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DUBAI, United Arab Emirates (AP) — Saudi Arabia's oil giant Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. However, crude oil prices globally have fallen over recent months as demand has been soft. Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change. Political Cartoons View All 253 Images

Organizations: United Arab Emirates, Saudi Aramco, country's Energy Ministry, Saudi Arabian Oil Co, Brent, Aramco Locations: DUBAI, United Arab, Saudi

JERUSALEM (AP) — Saudi Arabia's foreign minister says the kingdom will not normalize relations with Israel or contribute to Gaza's reconstruction without a credible pathway to a Palestinian state. Prince Faisal bin Farhan's remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. It puts them at odds with Israeli Prime Minister Benjamin Netanyahu, who has rejected Palestinian statehood and described plans for open-ended military control over Gaza. In September, Netanyahu had said Israel was “at the cusp” of such a deal, which he said would transform the Middle East. Israel has only successfully rescued one hostage, while Hamas says several have been killed in Israeli airstrikes or during failed rescue operations.

Persons: Prince Faisal bin Farhan's, Benjamin Netanyahu, Netanyahu, Israel, “ CNN’s Fareed Zakaria, ”, ” Prince Faisal, “, Prince Faisal, we’re, NETANYAHU, —, ___ Shurafa Organizations: JERUSALEM, CNN, Israeli, Palestinian, West Bank, Hamas, Health Ministry Locations: Saudi, Israel, Palestinian, Gaza, United States, U.S, Saudi Arabia, Jerusalem, GAZA, U.N, Iran, Lebanon, Syria, Iraq, Yemen, Deir, israel

LAS VEGAS (AP) — The visuals of the world-famous Strip expected to emerge from the Las Vegas Grand Prix on Saturday night has enticed sports bettors so much that the event is expected to set Formula One and motor sports wagering records. “Race weekend in Las Vegas has the potential to shatter every company record for the sport,” BetMGM chief revenue officer Matt Prevost said in a statement. Pullen said races typically draw bettors especially interested in that circuit, but Las Vegas is attracting more of the casual or cross-over gambler. “It'll blow away NASCAR,” Pullen said. The trend is similar at Caesars, with Verstappen going from minus-250 to minus-225 “and slowly coming down and down,” Pullen said.

Persons: ”, Adam Pullen, “ It’s, ” That's, Matt Prevost, Carlos Sainz Jr, Pullen, ” Pullen, it's, Max Verstappen, FanDuel, bettors, “ Organizations: LAS VEGAS, Las Vegas, Caesars Entertainment, Formula, Vegas, NASCAR, Caesars Locations: Las Vegas, U.S, East Coast, United States, Vegas, BetMGM, Saudi Arabia, Singapore, Azerbaijan

GENEVA (AP) — Saudi Arabia is all but certain to host the men's 2034 World Cup after the Australian soccer federation declined to enter the bidding contest. “We have explored the opportunity to bid to host the FIFA World Cup and — having taken all factors into consideration — we have reached the conclusion not to do so for the 2034 competition,” Football Australia said in a statement. Indonesia’s football association initially showed interest in a joint bid with Australia, potentially alongside Malaysia and Singapore, but that faded when Indonesia instead backed Saudi Arabia. Australia and New Zealand successfully co-hosted the Women's World Cup in July and August. Saudi Arabia also will host the men's Asian Cup in 2027 and has started a widespread construction program to build and renovate stadiums that likely also will be used for the World Cup.

Persons: “, LIV, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, Gianni Infantino, Australia —, Minky Worden, ” Worden, ___ Organizations: GENEVA, FIFA, ” Football Australia, Newcastle, Saudi Crown, South America — FIFA, Asian Football Confederation, AFC, Qatar, soccer, Australia, New Zealand, Saudi, Rights Locations: Saudi Arabia, Australian, Saudi, Spain, Portugal, Morocco, South, Asia, Oceania, Australia, Qatar, Malaysia, Singapore, Indonesia, New, Brisbane, Queensland

☆ Saudi Arabia is serious about its Jan. 1 deadline for companies to move regional headquarters to Riyadh — or lose out on government contracts
▼ + stars: | 2023-10-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

The Saudi National Bank headquarters and other buildings in Riyadh. Bloomberg | Bloomberg | Getty ImagesRIYADH — Saudi Arabia is holding on to its ultimatum that foreign companies will need to base their regional headquarters in the kingdom or be barred from lucrative government contracts. In a bold surprise move back in February 2021, the Saudi government announced that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country. The news stunned investors and expat workers, many of whom saw the move as a shot at Dubai, the United Arab Emirates commercial capital that is home to the highest concentration of Middle East regional headquarters. Faisal Al Ibrahim, Saudi minister of economy and planning, told CNBC that the plan is still going ahead and discussed how the kingdom aims to support foreign companies with the change.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, that's, Prince Mohammed bin Salman, Saudi Arabia — Organizations: Saudi National Bank, Riyadh . Bloomberg, Bloomberg, Getty, United Arab Emirates, East, CNBC, Future Investment Initiative, Saudi Arabia's Public Investment Fund Locations: Riyadh ., RIYADH, Saudi Arabia, Saudi, Dubai, Riyadh

GENEVA (AP) — Saudi Arabia formally informed FIFA of its wish to host the men’s World Cup in 2034 on Monday in a bidding contest that increasingly looks designed for the kingdom to win. That allows the 2034 edition to return to Asia 12 years after Qatar hosted the 2022 World Cup. Infantino has built close ties to Saudi Crown Prince Mohammed bin Salman on frequent visits to the oil-rich kingdom since before the 2018 World Cup. The Saudi soccer project has seen the sovereign wealth Public Investment Fund buy English club Newcastle in 2021. The FIFA Council which agreed to the 2034 World Cup bidding process included nine delegates from European soccer body UEFA, which now has the 2030 tournament.

Persons: “, ”, Gianni Infantino, Prince Mohammed bin Salman, PIF, Karim Benzema, ___ Organizations: GENEVA, FIFA, Oceania, Qatar, New Zealand, Saudi, Public Investment Fund, Newcastle, FIFA Council, UEFA Locations: Saudi Arabia, Saudi Arabian, Europe, Africa, South America, Spain, Portugal, Morocco, Argentina, Paraguay, Uruguay, United States, Mexico, Canada, Asia, Australia, Saudi, Qatar, Egypt

☆ Saudi Arabia announces crucial step forward in its nascent nuclear power plans
▼ + stars: | 2023-09-26 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The announcement put the spotlight on the kingdom's nascent nuclear energy efforts — Saudi Arabia has a small nuclear reactor, a research unit set up with the help of Argentina, that it has not yet put into operation. The Saudi energy minister did not comment on whether his country would also join the IAEA's Additional Protocol, which requires more thorough oversight including snap inspections. Saudi Crown Prince Mohammed bin Salman said in a recent wide-ranging interview with Fox News that if Iran developed nuclear weapons, Saudi Arabia would too. U.S. assistance with a nuclear energy program is one of Saudi Arabia's key demands — but not everyone is happy about that. The multilateral Obama-era deal had allowed the lifting of economic sanctions on Iran in exchange for curbs to its nuclear program.

Persons: Crown Prince Mohammed bin Salman, Al, Mandel Ngan, Prince Abdulaziz bin Salman Al Saud, Rafael Grossi, Thomas Kronsteiner, Grossi, Saud, Prince Abdulaziz's, Prince Mohammed bin Salman, Mohammed bin Salman's, Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Joe Biden, Narendra Modi, Evelyn Hockstein, Yair Lapid, Donald Trump, ATTA KENARE Organizations: Saudi, Crown, AFP, Getty Images, International Atomic Energy Agency, IAEA, Saudi Energy, Governors, CSA, United, Fox News, CBS, West, Saudi Arabian Crown, Indian, Biden, Obama, Iranian, Getty Locations: Royal, Saudi, Jeddah, Getty Images Saudi Arabia, Vienna, Austria, Saudi Arabia, Argentina, United Arab Emirates, Iran, Russia, Ukraine, China, New Delhi, India, Riyadh, Washington, Israel, Tehran, Bushehr

Al-Sudairi was appointed last month and is on his first visit to Ramallah, the seat of President Mahmoud Abbas’ Palestinian Authority in the West Bank. During his two-day trip, the Saudi diplomat planned to meet with Abbas and other senior Palestinian officials. Political Cartoons View All 1179 ImagesAl-Sudairi told senior Palestinian officials Tuesday that Saudi Arabia supported the creation of a Palestinian state with East Jerusalem as its capital, according to a statement from Palestinian officials. He praised efforts to bring about peace in the region in accordance with the Arab Peace Initiative. The Palestinian Authority also has not specified what it is willing to accept from the Israeli government.

Persons: Nayef al, Biden, Sudairi, Mahmoud Abbas, Abbas, Riyad al, Maliki, —, Benjamin Netanyahu, Israel Organizations: Saudi, Palestinian Authority, West Bank, Peace Initiative, U.S, Initiative, Palestinian Foreign Affairs, Palestinian, United Nations General Assembly, United Arab, Saudi Arabia —, West Locations: RAMALLAH, U.S, Saudi Arabia, Israel, Saudi, Jordan, Palestinian, Riyadh, Gaza, Israel's, Ramallah, Mahmoud Abbas ’, East Jerusalem, New York, United Arab Emirates, Bahrain, Persian, West Bank

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The decision “is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets,” Novak said. There was no immediate reaction in Washington, though U.S. lawmakers have criticized OPEC, Saudi Arabia and Russia over their past production decisions. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. But Saudi Arabia also has to manage its relationship with Washington.

Persons: Joe Biden, Alexander Novak, ” Novak, Brent, Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Prince Mohammed, Vladimir Putin Organizations: United Arab Emirates, Brent, Saudi Press Agency, OPEC, Energy Ministry, Benchmark Brent, AAA, Labor, Washington, Washington Post, U.S Locations: DUBAI, United Arab, Saudi Arabia, Russia, Riyadh, Moscow, Saudi, United States, Ukraine, Washington, U.S, China, Israel, America, Iran, India

☆ Oil and food prices are rising, and so are wages. Inflation isn’t beaten yet
▼ + stars: | 2023-08-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Oil and food prices have jumped in recent weeks, and wages are still growing strongly in some of the world’s biggest economies. The UN global Food Price Index rose in July, notching only the second monthly increase in a year of steady declines. Oil supply cutsGlobal oil prices have shot up in recent weeks. The International Energy Agency has forecast that global oil demand will rise to a record 102 million barrels this year. Rising oil prices have spurred a jump in US gasoline prices, which hit an average of $3.82 a gallon Tuesday.

Persons: ” Randall Kroszner, “, Price, Chris Ratcliffe, Richard Bronze, ”, —, unraveled, ” Kroszner, — “, Michelle Bowman Organizations: London CNN, US Federal Reserve, European Central Bank, US Federal Reserve System, University of Chicago Booth School of Business, CNN, UN, Bloomberg, Getty, West Texas Intermediate, International Energy Agency, OPEC, Agriculture Organization, United Nations, Capital Economics, “ Labor, Bank Locations: Ukraine, United States, United Kingdom, Brent, Saudi Arabia, Russia, Moscow

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

☆ Saudi Aramco looks to China and India to prop up oil markets
▼ + stars: | 2023-06-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

KUALA LUMPUR, Malaysia — Saudi Arabia's state-owned oil giant Aramco is bullish on oil markets for the rest of 2023 as demand from major importers China and India is expected to be strong despite an expected global downturn. His optimism comes even as the world's largest oil importer China is showing signs of stalling growth, prompting several cuts in the country's key lending rates. "Despite the recession risks in several OECD countries, the economies of developing countries, especially China and India, are driving oil demand growth of more than 2 million barrels per day this year," said Nasser. Once the broader global economy starts to recover, the industry's supply demand balances will likely tighten, he projected. "Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth," the CEO added.

Persons: Amin Nasser, Nasser Organizations: Energy Asia Locations: KUALA LUMPUR, Malaysia, Saudi Arabia's, Aramco, China, India, Malaysian, Kuala Lumpur

☆ Saudi Arabia's cold-blooded crown prince keeps winning
▼ + stars: | 2023-06-08 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +3 min

The recent PGA-LIV golf merger is the latest example of growing Saudi influence on sports. Originally viewed as a deep-pocketed but unserious distraction from the PGA Tour, they effectively muscled into the picture through sheer financial willpower. The new PGA Tour might look a whole lot like the old one, except with a far wealthier outside party controlling the purse strings. And that's kind of been the Saudi strategy as Crown Prince Mohammed bin Salman has expanded his influence over multiple sports worldwide. Detailed below are the six recent high-profile examples of how the Saudi PIF keeps winning:

Persons: Mohammed bin Salman, LIV, Prince Mohammed bin Salman, Prince Mohammed's, Jamal Khashoggi, Saudi PIF Organizations: Saudi Public Investment Fund, Morning, PGA, LIV, PGA Tour, English Premier League team, Saudi, league, Prince, CIA Locations: England, Saudi, Saudi Arabia

☆ Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — made no changes to its planned oil production cuts for this year, but coalition chair — and de-factor leader — Saudi Arabia announced further voluntary declines. "The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision. "It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day. On April 3, several producers of the oil cartel OPEC+ revealed a combined 1.66 million barrels per day of production declines until the end of this year.

Persons: —, Rapidan Energy Bob McNally, McNally, Ruxandra Iordache Organizations: Saudi, Organization of, Petroleum, Brent, U.S, West Texas, Rapidan Energy, CNBC Locations: OPEC, — Saudi Arabia, Asia, Saudi, Saudi Arabia

☆ World Cup stunner: Saudi Arabia beats Messi’s Argentina 2-1
▼ + stars: | 2022-11-22 | by ( The Associated Press | ) www.nbcnews.com time to read: 1 min

LUSAIL, Qatar — Saudi Arabia scored one of the biggest World Cup upsets ever by beating Lionel Messi’s Argentina 2-1 on Tuesday. Messi’s quest to win the one major title to elude him got off to a shocking start and brought back memories of Cameroon’s 1-0 win over an Argentina team led by Diego Maradona in the opening game of the 1990 World Cup. Argentina's star forward Lionel Messi, center, during match against Saudi Arabia on Tuesday. Juanm Mabromata / AFP - Getty ImagesGoals by Saleh Alshehri and Salem Aldawsari in a five-minute span in the second half gave the Saudis their greatest win. Messi rolled in a penalty to give Argentina a 10th-minute lead.

☆ Flying taxis, robotic avatars and holograms — Saudi Arabia pushes ahead with its sci-fi city vision
▼ + stars: | 2022-10-25 | by ( Emma Procter | ) www.cnbc.com time to read: +6 min

The future Site of the city Neom, a planned cross-border city, stands empty before development begins in the Tabuk Province of northwestern Saudi Arabia, December 18, 2019. NEOM political map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast. Granger's firm has been working closely with Neom and she believes the view of Saudi Arabia among the business community has changed inexorably. The aim is to transform and grow the kingdom's media industry — another key focus of the Vision 2030 plan. Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017.

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