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  • Saudi Arabia raises Sept light crude prices for Asia less than expected

    Top oil exporter Saudi Arabia raised the price for the flagship Arab light crude it sells to Asia in September for the first time in three months, while cutting prices to the other regions. The official selling price for Arab Light crude to Asia rose by 20 cents to $2 a barrel above the Oman/Dubai average in September, Saudi Aramco said in a statement on Sunday. The price was a two-month high, but the hike was less than the market had expected.

  • Israeli strikes hit Gaza schools, hospital compound after talks fail

    An Israeli airstrike hit two schools in Gaza City on Sunday, killing at least 30 people, Palestinian officials said, while the Israeli military said it struck a Hamas military compound embedded in the schools. An Israeli airstrike hit a tent camp inside a hospital in central Gaza earlier in the day. Gaza health officials said a total of at least 44 Palestinians were killed on Sunday, the day after a round of talks in Cairo ended without result.

  • Iran says it does not want regional escalation but must ‘punish’ Israel

    Iran is not looking to escalate regional tensions but believes it needs to punish Israel to prevent further instability, the foreign ministry spokesperson said on Monday, following the killing of Hamas leader Ismail Haniyeh in Tehran last week. "Iran seeks to establish stability in the region, but this will only come with punishing the aggressor and creating deterrence against the adventurism of the Zionist regime (Israel)," Nasser Kanaani said, adding that action from Tehran was inevitable.

  • ExxonMobil’s earnings reveal record crude production

    ExxonMobil presented its second-quarter earnings Friday. Profits and revenues are both higher than they were the same time last year, with the oil giant clearing $9.2 billion on a $93 billion bottom line (up 17% and 12% respectively). Fueling all that cash is record oil production — including from a Caribbean claim that has the company tied up in legal proceedings with its biggest rival.

  • GCC travelers spent $3.9 bln in Saudi Arabia in 2023: Saudi tourism ministry

    Travelers from the Gulf Cooperation Council (GCC) countries spent more than $3.9 billion during their travels in Saudi Arabia, the Kingdom’s Ministry of Tourism said in its annual report. Around 8.6 million visitors from these countries came to Saudi Arabia. This included 3.5 million travelers from Bahrain, 2.3 million from Kuwait, 1.4 million from the UAE, 1.1 million from Qatar, and 455,000 from Oman.

  • Saudi Bank Performance and Growth Prospects Underpinned by Favourable Operating Environment

    The operating environment for Saudi banks remains favourable, and our operating environment score of 'bbb+' is the highest across the GCC’s banking sectors (one notch above the bbb of its closest peers - the UAE, Qatar and Kuwait), being the highest score for EM banking sectors scored by Fitch globally. The operating environment for banks in the kingdom is underpinned by high oil prices and by government spending, supporting the country's giga projects and the Visions 2030 strategy, and resulting in solid non-oil GDP growth. Fitch Ratings forecasts real non-oil GDP growth to average 4.5% over 2024–2025 (2022–2023: 5%).

  • Saudi non-oil activity growth eases in July, PMI shows

    Growth in Saudi Arabia's non-oil sector eased in July from the previous month, with new orders increasing at the slowest pace in two and a half years, a survey showed on Monday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 54.4 in July from 55.0 in June. It was the lowest reading since January 2022, although still well above the 50 level which marks growth in activity.

  • Saudi Aramco Hikes Oil Prices for First Time in Months

    Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asian buyers, although the increase was smaller than the amount analysts expected, which was 50%. The September price for the flagship blend will be the highest in two months.

  • Airlines avoid some Mideast airspace, cancel Israel flights as tensions mount

    Airlines are avoiding Iranian and Lebanese airspace and cancelling flights to Israel and Lebanon, as concerns grow over a possible conflict in the region after the killing of senior members of militant groups Hamas and Hezbollah this week. Singapore Airlines (SIAL.SI), opens new tab stopped flying through Iranian airspace from early Friday morning and is using alternative routes, saying safety is its top priority, it told Reuters in a statement.

  • Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot

    Saudi Arabia’s wealth fund signed preliminary agreements worth as much as $50 billion with six Chinese financial institutions, in the latest example of the kingdom’s deepening ties with Beijing. The deals were done to boost two-way capital flows through both debt and equity, according to a statement from the $925 billion Public Investment Fund. The memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corp., Export-Import Bank of China and the Industrial and Commercial Bank of China.