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☆ Big Oil’s green-bashing stokes backlash as campaigners hit out at 'talking points from the 1970s'
▼ + stars: | 2024-03-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Aramco and Saudi ministry officials have previously advocated for ongoing investment in hydrocarbons to avoid energy shortages until renewables can fully meet global energy demands. Nasser's comments drew applause from the audience at CERAWeek — an annual energy conference by S&P Global that's known as the "industry's Super Bowl." Other oil and gas executives at the event echoed Nasser's views, but spoke less directly about the state of the energy transition. Separately, Exxon Mobil CEO Darren Woods on Monday said that demand for petroleum products is "still very, very healthy." And the impact that price has on demand," Woods told CNBC's "Squawk on the Street."

Persons: Amin Nasser, Nasser's, Wael Sawan, Darren Woods, hasn't, Woods, CNBC's Organizations: Aramco, Saudi, Shell, Reuters, Exxon Mobil Locations: Houston , Texas, Saudi Aramco, Europe

☆ US religious freedom delegation cuts short Saudi Arabia visit after rabbi is asked to remove his kippah
▼ + stars: | 2024-03-12 | by ( Celine Alkhaldi | ) edition.cnn.com time to read: +2 min

CNN —An American delegation on religious freedom cut short its visit to Saudi Arabia after one of its members was asked to remove his Jewish head covering, or kippah. The delegation from the US Commission on International Freedom (USCIRF) was on an official visit to the UNESCO heritage site of Diriyah, the original home of the Saudi royal family, when Saudi officials asked its chairman Rabbi Abraham Cooper to remove his kippah, the commission said in a statement Monday. It added that the Saudi government had invited the group to tour the site and that the visit had been approved by the Saudi Ministry of Foreign Affairs. CNN has reached out to the Saudi Ministry of Foreign Affairs and the Saudi embassy in Washington. “Saudi officials’ request for Chair Cooper to remove his kippah was stunning and painful.

Persons: Rabbi Abraham Cooper, Cooper “, Cooper, ”, Frederick A, Davie, “, ” Davie, ” Cooper Organizations: CNN, An American, US, UNESCO, Saudi, Saudi Ministry of Foreign Affairs, State Department, Ministry of Foreign Affairs, Ministry of Interior, Human Rights Commission Locations: Saudi Arabia, Diriyah, Saudi, Washington, Kingdom

Valvoline had last year decided to separate its retail services and global products divisions following a strategic review. Saudi Arabia's state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day. At 7 a.m. London time, Brent crude prices for March delivery were up 0.24% from previous close price at $82.60 per barrel. The Tuesday announcement comes amid mounting concerns over the outlook for oil demand worldwide, given a progressing global transition toward decarbonization that casts a shadow over long-term investment projects in fossil fuels. Global oil demand is projected to have risen by 2.3 million barrels per day in 2023 to 101.7 million barrels per day, according to the International Energy Agency's annual report published in December.

Persons: Valvoline, Brent Organizations: Saudi Ministry of Energy, Aramco, International Energy Locations: Saudi Arabia's, Aramco, London

CNN —Iranian President Ebrahim Raisi is in the Saudi capital Riyadh for a major summit on the Israel-Hamas war, where Arab leaders pressed for an end to the conflict. It marks the first trip by an Iranian leader to Saudi Arabia in 11 years after the two countries restored diplomatic relations in March. He shook hands with Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), the heir to the Saudi throne and the country’s de facto ruler. A significant number of Arab leaders are attending the emergency gathering Saturday, titled the Joint Arab Islamic Extraordinary Summit. The summit is being hosted by Saudi Arabia in response to the “unprecedented circumstances in Gaza,” according to a statement released by the Saudi Ministry of Foreign Affairs.

Persons: Ebrahim Raisi, Saudi Arabia’s Crown Prince Mohammed bin Salman, Raisi, ”, we’ve, “, Mahmoud Abbas, Hassan Nasrallah, Israel’s, Bashar al, Assad Organizations: CNN, Saudi Arabia’s Crown, Palestinian, –, Hamas, Arab, Saudi Ministry of Foreign Affairs, Arab League Locations: Saudi, Riyadh, Israel, Saudi Arabia, …, Al, Aqsa, ”, Gaza, United States, Washington, Palestine, Iran

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

☆ London fashion designer apologizes after Saudi-flag miniskirt controversy
▼ + stars: | 2023-09-18 | by ( Aimee Look | ) edition.cnn.com time to read: +2 min

Dubai, UAE CNN —London-based Nigerian fashion designer Mowalola Ogunlesi has apologized after stirring a backlash online for showcasing a miniskirt with a print of the Saudi Arabian flag in her Spring 2024 collection at London Fashion Week on Friday. The Mowalola collection contained various flags as miniskirts, including those of China, the UK and Japan. The Saudi flag is not typically printed on clothing out of respect for the holy inscription. The Saudi flag is never flown at half-staff at times of national mourning anywhere in the world. Users on X criticized the design in posts and comments, calling it “disrespectful” and “offensive.”This miniskirt isn’t the first time Mowalola has used religious symbols in designs.

Persons: Mowalola Ogunlesi, Mohammed, ”, FarFetch, Ogunlesi, “, I’ve, ” Ogunlesi, Mowalola Organizations: UAE CNN —, London, Saudi, Saudi Ministry, Commerce Locations: Dubai, UAE, UAE CNN — London, Saudi Arabian, China, Japan, Saudi, Saudi Arabia

☆ What’s going on with China’s shadow banking system?
▼ + stars: | 2023-09-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The world’s second-largest economy is grappling with growing financial distress, which means big problems for the nation’s nearly $3 trillion shadow banking industry. What’s happening: Shadow lenders, including trust firms, operate outside of the formal banking system. That’s because shadow banks are not just a problem in China. The key concern, said Towes, is whether Western organizations have loaned to shadow banks and are now vulnerable. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates.

Persons: they’ve, ”, Phillip Toews, “ we’ve, Toews, that’s, Goldman Sachs, Matt Egan, That’s, It’s, “, Jan Hatzius, ” Hatzius, —, CNN’s Hanna Ziady, Brent, ” Stephen Innes Organizations: CNN Business, Bell, New York CNN, Asset Management, US, IMF, Global, Federal Reserve, West Texas, Organization of, Petroleum, Saudi Ministry of Energy Locations: New York, China, Beijing, Europe, Saudi Arabia, Russia, OPEC

☆ Oil prices surge after Saudi Arabia and Russia extend production cuts
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — said they would extend output cuts by at least another three months. The moves by Saudi Arabia and Russia reinforce efforts by the alliance known as OPEC+ — which includes members of the Organization of the Petroleum Exporting Countries and other producers — to support oil prices by agreeing to deep and prolonged production cuts. Saudi Arabia needs Brent crude to trade at around $81 a barrel in order to balance its budget, according to the International Monetary Fund. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates. “These impending increases in oil prices present a fresh challenge for central banks as they continue their diligent efforts to bring inflation levels back in line with their desired targets.”

Persons: —, Brent, Alexander Novak, Novak, “, ” Stephen Innes Organizations: London CNN, West Texas, Organization of, Petroleum, Saudi Ministry of Energy, International Monetary Fund, Russia’s, Reuters Locations: Saudi Arabia, Russia, OPEC, Saudi, Riyadh, Ukraine

☆ US gas prices climb to highest level in nearly 10 months
▼ + stars: | 2023-08-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The national average for regular gasoline hit $3.85 a gallon on Monday, according to AAA. That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads. The summer spike in gas prices has eased, with the cost to drivers moving just gradually higher more recently. The national average is up by two cents over the past week. Those year-over-year savings have nearly vanished, with the national average down just 11 cents from this point last summer.

Organizations: New, New York CNN, AAA, Labor, Utah ., Saudi, Saudi Ministry of Energy Locations: New York, Russia, Saudi Arabia, Arizona , Illinois, Utah, Utah . Colorado, Michigan

☆ Saudi Arabia to extend voluntary 1 million barrel per day crude oil production cut into September
▼ + stars: | 2023-08-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. The 1 million barrel per day cut, which was also implemented in July and August, "can be extended or extended and deepened," SPA said. It adds to 1.66 million barrels per day of other voluntary production declines that some members of the Organization of the Petroleum Exporting Countries are putting in place until the end of 2024. Voluntary cuts fall outside of the production policy agreed by OPEC and its allies, known as OPEC+. Oil prices were little changed shortly after the announcement of Saudi Arabia's voluntary production cut extension.

Organizations: Saudi Press Agency, Saudi, Organization of, Petroleum, OPEC, Brent, International Energy Agency Locations: Saudi Arabia, OPEC, Saudi, Paris

☆ Saudi Arabia extends oil production cut even as US gas prices hit nine-month highs
▼ + stars: | 2023-08-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters. US oil prices rose 1.6% on Thursday to $81.05 a barrel. The prolonged supply restraint from Saudi Arabia and Russia comes even as oil prices have rebounded in recent weeks, helping to lift pump prices for US consumers to nine-month highs. Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets.

Persons: Brent, ”, Rick Joswick, Robert Yawger, Yawger, Diesel Organizations: New, New York CNN, Saudi Ministry of Energy, Organization of, Petroleum, Reuters, P Global Commodity, Mizuho Securities, AAA, International Monetary Fund, International Energy Agency Locations: New York, Saudi Arabia, Russia, Ukraine

‘An operation of seduction’Just days after the PGA-LIV Golf merger was announced, a contingent of Saudi Arabian investors and power brokers, including the crown prince, Mohammed bin Salman, has converged on France this week looking for more deals with potentially trillions to spend. The “Invest in Saudi” booth at VivaTech — where Elon Musk and the luxury tycoon Bernard Arnault are also on the program — has an outsized presence. Paid for by the Saudi Ministry of Investment, the booth serves as a kind of billboard to announce the country’s ambitions and a way to help its entrepreneurs attract Western investors and prospective business partners, Vivienne Walt writes for DealBook. Badr Al Badr, the deputy minister for investor outreach, told DealBook that Saudi Arabia has about $3.2 trillion to invest by 2030. “That is why there are so many opportunities for investors,” he said.

Persons: Mohammed bin Salman, Elon Musk, Bernard Arnault, Vivienne Walt, DealBook, Prince Mohammed, Badr Al Badr, ” Organizations: LIV, Invest, —, Elon, Saudi Ministry of Investment, PayPal, Electronic Arts Locations: Saudi Arabian, France, Saudi, Badr, Saudi Arabia

☆ Saudi Arabia to slash oil production again as OPEC+ extends supply curbs
▼ + stars: | 2023-06-04 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday. The Saudi statement followed a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers. At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024. Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported. Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.

Persons: —, Alexander Novak, Saudi Ministry of Energy “, Brent, Energy Prince Abdulaziz bin Salman, Joe Klamar, “, ”, …, ” Prince Abdulaziz bin Salman Organizations: London CNN, Saudi Press Agency, Organization of, Petroleum, Reuters, Saudi Ministry of Energy, OPEC, Federal, Saudi, Energy, Bloomberg, Wall Street Journal Locations: Saudi Arabia, OPEC, Saudi, Vienna, Russia, Riyadh, —, Moscow, Ukraine —, AFP, Qatar, United States, China, Germany, Europe’s

☆ Saudi Arabia is planning to execute three local tribe members who opposed its futuristic NEOM megacity project, UN experts warn
▼ + stars: | 2023-05-04 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Three men protesting the NEOM project have been sentenced to death, UN human rights experts said. The experts group said the men had been convicted under an "overly vague" terror law which appears not to meet international law. This image shows the planned design of 'The Line,' a 'vertical skyscraper' which forms part of the futuristic Saudi Arabian city of NEOM. Three further tribe members were given prison sentences of up to 50 years, the experts group said. Since January 2020, residents of the three villages of Al Khuraiba, Sharma and Gayal have been evicted without fair compensation, despite promises from the state, the experts group said.

☆ Thousands are trying to escape from Port Sudan. Only a few can make it
▼ + stars: | 2023-05-01 | by ( Larry Madowo | ) edition.cnn.com time to read: +5 min

Port Sudan, Sudan CNN —In the dark of night, the nightmare is nearly over for the lucky few gathered on the quayside in Port Sudan. Sudanese-American businessman Adil Bashir was one of just 52 evacuees who boarded the Royal Saudi Navy ship HMS Al-Diriyah on Sunday. And as fighting has driven more people out of Khartoum, Port Sudan has become a key evacuation hub. The journey from Port Sudan to Jeddah can take up to 12 hours depending on sea conditions. Saudi Royal Navy officials carry a disabled civilian to a Saudi Navy Ship, during his evacuation from Sudan to escape the conflict, Port Sudan, Sudan, April 30, 2023.

CNN —Canada has told its citizens in Sudan that evacuations are “not possible at this time” due to the closure of airspace amid fierce fighting between rival forces. Earlier on Saturday, Saudi Arabia said it had evacuated Canadian nationals from Sudan to Saudi Arabia. However, the Saudi Ministry of Foreign Affairs did not provide the number of Canadians it had helped to evacuate. There are 1,596 Canadians signed up to the Registration of Canadians Abroad Service in Sudan but this number provides only an estimate of Canadians in Sudan as registration is voluntary. Canadian citizens can register through the Registration of Canadians Abroad service on the Travel.gc.ca site.

Hong Kong/Atlanta/London CNN —Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. With oil prices now rising, inflation could remain higher for longer, adding pressure to a hot-button issue for consumers around the world. Saudi Arabia now says it will cut oil production by another half a million barrels a day. “We’re focused on prices for American consumers, not barrels.”In October, OPEC+’s decision to cut production had already rankled the White House.

☆ Saudi discussing $5 billion deposit for Turkey - Saudi finance ministry spox
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Nov 22 (Reuters) - Saudi Arabia and Turkey are discussing a $5 billion deposit at Turkey's central bank, a Saudi Ministry of Finance spokesperson said on Tuesday. "We are in final discussion to make a USD 5 billion deposit with the central bank of (Turkey)," the spokesperson said in an emailed response to a Reuters query. Reporting by Ghaida Ghantous; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S.
▼ + stars: | 2022-11-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Anna_Byline.Jpg | Anna Schecter | ) www.nbcnews.com time to read: +8 min

For their part Qatari officials and connected companies spent at least $307,941 at the Trump hotel from late 2017 through mid-2018, according to the Oversight Committee’s findings. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. According to the Oversight Committee, documents from Mazars show the Turkish Embassy sponsored two stays at the Trump hotel around the time of Erdoğan’s visit. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S. policy
▼ + stars: | 2022-11-14 | by ( Anna Schecter | ) www.cnbc.com time to read: +8 min

The Saudi revenues for the Trump hotel came during a period when Saudi Arabia and the UAE were lobbying the Trump administration to support them during their blockade against economic rival Qatar. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. The Malaysian expenditures at the Trump Hotel were the most extensive in a one-week period found by the Oversight Committee to date. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

Videos show the moment two American veterans touched down on U.S. soil and were reunited with their families after being held hostage for three months by Russian forces. The two men were among ten foreign fighters captured by Russian forces in June after they traveled to Ukraine to aid in the war. They were held by Russian proxies in the contested Donbas region that remains at the center of the war. Dianna Shaw and Bunny Drueke, the aunt and mom of Drueke, said they were "thrilled" that he was finally free. The 10 foreign fighters included Drueke and Huynh, five British fighters, and one Moroccan, Swede and Croatian, according to the Saudi Ministry of Media.

Ten foreign fighters, including two Americans who joined the war effort in Ukraine before they were captured and held by Russian forces, were released Wednesday as part of an exchange of prisoners of war between Russia and Ukraine. The Saudi Ministry of Foreign Affairs said that Crown Prince Mohammed bin Salman and the Saudi government had successfully negotiated the release of the foreign fighters and transferred them to Saudi Arabia, where they were "facilitating procedures for their safe return home." The 10 foreign fighters are five British fighters, two Americans, and one Moroccan, Swede and Croatian, according to the Saudi Ministry of Media. U.K. Prime Minister Liz Truss said in a tweet that she was elated to hear that the British nationals had been released. They are believed to be the first Americans to be captured during the war between Ukraine and Russia.

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