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  • US-Saudi Oil Pact Breaking Down as Russia Grabs Upper Hand

    Bloomberg Economics’ SHOK model predicts that for every $5 increase in oil prices, US inflation will rise by 0.2 percentage point — not a dramatic change, but at a time when the Federal Reserve is struggling to bring prices under control, not a welcome one either. There are three key reasons why more such shocks may be in store: The geopolitical shift, the maturing of shale, and the Saudi spending splurge.

  • Saudi-Iranian ties: A history of ups and downs

    The foreign ministers of Iran and Saudi Arabia met in China for the first formal meeting of their most senior diplomats in more than seven years, Saudi state-run Al Ekhbariya television said, under a deal to revive ties between the regional superpowers. After years of hostility that fuelled conflicts across the Middle East, Tehran and Riyadh agreed to end their diplomatic rift and re-open embassies in a major deal facilitated by China last month.

  • White House Got ‘Heads Up’ On OPEC+ Oil Output Cut, Downplays Saudi Rift

    Yet at the same time, the White House said the announced cuts occurred in a “different environment” from the production cut last October that prompted Biden to vow “consequences for Saudi Arabia.” Kirby pointed out that crude oil prices had fallen significantly, and said the decision was made by the entirety of the OPEC+ cartel – suggesting the US did not hold the Saudis solely responsible.

  • White House Got ‘Heads Up’ On OPEC+ Oil Output Cut, Downplays Saudi Rift

    Yet at the same time, the White House said the announced cuts occurred in a “different environment” from the production cut last October that prompted Biden to vow “consequences for Saudi Arabia.” Kirby pointed out that crude oil prices had fallen significantly, and said the decision was made by the entirety of the OPEC+ cartel – suggesting the US did not hold the Saudis solely responsible.

  • No More Blank Checks: Saudi Arabia Clamps Down on Regional Aid

    The kingdom is still sending money abroad — possibly more than ever. But much of it is now geared toward international investments for profit and influence and at kick-starting new industries at home, like electric vehicles. The Saudi government has also taken on a role similar to the International Monetary Fund, which gives it even greater sway than before over regional politics, with larger nations like Pakistan effectively beholden to it.

  • No More Blank Checks: Saudi Arabia Clamps Down on Regional Aid

    The kingdom is still sending money abroad — possibly more than ever. But much of it is now geared toward international investments for profit and influence and at kick-starting new industries at home, like electric vehicles. The Saudi government has also taken on a role similar to the International Monetary Fund, which gives it even greater sway than before over regional politics, with larger nations like Pakistan effectively beholden to it.

  • Israel says it downs aircraft that appeared to come from Syria

    The Israeli army said it downed an unidentified aircraft on Sunday that appeared to have crossed into its territory from Syria, as tensions simmer between the two countries. The Israel Defense Forces (IDF) said in a statement the aircraft it downed did not pose a threat at any stage.

  • US, Israel tone down rhetoric after Biden says he hopes Netanyahu shelves judicial overhaul

    American and Israeli officials sought to tone down heated rhetoric on Wednesday, at least in public, a day after President Biden said he hopes Israeli Prime Minister Benjamin Netanyahu “walks away” from controversial legislation to overhaul Israel’s judiciary. Many Israelis fear the changes could gut the country’s chief source of democratic checks and balances. Netanyahu responded with a statement rejecting foreign pressure.

  • Saudi Aramco is ‘doubling down’ on China’s energy supply, chief executive says

    “We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and … high-quality development,” Amin Nasser said at the China Development Forum on Sunday. “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies,” he said.

  • Will The Saudi-Iranian Diplomatic Deal Bring Oil Prices Down?

    While increasing Iranian oil exports are likely to cause jitters in delicately-balanced oil markets, it’s unlikely that the trend is going to be sustainable without the country agreeing to a new nuclear deal and the U.S. lifting sanctions. Currently, prospects of reviving the Iran nuclear deal have swung dramatically, from near certain in March 2022 to almost nil currently, with talks hitting yet another stalemate in September. Meanwhile, exchanges on a compromise text are still falling short of satisfying all the involved parties.