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  • US intends further strikes against Iran-backed groups, White House says

    The United States intends to launch further strikes at Iran-backed groups in the Middle East, the White House national security adviser said on Sunday, after hitting Tehran-aligned factions in Iraq, Syria and Yemen over the last two days. The United States and Britain unleashed attacks against 36 Houthi targets in Yemen, a day after the U.S. military hit Tehran-backed groups in Iraq and Syria in retaliation for a deadly attack on U.S. troops in Jordan.

  • OECD raises global growth outlook on US strength

    The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said on Monday. World economic growth is expected to ease from 3.1% in 2023 to 2.9% this year, better than the 2.7% expected in November in the Organisation for Economic Cooperation and Development's last outlook. In an update of its forecasts for major economies, the Paris-based OECD left its 2025 global estimate unchanged at 3.0%, when growth is expected to be boosted by major central banks rate cuts as inflation pressures subside.

  • ExxonMobil’s CEO doesn’t care about his growth plans annoying Saudi Arabia

    “We expect to grow our volumes in 2024 to about 650,000 barrels per day, and then we’re going to continue that growth through to the targets that we’ve laid out in 2027 of about a million barrels a day,” CEO Darren Woods said on a call with investors.

  • Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI

    Non-oil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 55.4 in January, down from 57.5 in December, and the lowest reading since January 2022. The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling a weakness in demand momentum.

  • Saudi GAMI Signs 11 Agreements with Global Military Defense Industry Companies

    Minister of Investment Eng. Khalid Bin Abdulaziz Al-Falih and Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali witnessed on Monday the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with various international companies specialized in military and defense industries. The ceremonies took place on the sidelines of the World Defense Show, which is being held in Riyadh from February 4 to 8. The agreements focus on building the capacity of vital fields. They entail, among others, transfer and localization of technology, establishment of local production lines, and training and developing national talent in these fields. These agreements and MoUs contribute to the strategic objectives of the Kingdom's military industries, such as localizing defense manufacturing, improving military readiness, enhancing industrial participation, and creating investment opportunities that support the Vision 2030 goal of localizing 50% of military equipment and services spending by 2030.

  • What are the implications of Saudi Aramco’s pause in expansion?

    It’s like the entire oil industry of Oman or Angola was turned on and then off again. Saudi Aramco, the state oil giant, said on Wednesday that the Ministry of Energy had told it to cancel plans to expand its maximum sustainable capacity (MSC) from 12 to 13 million barrels per day by 2027. Speculations on motivation have abounded. Is this an attempt to drive up longer-dated future oil prices, a recognition that future demand will be weaker, or an acknowledgement of unexpectedly strong expansion from competitors? Is it to save cash? Is there a political angle? The higher target had originally been announced in March 2020, as the Covid-19 pandemic hit, with Saudi Arabia locked in a battle for market share. So perhaps it’s not surprising that four years later and with much water under the bridge, it’s time for a rethink.

  • Prince Khalid bin Salman launches locally assembled new Hawk jet

    On the occasion of the rolling out of the latest jet Hawk aircraft assembled in Saudi Arabia, the minister said on his X account: “I was pleased to inaugurate the latest advanced jet aircraft, the Hawk T-165, which was assembled totally in the Kingdom by the Saudi hands, and to honor those working on it. This achievement reflects the extension of the successes of the vision of Crown Prince and Prime Minister Mohammed bin Salman in transferring and localizing technology in the military industries sector.”

  • Big Oil’s Optimism Faces Reality Check in Tech-Obsessed Stock Market

    Exxon Mobil Corp. and Chevron Corp. are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley. Chevron hit record production in 2023 while buying back 5% of its stock and forecasts oil and gas growth of as much as 7% this year, led by low-cost barrels from the Permian Basin. It was rewarded with a 3% bump in its shares Friday, slightly better than Shell Plc’s gain a day earlier. Exxon, which is gushing cash from the fast-growing oil discovery in Guyana, fell 0.4%.

  • Land Routes Via UAE, Saudi Arabia Tested to Bypass Houthi-Menaced Red Sea

    An Israeli software startup and one of the world’s biggest shipping lines are among companies that for the first time are opening up commercial trade routes running through the heart of the Middle East to bypass the Houthi-menaced Red Sea.

  • Saudi defense minister inaugurates World Defense Show 2024

    The defense minister toured the exhibition, which features participation from over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector. He also viewed the aerial displays, static aircraft exhibitions, and ground equipment in the display area. Speaking on the occasion, GAMI Gov. Ahmad Al-Ohali, said that the Kingdom has begun to reap the benefits of the huge support extended by the country’s leadership, with localization rates in the defense sector increasing from 4 percent to 13.6 percent at the end of 2022.