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  • Saudi Arabia’s non-oil revenues rise 9 percent to $29.73 billion in Q1 2024: MoF

    Saudi Arabia’s non-oil revenues saw a 9 percent increase to SAR111.512 billion ($29.73 billion) in the first quarter of 2024, compared to Q1 of 2023, the Ministry of Finance reported in its latest Quarterly Budget Performance Report. During Q1, Saudi Arabia’s total revenues saw a 4 percent annual increase to SAR293.433 billion. Meanwhile, the Kingdom’s expenditures increased by 8 percent annually to SAR305.82 billion. Therefore, Saudi Arabia posted a budget deficit of SAR12.39 billion during the first quarter of 2024.

  • What’s behind Saudi Arabia’s increase in crude oil prices for Asian market?

    According to Bloomberg, the increase is in line with Saudi Arabia’s efforts to keep prices up amid a fading risk of war in the Middle East. The outbreak of the war in Gaza in October led to spillover conflicts throughout the region, including strikes by the Iran-backed Houthi rebels in Yemen on international shipping in the Red Sea. Concerns of an all-out war rose further with Iran’s unprecedented attack on Israel last month, though Israel's response was perceived as limited, Al-Monitor reported at the time.

  • Saudi Arabia’s transformation from oil to green energy

    Saudi Arabia, a country historically synonymous with oil production, is making strides toward sustainability. Once reliant solely on its vast oil reserves, it is now embracing a green energy revolution that promises to reshape its economic landscape while safeguarding its environmental future.

    According to data released by the International Renewable Energy Agency (IRENA), Saudi Arabia experienced a staggering 219 percent year-on-year increase in renewable energy capacity in 2023. This surge, reaching 2689 MW, outpaced its regional counterparts.

  • Saudi Arabia’s non-oil business activity growth steady in April

    Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.
    The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in April, the same as March, and well above the 50.0 mark denoting expansion in activity.
    The Output subindex retreated slightly to 61.9 in April from a six month high of 62.2 the previous month, but continued to reflect strong demand conditions, with Wholesale & Retail registering the strongest expansion in output.

  • Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

    Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.
    Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.

  • Saudi Arabia’s GDP Contracts Again, With Non-Oil Growth Slowing

    Saudi Arabia’s economy contracted for a third straight quarter following the kingdom’s decision to cut petroleum production, while non-oil growth eased to the slowest pace since the coronavirus pandemic.

    The non-oil economy — a priority for the government as it looks to open up and transform the country — expanded by 2.8% in the first quarter on an annual basis, according to preliminary data published by the kingdom’s statistics office on Wednesday. That compared to 4.2% in the prior quarter.

  • Saudi Aramco CEO says 80% of oil demand to come from Global South by 2050

    "They [Global North] are putting a lot of funds to create the transition," Nasser said in a special meeting of the World Economic Forum in the Saudi capital Riyadh. "It doesn't work where the demand is today. Fifty to 60% of the demand is in the Global South. By 2050, 80% of the hydrocarbon demand is going to be in the Global South. So, we need to take that into consideration if we are worried about emissions. We need to focus on a mission rather than picking winners or losers."

  • As famine looms in Sudan, the hungry eat soil and leaves

    Nearly five million people are close to famine as the country’s civil war passes the one-year mark. Aid officials say the warring parties – the army and the Rapid Support Forces – are looting aid or blocking it from reaching areas where starvation is taking hold. But ‘the world’s largest hunger crisis’ is drawing little global attention.

  • Saudi Arabia may raise prices for most oil grades to Asia for June

    Top oil exporter Saudi Arabia may raise prices for most of the crude grades it sells to Asia in June to their highest levels in five months after Middle East benchmarks strengthened this month, trade sources said on Monday.
    The June official selling price (OSP) of flagship Arab Light crude may rise by 70 to 90 cents to close to a $3 per barrel premium to the average of Dubai and Oman quotes, seven refining sources said in a Reuters survey, which would be the highest level since January.

  • How AI is reshaping Saudi Aramco’s oil exploration and underwater operations strategy

    Saudi Aramco is spearheading the innovations by embracing cutting-edge technologies like artificial intelligence, both within its core operations and beyond, which places the company ahead of the curve. The Saudi state-owned oil company has significantly invested in research and development compared to its industry peers, allocating approximately 3.5 USD billion in 2023, representing a 15% annual increase despite global challenges. This investment is reflected in its innovative efforts, which extend beyond its primary operations.