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  • Saudi Arabia’s non-oil business activity grows robustly in March, PMI shows

    Strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in March, slightly lower than 57.2 in February, but well above the 50.0 mark denoting expansion in activity. The output sub-index rose to 62.2 in March from 61.5 the previous month, its strongest since September last year, supported by new orders particularly in the manufacturing sector.

  • Saudi Arabia Hits Milestone In Shift Away From Oil Economy

    Government data released last month shows the real GDP growth rate for non-oil activities at about 4.4%, valuing the sector at about 1.7 trillion Saudi riyals (around $453 billion). This puts the kingdom on course to meet the objectives set out in Vision 2030, its broad program of policies and reforms, which holds economic diversification as one of its core objectives.

  • Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank

    Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever. The defendants from PetroSaudi — a Swiss Saudi citizen and a Swiss British national who were not identified by name for privacy reasons — are accused of having created a scheme in 2009 under which 1 Malaysia Development Berhad, or 1MDB, would set up a joint venture based on false premises.

  • Oil stays near five-month highs as tighter supply looms

    Oil prices were steady on Monday near five-month highs as markets expect tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported an improving demand outlook.
    Brent crude was 10 cents lower at $86.90 a barrel by 1115 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.14 a barrel, down 3 cents following a 3.2% gain last week.

  • Oil stays near five-month highs as tighter supply looms

    Oil prices were steady on Monday near five-month highs as markets expect tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported an improving demand outlook.
    Brent crude was 10 cents lower at $86.90 a barrel by 1115 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.14 a barrel, down 3 cents following a 3.2% gain last week.

  • Saudi Arabia may hike May crude oil prices to Asia

    Top oil exporter Saudi Arabia may raise the official selling price (OSP) for flagship Arab Light crude in May after Middle East benchmarks strengthened last month, industry sources said. The May OSP for Arab Light crude could rise by 20 to 30 cents a barrel from April, according to a Reuters survey of six refining sources. The expectation of higher prices comes after the backwardation structure in the Dubai benchmark narrowed by 33 cents a barrel in March versus February, Reuters data showed. When the market is in backwardation, prompt prices are higher than those in future months, implying tight supply.

  • Biden’s oil boom

    Almost no matter the metric, the U.S. oil and gas industry has flourished under President Joe Biden, even though his administration has pushed hard to transition the U.S. economy toward a carbon-free future to fight climate change.

  • Houthis threaten Saudi Arabia’s oil installations for ‘supporting US aggression’

    Yemen’s Houthi rebels have threatened to target Saudi Arabia’s oil installations should the country allow a US-led coalition to use its airspace to counter the group’s attacks, a Houthi spokesperson said in an interview with al-Masirah TV on March 25. “We have sent a message to Saudi Arabia that it will be a target if it allows American fighter jets to use its territory or airspace in their aggression on Yemen,” Mohammed Ali al-Houthi, a member of the group’s Supreme Political Council, said in the interview.

  • Saudi Arabia’s non-oil exports increase by 0.8 percent in January

    Saudi Arabia’s non-oil exports, including re-exports, recorded a 0.8 percent increase in January 2024 compared to the same period in 2023, reported the General Authority for Statistics. Excluding re-exports, non-oil exports saw an 11.5 percent decline as re-exports rose by 42.6 percent in the same period. The authority also reported a decline in overall merchandise exports mainly due to the decline in oil exports following Saudi Arabia’s pledge of an additional oil output cut of 1 million barrels per day in July 2023.

  • Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny

    Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said.
    Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.