamas moved on Israel ... they knew that I was about to sit down with the Saudis," Biden said at a campaign fundraiser. The potential normalization of relations wi...

[ad_1] Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman has left for a state visit to France where he will meet President Emmanuel Macron, a statement said on Wednesday. Crown Prince Mohammed bin Salman attends the annual speech of the Saudi King at the Shura Council in the capital Riyadh on November 20, 2019. Crown Prince Mohammed bin Salman attends the annual speech of the Saudi King at the Shura Council in the capital Riyadh on  The 37-year-old prince, who is overseeing sweeping social and economic reforms in the oil-rich monarchy, will also take part in the Summit for a New Global Financial Pact in Paris next week, the Royal Court statement said. On Monday Prince Mohammed, often known as "MBS", will attend an official Saudi reception for Riyadh's candidacy to host Expo 2030. The trip underlines close French ties with the resource-rich Gulf. In December 2021, Macron became one of the first Western leaders to meet Prince Mohammed in Saudi ...

[ad_1] Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), has agreed to sell its 77.42% majority interest in Shell Pakistan Limited (SPL) to Saudi Arabia-based Wafi Energy LLC, said an official statement issued by the company on Wednesday. “The sale is part of Shell’s strategy to high-grade its mobility network and was first announced on Capital Markets Day in June 2023,” the statement added. The sale is expected to be completed by the fourth quarter of 2024, subject to regulatory approvals. Upon completion, the Shell brand will remain in Pakistan through brand licensing agreements and customers will continue to have access to Shell’s premium fuel and lubricant portfolio, it said. “SPL remains committed to delivering safe, reliable operations.” WAFI Energy LLC, one of the leading fuel station companies in Saudi Arabia, is a fast-growing retail gas station network and the sole licensee of Shell Retail Network in Saudi Arabia. The company was incorporated i...

[ad_1] French President Emmanuel Macron will welcome Saudi Arabia’s Crown Prince Mohammed bin Salman to a one-on-one luncheon meeting at the Elysee Palace on Friday. This visit is expected to be longer and the talks more multifaceted than during the crown prince’s previous trip to Paris in July last year. It will provide the two leaders with an opportunity to discuss bilateral relations and the latest developments in numerous issues of common interest. Additionally, the crown Prince’s visit will be punctuated by several other events, most notably an International Bureau of Expositions meeting, and a summit organized by France to discuss a new Global Financing Pact. It also follows the recent announcement of the resumption of diplomatic relations between Saudi Arabia and Iran, an event that caught France’s attention. The Elysee responded to it by saying “there is in this normalization of diplomatic relations with Iran a potential for easing tensions in the region that must be...

[ad_1] Bahrain and Qatar have agreed to resume diplomatic relations. The agreement was made in a meeting between dignitaries of the two countries in Saudi Arabia, with both nations. Foreign ministries separately stating that diplomatic relations will be restored in accordance with the principles of the United Nations Carter and the provisions of the Vienna Convention of Diplomatic Relations. According to the international media reports "The two sides affirmed that this decision stems from the mutual desire to develop bilateral relations and enhance the Gulf unity and integration according to the [Gulf Cooperation Council] Charter and in respect for the principles of equality between states, national sovereignty and independence, territorial integrity and good neighborliness," the Qatar ministry of foreign affairs said in a statements. Bahrain was the last of four countries to resume relations with Qatar after they boycotted Doha in 2017 on accusations it was suppor...

[ad_1] Pakistan women's captain Maria Khan, who raked in accolades for her performance in the four-nation cup in Saudi Arabia’s Al Khobar, now makes it to the Women's Premier League's Eastern Flames Football Club. The Women's Premier League's Eastern Flames FC club announced Khan’s inclusion as the seasoned footballer was roped in to strengthen the first women's team for the league. Maria Khan joins the ranks of Eastern Flames FC. The Club’s management contracted with the first foreign professional to support the ranks of the women’s first team in the women's premier league this season, a post in Arabic on Twitter, now X, said. Meanwhile, Pakistani footballers pinned hope that exposure to international clubs would boost more opportunities for Pakistani talent. She mentioned that it will create further opportunities for Pakistani athletes and their talent. Previously, Maria represented WAPDA at the national level. Only a few people know that Mari...

[ad_1] SINGAPORE: Saudi Aramco raised its multi-billion-dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, will see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China’s top provider of the commodity. Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC. The deals are the biggest to be announced since Chinese President Xi Jinping visited the kingdom in December where he called for o...

[ad_1] As Cristiano Ronaldo now plays in Saudi Arabia for Al-Nassr, Lionel Messi continues to play in one of Europe's top-5 leagues like the Ligue 1, with Paris Saint Germain and this Saturday he scored his 702nd goal in Europe following his stint at FC Barcelona before arriving to the French squad a couple of seasons ago. With this goal, Messi edges Cristiano Ronaldo once again after his World Cup win at Qatar 2022. Messi also reached 1,000 goal contributions, as on top of his 702 goals he also has given 298 assists in European football. The seven-time Ballon d'Or winner's future is still up in the air as his contract expires next summer and much has been speculated in the media. The Argentinian forward is still in great shape and might choose to continue playing in the highest level of competition as he hasn't been able to win a UEFA Champions League after his exit for Camp Nou. Messi is 35 years old and it could be said that he has the soccer world at hi...

[ad_1] ISLAMABAD: The Saudi Fund for Development (SFD) will finance Pakistan's oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday. The fund's chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter. SFD CEO Al-Marshed said the agreement emphasised the Kingdom of Saudi Arabia's commitment to continue supporting the brotherly Islamic Republic of Pakistan. The agreement also reflected the interest of "our leaders in supporting the government of Pakistan to navigate economic challenges and build a sustainable economy", he added. "I am pleased to convey to you the greetings and wishes of the government of Saudi Arabia for continuous progress, growth, and prosperity in Pakistan." [ad_2] Source link https://worldnews2023.com/business/saudi-fund-to-finance-1b-pak-oil-derivatives-the-express-tribune/?fee...

[ad_1] Last Updated: July 13, 2023, 02:10 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices rise on U.S. inflation data, fueling hopes of fewer interest rate hikes. Brent futures breach $80 a barrel, signaling market optimism Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Higher rates can slow economic growth and reduce oil demand. “This is the lowest number since the pandemic … but it is important to keep in mind that this is still a transitory situation. But ...

[ad_1] LONDON: American world number four Jessica Pegula said doing business with Saudi Arabia can help the WTA in its quest to ensure equal prize money but it will carefully evaluate following other sports to the Gulf state. Saudi Arabia has pumped huge amounts of money into soccer, Formula One and boxing in recent years while the Saudi-backed LIV Golf circuit recently ended its two-year dispute with the PGA Tour and DP World Tour by announcing a merger. WTA chairman Steve Simon said on Friday there were still "big issues" with Saudi Arabia as potential hosts for WTA events and the governing body of women's tennis had not yet made any decisions or entered into negotiations with the country. "I'm sure we'll talk and go about it," WTA player council member Pegula told reporters ahead of Wimbledon. Men and women get equal prize money at the four Grand Slams. WTA Tour events, however, have often offered less prize money than those on the separ...