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  • Trump says will do ‘substantial tariffs’ if oil price remains where it is

    U.S. President Donald Trump said on Sunday he would do “very substantial tariffs” if the oil price stays the way it is, although adding that he did not think he would need to. A month-long price war between Saudi Arabia and Russia against the backdrop of the novel coronavirus outbreak has cut the price of Brent crude oil to about $32 a barrel, down from around $65 at the end of last year.

  • Saudi non-oil private sector hits decade-low on coronavirus

    Saudi Arabia’s non-oil private sector shrank in March at its fastest rate on record as emergency measures to contain the coronavirus outbreak dealt a heavy blow to business, a survey showed on Sunday. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 42.4 in March - the biggest drop since the survey began in August 2009 - from 52.5 in February.

  • Saudi Aramco, ADNOC delay OSPs until after OPEC+ meets on output cuts: sources

    Saudi state oil giant Aramco and the UAE's Abu Dhabi National Oil Co. will delay issuing their official selling prices for May crude exports until after the OPEC+ coalition holds its emergency meeting Thursday, industry sources familiar with the matter told S&P Global Platts on Sunday.

  • London’s Ritz Sold to Wife of Former Qatari Emir, Mail Reports

    The hotel was acquired by a money manager acting for Sheikha Moza bint Nasser, consort to Hamad bin Khalifa al-Thani, according to the report. Qatar’s royal al-Thani family own more than 100 luxury hotels worldwide through various investment entities, the newspaper said.

  • 6 Coronavirus Economic Impacts to Keep an Eye On

    The economic and social impacts of COVID-19 are widespread and profound, so much so that it will take a long time to catalogue and assess them all in detail. But a number of things with important economic consequences for the United States are coming into focus. Here are six of them.

  • KSA steps up efforts to repatriate Saudi citizens

    The Ministry of Education, meanwhile, has followed up with its 31 cultural bureaus on the health and safety of Saudi scholarship students abroad. At present, 124,228 Saudis are abroad as part of the the scholarship program, with 79,113 scholarship students as well as 45,115 accompanying family members. The ministry is to provide them with the means of return to the Kingdom if they wish to do so.

  • Saudi Arabia turns to e-commerce during Covid-19 outbreak

    In October last year the government implemented the E-commerce Law, designed to regulate digital payments and improve transparency, while on January 31 the then Ministry of Commerce and Investment – now named the Ministry of Commerce – adopted the Implementing Regulations of the E-commerce Law, adding increased oversight to areas such as personal data protection, consumer rights and disclosure obligations.

  • If Saudi Arabia is forced to put the Hajj on hold, it will not be without precedent

    “We’ve asked our Muslim brothers around the world to wait” before making Hajj plans “until there’s clarity,” Dr. Muhammad Salih bin Taher Banten, minister of Hajj and Umrah, told state-run Al-Ekhbariya TV in comments on March 31 that quickly bounced around the world.

  • Middle East oil producers brace for painful times as ‘war’ prices kick in

    The April-loading barrels of Saudi's Arab Light crude are now being supplied to Asian buyers at a discount of $3.10/b to the monthly average of Platts Dubai/DME Oman this month, representing a fall of $6/b in differentials from March. Based on prices so far this month, the OSP differential is worth a discount of almost 14% to oil benchmarks that are already lowest in nearly two decades, versus a premium of 8.4% in March.

  • Oil Price War Tests Saudi-Russian Investment Cooperation

    The PIF and RDIF formally began their partnership in July 2015, when the PIF committed to investing $10 billion across various sectors. By May 2017, the two sovereign wealth funds had created the Russia-Saudi Investment Fund with a reported $6 billion in committed capital. The joint fund prioritizes six sectors: food and agriculture, consumer goods and services, healthcare, pharmaceuticals, innovation and technology, and infrastructure.