Outsized OPEC+ output cut raises global risks: Russell

The reaction to the OPEC+ decision to cut 2 million barrels per day (bpd) from it crude oil production is more instructive than the decision itself. The larger-than-expected reduction is both bullish and bearish for prices, depending on whether you are a buyer or seller, and what time frame you pick. The crude oil market […]

Saudi Arabia does not politicize oil — Al-Jubeir

    Saudi Arabia does not politicize oil and the shortage is not related to the fundamentals of crude oil supply and demand, Minister of State for Foreign Affairs Adel Al-Jubeir said on Friday. Speaking to Fox News, Al-Jubeir refuted the idea that Saudi Arabia would do this [oil cut production] to harm the US. […]

Saudi’s Minister of Finance refuses to talk about pre-budget statement

  Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan refused to talk about the 2023 pre-budget estimates during a press conference on Monday. Saudi Arabia published its preliminary 2023 pre-budget statement last Friday. The Kingdom estimated public revenue in 2023 budget at SR1,123 trillion, and expenditures at SR1,114 trillion, with an expected surplus of SR9 billion. […]

OPEC+ heads for deep supply cuts, clash with U.S.

VIENNA/LONDON  – OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three […]

Saudi: Al Babtain Food unveils final offering price for Nomu listing

    Abdulaziz & Mansour Ibrahim Albabtain Company (Al Babtain Food) set the final price of its offering on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 77 per share. Yaqeen Capital, the financial advisor and lead manager for the offering, noted that the firm concluded the book-building process, which was oversubscribed […]

Saudi Arabia agrees ‘memorandum of cooperation’ with Britain in energy sector – SPA

Saudi Arabia’s cabinet agreed on Tuesday on “a memorandum of cooperation” with Britain in the energy sector, Saudi state news agency SPA reported citing a cabinet statement. There were no further details mentioned in the statement.             Reuters News

Saudia celebrates 70 years of flying to Bahrain

Saudi Arabian Airlines (Saudia), the national flag carrier of Saudi Arabia, has celebrated 70 years of flying to Bahrain. Saudia launched services to Bahrain International Airport in 1952, and today operates an average of three flights a day to the Saudi cities of Jeddah and Riyadh. Commemorating the platinum anniversary, Saudia operated special flights from […]

SABB Takaful pens $4.53mln deal with Al Olayan Group

  SABB Takaful Company inked a SAR 17.31 million contract with Al Olayan Group on 30 September 2022 for general insurance programmes. The value of the contract represents more than 1% of the Saudi listed firm’s revenues in 2021, according to a recent bourse filing. SABB Takaful noted that the deal will reflect on its […]

Albilad Capital to distribute dividends for Sukuk Fund’s unitholders

    Albilad Capital announced cash dividends worth SAR 409,146 to the unitholders of Albilad Saudi Sovereign Sukuk ETF for September 2022, according to a bourse disclosure. The company will pay out SAR 0.029 per unit, which represents 0.33% of the net assets value as of 2 October 2022, for 14.10 million eligible units. The […]

Saudi: Bahri partners with GASCO to establish logistics firm

    National Shipping Company of Saudi Arabia (Bahri) signed a non-binding memorandum of understanding (MoU) with National Gas and Industrialization Company (GASCO) on 3 October 2022 to set up a new business. Under the 12-month agreement, the two parties will team up to develop a company that operates in land transportation and logistics services, […]