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  • Saudi Crown Prince Mohammed bin Salman arrives in China
     

    Saudi Crown Prince Mohammed bin Salman arrived in China on Thursday, the third stop of his tour of Asian nations that started with visits to Pakistan and India. The Crown Prince is slated to meet Chinese President Xi Jin Ping during the official visit. China is Saudi Arabia’s largest trading partner, ahead of the United States. At […]

     
  • Looking East, Crown Prince Mohammed bin Salman Arrives in Pakistan
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Pakistan on Sunday for the start of a tour of several Asian nations as the Kingdom looks eastward to strengthen trade relationships and business opportunities. As is usually the case for the highest Saudi royal leaders on state visits, the Crown Prince traveled with a sizable entourage […]

     
  • Crown Prince Mohammed bin Salman to Visit Pakistan on Saturday, Announce $20b in Deals
     

    Saudi Arabia’s crown prince Mohammed bin Salman is set to make his first state visit to Pakistan on Saturday, where he will announce investment projects worth up to $20 billion, a senior official told VOA news. The investment is needed for Pakistan, which is cash-strapped and facing multiple regional political challenges with a recently-elected Prime Minister. […]

     
  • Report: The Oil Market Roller Coaster
     

    It has been a tumultuous six months for oil prices on international indices. Prices have slightly rebounded early in 2019 after a precipitous fall from over $86 in September on the Brent Index to just over $50 on Christmas Day. In response, the Saudi-led OPEC+ group agreed in December to cut prices to erode a global […]

     
  • Oil Posts Biggest Weekly Gain Since December 2016
     

    Brent crude headed for its biggest weekly gain since December 2016 after several months of price falls as Saudi Arabia’s production cuts outweighed concerns over the health of the global economy, according to reports. The weekly gain – nearly 9% on the Brent crude index – follows three weeks of losses and its worst quarter in […]

     
  • Oil Reaches Four Year High after OPEC+ Downplays Calls for Increased Production
     

    Oil rose to its highest price in four years on Tuesday, to above $81 on Brent, after Saudi Arabia and Russia appeared to downplay calls from the US to increase production. Saudi Arabia said it will boost its crude oil production “in the coming months” as it expects stronger demand, according to recent comments made by […]

     
  • Uptick in Saudi-Pakistan Relations Following Visit of New PM Khan to Riyadh
     

    New Pakistani Prime Minister Imran Khan visited Saudi Arabia this week for meetings with high-level Saudi officials to discuss trade and diplomatic issues. Khan met directly with King Salman and Crown Prince Mohammed bin Salman during his visit. As a result of the Prime Minister’s meetings, Pakistan has reportedly invited Saudi Arabia to become the third […]

     
  • Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation
     

    SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports. According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s […]

     
  • Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
     

    SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     

MUST-READS

  • China Grabs Spotlight With Major Presence at Saudi Weapons Show

    While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries. Exhibiting for the first time under a single brand — China Defence — state companies displayed a range of weaponry from drones to anti-aircraft and ballistic missiles along with models of stealth fighter jets and amphibious assault ships.

  • Wall Street Snubs China for India in a Historic Markets Shift

    A momentous shift is under way in global markets as investors pull billions of dollars from China’s sputtering economy, two decades after betting on the country as the world’s biggest growth story. Much of that cash is now heading for India, with Wall Street giants like Goldman Sachs Group Inc. and Morgan Stanley endorsing the South Asian nation as the prime investment destination for the next decade.

  • China Grabs Spotlight With Major Presence at Saudi Weapons Show

    A Chinese-made J-10 fighter aircraft soared into the sky as part of a showcase at Saudi Arabia’s annual arms exhibition, demonstrating the growing defense ties between the Asian power and the world’s fifth-biggest weapons spender. While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries.

  • US Extends Lead Over China in Race for World’s Biggest Economy

    US gross domestic product rose 6.3% in nominal terms — that is, unadjusted for inflation — last year, outpacing China’s 4.6% gain. While some of the outperformance reflected America’s elevated price increases, the 2023 outturn underscores a broader point: The US economy is emerging from the pandemic period in a better place than China’s.

    “It is a striking turn of fortunes,” said Eswar Prasad, who once led the International Monetary Fund’s China team and is now at Cornell University. “The strong performance of the US economy, in tandem with all the short-term and long-term headwinds the Chinese economy is facing, renders it a less obvious proposition that China’s GDP will someday overtake that of the US.”

  • China presses Iran to rein in Houthi attacks in Red Sea, sources say

    Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, four Iranian sources and a diplomat familiar with the matter said.
    The discussions about the attacks and trade between China and Iran took place at several recent meetings in Beijing and Tehran, the Iranian sources said, declining to provide details about when they took place or who attended.

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
    The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
    First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • Russia Jumps Saudi to be China’s Biggest Oil Supplier in 2023

    Russia shipped a record 107 million metric tons of crude oil to China last year, equivalent to 2.14 million barrels per day (bpd), data from Chinese customs showed

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer. The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical. First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • China’s ageing population threatens switch to new economic growth model

    China's ageing population threatens key Beijing policy goals for the coming decade of boosting domestic consumption and reining in ballooning debt, posing a severe challenge to the economy's long-term growth prospects.
    A record low birth rate in 2023 and a wave of COVID-19 deaths resulted in a second consecutive year of population decline, accelerating concerns about China's demographic downturn.
    Large groups of the 1.4 billion people living in the world's second-largest economy will exit the labour pool and age past a prime period of their lives for consumption, exacerbating structural imbalances that policymakers have vowed to address.

  • Iran’s oil trade with China stalls as Tehran demands higher prices

    China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.

    The cutback in Iranian oil, which makes up some 10% of China's crude imports and hit a record in October, could support global prices and squeeze profits at Chinese refiners.

    The abrupt move, which one industry executive called a "default", could also represent the backfiring of an October U.S. waiver on sanctions of Venezuelan oil, which diverted shipments from the South American producer to the U.S. and India, elevating prices for China as shipments dwindled.