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☆ Oil slides 4% on worries about U.S. debt ceiling, OPEC+ talks
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.

Persons: Joe Biden, Kevin McCarthy, Biden, McCarthy, Phil Flynn, Abdulaziz bin Salman, Alexander Novak Organizations: U.S, Brent, . West Texas, Democratic, Republican, Congress, Treasury Department, Price Futures, of, Petroleum, Traders, Saudi Arabian Energy, OPEC Locations: Saudi, Ras Tanura, Saudi Arabia, Friday's, U.S, United States, Russia, OPEC

☆ SpaceX Axiom 2 mission returns from space station
▼ + stars: | 2023-05-30 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

This mission, dubbed Axiom Mission 2, or AX-2, launched from Florida on May 21. The SpaceX Crew Dragon capsule carrying Axiom Mission 2's four-person crew splashed down off the coast of Panama City, Florida, at 11:04 p.m. A company called Space Adventures brokered several such missions to the space station in the early 2000s, booking rides for wealthy thrill seekers on Russia’s Soyuz spacecraft. The SpaceX capsule transported the AX-2 crew back to Earth after a weeklong mission at the International Space Station. Axiom is one of several US companies gunning to create a new, privately owned space station.

Persons: Rayyanah Barnawi, Peggy Whitson, Whitson, I’m, ” Whitson, John Shoffner, Ali AlQarni, “, ” Barnawi, Barnawi, AlQarni, “ That’s, I’ve, ”, Prince Sultan bin Salman, Biden, axiomspace, Derek Hassmann, it’s, gunning Organizations: CNN, SpaceX, NASA, International, Houston, Crew, Dura, Line Corp, Royal Saudi Air Force, United Arab Emirates Space Agency, Russian Soyuz, Saudi, Space, Soyuz, Government Locations: Panama City , Florida, Gulf of Mexico, Florida, Saudi Arabia, American, Russian, United States

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Oil steady after U.S. debt deal but rate hike worries linger
▼ + stars: | 2023-05-29 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Still, analysts see any boost in oil prices from the debt deal as short-lived. The U.S. Federal Reserve may still raise interest rates in June, IG's Sydney-based analyst Tony Sycamore said: "Higher U.S. rates are a headwind for crude oil demand," he added. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

Companies Baker Hughes Co FollowMay 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil rises after US leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil rises after U.S. leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Ukraine peace plan is only way to end Russia's war, says Zelenskiy aide
▼ + stars: | 2023-05-29 | by ( Max Hunder | ) www.reuters.com time to read: +5 min

He pushed back on a flurry of peace initiatives from China, Brazil, the Vatican and South Africa in recent months. "There cannot be a Brazilian peace plan, a Chinese peace plan, a South African peace plan when you are talking about the war in Ukraine," Zhovkva said in an interview late on Friday. Zelenskiy made a major push to court the Global South this month in response to peace moves from some of its members. Moscow has bolstered ties with Global South powers during the war in Ukraine, including by selling more of its energy to India and China. 'PEACE SUMMIT'Zhovkva said the reaction to Ukraine's 10-point peace plan had been extremely positive at the G7 summit.

☆ The Saudi crown prince revealed his latest vision for Neom, the $1 trillion 'utopian' megacity that critics fear will become a dystopian nightmare
▼ + stars: | 2023-05-29 | by ( Tom Porter | ) www.businessinsider.com time to read: +1 min

Saudi Arabia unveiled new pictures of the Neom megacity planned by its ruler, Mohammed bin Salman. Loading Something is loading. Neom is the brainchild of Saudi Arabia's crown prince and de facto ruler, Mohammed bin Salman. In a new set of pictures released by Neom and Unsplash, the city is portrayed as a paradisaical adventure holiday resort. But activists are warning that that rights are being trampled as Saudi Arabia readies parts of the resort to be opened to visitors.

☆ Oil prices rise as US closes in on debt deal
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Russia was leaning towards leaving oil production volumes unchanged because Moscow is content with current prices and output, three sources with knowledge of current Russian thinking told Reuters. Bets on falling oil prices have risen. On the supply side, U.S. oil rigs fell five to 570 this week, according to a report from energy services firm Baker Hughes Co. In May, the oil count fell by 21 rigs, which was the biggest monthly drop since June 2020.

Persons: Brent, Alexander Novak, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, John Kilduff, Baker Hughes, Klaas Knot Organizations: . West Texas Intermediate, U.S, Biden, Saudi Arabian Energy Minister, Organization of Petroleum Exporting, OPEC, Again, AAA, Dutch Central Bank, European Central Bank Locations: Russia, Saudi Arabia, Vienna, Moscow, U.S, Europe

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ Assad banks on new 'global order' to help revive his status
▼ + stars: | 2023-05-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +7 min

During his address, Assad presented himself as an elder statesman, lecturing his neighbors about the need to take advantage of changes in global politics. “Today we are faced with an opportunity of change in the global order, which has become multipolar due to the hegemony of the West, which is devoid of principles, morals, friends or partners,” Assad told the summit, held in the Saudi port city of Jeddah. But observers have differed as to whether real economic cooperation with Syria is possible without access to the Western financial system, which has been blocked by Western sanctions on the country. “They can also try working with or through Russia, and possibly with and through Iran – although that carries its own obvious risks,” he said, referring to Arab states that want to do business in Syia. There are plenty of ways of doing this.”Assad’s ultimate goal however, said Landis, is to get sanctions lifted with the help of Arab states.

☆ How to watch SpaceX Axiom 2 launch
▼ + stars: | 2023-05-21 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

Explore the universe with news on fascinating discoveries, scientific advancements and more.CNN —SpaceX is set to launch four passengers — including three paying customers — toward a weeklong stay aboard the International Space Station. The Axiom Ax-2 Prime crew members, from left to right: John Shoffner, Rayyanah Barnawi, Peggy Whitson, and Ali Alqarni, will launch aboard a SpaceX Falcon 9 rocket and Dragon spacecraft to the International Space Station. Axiom brought that business model to the United States, partnering with SpaceX to establish a framework for getting an array of customers to the space station. Axiom is one of several US companies gunning to create a new, privately owned space station. The AX-2 crew will work alongside the professional astronauts on the space station, though they will operate under different schedules.

☆ SpaceX mission lifts off with former NASA astronaut, three paying customers
▼ + stars: | 2023-05-21 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

The AX-2 crew is being led by former NASA astronaut Peggy Whitson, 63, now an Axiom employee. After the Crew Dragon capsule docks early Monday, the AX-2 crew will join seven astronauts already aboard the space station. The first was Prince Sultan bin Salman, who spent about a week on a NASA space shuttle mission in 1985. Axiom is one of several US companies gunning to create a new, privately owned space station. The AX-2 crew will work alongside the professional astronauts on the space station, though they will operate under different schedules.

☆ Syria's Assad to attend Arab summit, bringing isolation to an end
▼ + stars: | 2023-05-19 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Ostracised by most Arab states following the crackdown on protests against his rule in 2011 and the ensuing civil war that killed 350,000 people, his government's readmission to the bloc is a signal that Assad's isolation is ending. Assad is expected to address the summit later on Friday, along with other Arab leaders. A bipartisan group of U.S. lawmakers introduced a bill last week intended to bar U.S. recognition of Assad as Syria's president and enhance Washington's ability to impose sanctions. Government forces have used chemical weapons more than two dozen times during Syria’s civil war, U.N. war crimes investigators said. While Arab countries appear to have brought Assad in from the cold, they are still demanding that he curbs Syria's flourishing drugs trade and that war refugees be allowed to return.

☆ Ukraine's Zelenskiy lands in Jeddah to attend Arab League - al-Hadath TV
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 19 (Reuters) - Ukrainian President Volodymyr Zelenskiy landed in Jeddah on Friday to attend an Arab League summit, where Syrian President Bashar al-Assad, heavily-backed by Russia in his country's civil war, will also be present now that his regional isolation ended. He is also due to attend the G7 leaders' summit in the Japanese city of Hiroshima this weekend. Last year Prince Mohammed won a diplomatic triumph when he secured the release of 10 foreigners captured by Russia in Ukraine. The kingdom faced heavy criticism from the United States over an OPEC+ decision to cut oil production, seen as helping Russia to refill its coffers by boosting prices. Even though the October decision initially drew heavy criticism from the United States and other Western countries, market dynamics since then have shown the cuts to be prudent.

☆ Syria's Assad to attend Arab summit, bringing regional isolation to an end
▼ + stars: | 2023-05-19 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +4 min

[1/2] Syria's President Bashar al-Assad arrives to attend the Arab League Summit in Jeddah, Saudi Arabia, May 18, 2023. Assad is expected to address the summit later on Friday, along with other Arab leaders. At an Arab summit hosted by Qatar a decade ago, the Syrian opposition sat in Syria's seat. A bipartisan group of U.S. lawmakers introduced a bill last week intended to bar U.S. recognition of Assad as Syria's president and enhance Washington's ability to impose sanctions. Government forces have used chemical weapons more than two dozen times during Syria's civil war, U.N. war crimes investigators said.

☆ Syria's Assad shakes hands, kisses cheeks with onetime foes at Arab League summit
▼ + stars: | 2023-05-19 | by ( Maya Gebeily | ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Every handshake would count, and Syria's President Bashar al-Assad had plenty of them at Friday's Arab League Summit - along with hugs and kisses - from his onetime foes in the region. As Assad lined up for the League's family photograph, he shook hands with his Egyptian counterpart Abdel Fattah al-Sisi. One after the other, Arab leaders welcomed Syria's return to the Arab league and during his own address, Assad repeatedly said that Syria belonged to the Arab world. Syria's state news agency had reported that the Emir and Assad shook hands and spoke briefly on the sidelines before the summit began - but there was no statement on Qatari media. An Arab official told Reuters that the Emir did not hold any bilateral meetings and left the summit before Assad spoke.

☆ Analysis: Why Erdogan's fate matters to Biden and the US
▼ + stars: | 2023-05-15 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Erdogan’s fate will have major implications not just for his country’s democracy, which he has worked to weaken, but for US foreign policy too. “Our people should be confident that we will definitely win, and we will bring democracy to this country,” he said. Biden’s entire presidency has unfolded in the shadow of autocrats, assaults on democracy and aspiring strongman leaders – abroad, and most remarkably at home. Biden confronts a threat from democracy at homeBut none of those leaders pose an existential threat to US democracy. Ahead of the election, Kilicdaroglu was talking in very similar terms about the need to preserve democracy as Biden does in the US.

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ Biden is trying to lure Saudi Arabia's crown prince away from China with lucrative promises, despite once threatening to make him a 'pariah'
▼ + stars: | 2023-05-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

The US has replaced its threats with lucrative contracts for the crown prince as part of a high stakes power game being waged over dominance of the region. Biden last weekend dispatched his national security advisor, Jake Sullivan, to Saudi Arabia, for discussions with Saudi officials. Last year, Crown Prince Mohammed and Xi agreed to deepen their cooperation across a range of economic and security issues. Chinese President Xi Jinping holds talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud at the royal palace in Riyadh, Saudi Arabia, Dec. 8, 2022. "It is important to note that Saudi Arabia is not seeking to burn its bridges with the United States.

☆ Top Biden aide discusses Yemen peace efforts with Saudi crown prince
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 7 (Reuters) - U.S. national security adviser Jake Sullivan met Saudi Crown Prince Mohammed bin Salman during a visit to the kingdom on Sunday and reviewed what the White House called "significant progress" in Yemen peace efforts, the White House said. Sullivan, President Joe Biden's top White House national security aide, also thanked the crown prince for Saudi support to U.S. citizens during evacuation from Sudan, the statement added. U.S. special envoy Tim Lenderking travelled to Oman and Saudi Arabia earlier this month to seek to advance Yemen peace efforts, the State Department said. A Saudi-led military coalition intervened in Yemen in 2015 after the Iran-aligned Houthis ousted the government from the capital Sanaa. But the White House statement made no mention of Israel.

During the current fighting Egypt has joined calls for an effective ceasefire while saying they consider the conflict an internal matter for Sudan. The most important regional ally for Hemedti before the conflict was the United Arab Emirates. Hemedti said he advised Sudan to cut ties to Wagner after the U.S. imposed sanctions on the private military contractor. Saudi Arabia has had close ties to Burhan and Hemedti, both of whom sent troops to the Saudi-led coalition in Yemen. Israel, which had been hoping to move forward in normalising ties with Sudan, has also offered to host talks.

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