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☆ Saudi's crown prince and Putin are teaming up to keep oil prices high in a geopolitical gambit likely to annoy the US
▼ + stars: | 2023-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia said it is cutting oil production to stabilize oil markets. The move is likely to irk Joe Biden, who has clashed with the Saudis on oil production. The Saudis have previously worked with Russia to cut production, thus boosting prices. Saudi Arabia is the world's biggest oil producer and most influential member of the group, so has significant power over global oil markets. The production cut will likely be among the issues discussed when US Secretary of State Anthony Blinken visits Saudi Arabia next week.

Persons: irk Joe Biden, —, Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz, Saudi Arabia's, Prince Mohammed bin Salman, Alexander Novak, Biden, State Anthony Blinken Organizations: Saudis, Service, Privacy Policy, Reuters, Brent, White, State, New York Times, Kremlin Locations: Saudi Arabia, Russia, Privacy Policy Saudi Arabia, Saudi, Vienna, Austria, Russian, Riyadh, Ukraine, Opec, India

☆ OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The Saudi energy minister described the kingdom's additional 1 million barrel-per-day voluntary reduction as a "Saudi lollipop" and stressed it will implemented. Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to "watch out," in a comment widely read as heralding another supply cut.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, Suhail, Prince Abdulaziz bin Salman, Brent Organizations: Energy, Organization of Petroleum Exporting, of, Petroleum, Sunday, Russia's, Reuters, OPEC Locations: Saudi, Vienna, OPEC, Saudi Arabia, Russia, UAE, Moscow, Riyadh

☆ Saudi energy minister defends voluntary oil cuts as precautionary
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. This Sunday, they extended these measures through the end of 2024, with Riyadh announcing an additional 1 million-per-day voluntary and extensible drop, starting in July. The OPEC+ group otherwise collectively decided to stick to its targets for 2023, with production at 40.463 million barrels per day next year. On Sunday, the Saudi oil minister defended the voluntary moves as precautionary. "It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz bin Salman, —, Abdulaziz, CNBC's Dan Murphy Organizations: Energy, Organization of Petroleum Exporting, Saudi Energy, Organization of, Petroleum Locations: Saudi, Vienna, OPEC, Riyadh

☆ OPEC+ prepares for weekend meeting after Saudi warns speculators to 'watch out'
▼ + stars: | 2023-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. After convening remotely throughout the Covid-19 pandemic, OPEC+ has returned to in-person meetings and will gather in Vienna on June 4. The OPEC ministers gather for a separate meeting unlikely to address output on June 3. Ministers face an oil market rattled by supply volatility, demand uncertainty, and a prospective recession, which could throttle transport fuel consumption. Two OPEC+ delegates, who did not want to be named due to the market sensitivity of the meeting, told CNBC that further output cuts were unlikely this weekend.

Persons: Saudi Arabia —, Prince Abdulaziz bin Salman, …, Alexander Novak, Prince Faisal bin Farhan al, Saud, Sergey Lavrov Organizations: Ministers, Russia, CNBC, Saudi Foreign, Brent Locations: Saudi Arabia, Russia, OPEC, Vienna, Saudi, Moscow, Riyadh, Cape Town, China, London, Washington

☆ BRICS ministers put on show of strength as Putin arrest warrant looms large
▼ + stars: | 2023-06-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +4 min

"The answer is the president (Cyril Ramaphosa) will indicate what the final position of South Africa is. At a news conference later, the ministers side-stepped a barrage of questions about the Putin issue. The ICC accused Putin in March of the war crime of forcibly deporting children from Russian-occupied territory in Ukraine. South Africa had invited Putin in January. The BRICS bloc "was inclusive ... in sharp contrast to some countries' small circle, and so I believe the enlargement of BRICS will be beneficial to the BRICS countries," he said.

Persons: Putin, Naledi Pandor, Vladimir Putin, Pandor, Cyril Ramaphosa, Subrahmanyam Jaishankar, Ma Zhaoxu, Hossein Amir, Prince Faisal bin Farhan Al Saud, Carien du Plessis, Anait, Bhargav Acharya, Nellie Peyton, Alexander Winning, Estelle Shirbon, Joe Bavier, John Stonestreet, Ros Russell, Andrew Heavens Organizations: West, International Criminal Court, ICC, United Nations Security Council, New Development Bank, China's, BRICS, Iran's, Saudi, United, Thomson Locations: Cape Town, Africa, South Africa, Johannesburg, Brazil, Russia, India, China, Ukraine, Moscow, Beijing, Venezuela, Argentina, Algeria, United Arab Emirates

☆ Factbox: Then and now: How Arab states changed course on Syria
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +6 min

May 19 (Reuters) - President Bashar al-Assad's attendance at an Arab Summit in Saudi Arabia on Friday is the result of big policy shifts by Arab states that once backed his opponents in Syria's civil war. The support was a point of rivalry with another Gulf Arab state, Qatar, which backed Islamist groups espousing ideologies viewed with suspicion by Riyadh. It also worked with the United States in a programme to support rebels deemed moderate by Washington. As some Arab states changed course on Assad, notably the United Arab Emirates, Saudi Arabia showed no sign of bringing him in from the cold. Like other Arab states, Saudi Arabia is also expecting Assad to curb the trade in narcotics smuggled out of Syria.

☆ 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.

☆ The Saudi crown prince wants to build a trillion-dollar utopia in the desert. His deals with China reveal a darker vision.
▼ + stars: | 2023-04-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +9 min

It's part of Crown Prince Mohammed bin Salman's modernizing vision of the country. But behind the outlandish plan, developed by Saudi Arabia's powerful crown prince Mohammed bin Salman, is a much darker reality. Crown Prince Mohammed appears keen to replicate those projects on a grander scale. Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. It appeared to be the beginning of a fruitful partnership for Crown Prince Mohammed.

☆ Foreign ministers of Iran, Saudi meet in China
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

CAIRO, April 6 (Reuters) - 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 powers. Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh's execution of a Shi'ite Muslim cleric. The relationship began worsening a year earlier, after Saudi Arabia and the United Arab Emirates intervened in the Yemen war, where the Iran-aligned Houthi movement ousted a Saudi-backed government and took over the capital, Sanaa. For Saudi Arabia, the deal could mean improved security. The kingdom has blamed Iran for arming the Houthis, who carried out missile and drone attacks on its cities and oil facilities.

☆ Top Iranian, Saudi envoys meet in China, discuss diplomatic ties
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +1 min

A man in Tehran holds a local newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties on March, 11 2023. The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal meeting of their top diplomats in more than seven years, after China brokered a deal to restore ties between the regional rivals. After years of hostility that fueled conflicts across the Middle East, Iran and Saudi Arabia agreed to end their diplomatic rift and re-open embassies in a major deal facilitated by China last month. In brief footage broadcast on Iranian state TV, Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, greeted each other before sitting down side by side. In March, China's President Xi Jinping helped broker the surprise deal between the rivals to end a seven-year rift and restore diplomatic ties - a display of China's growing influence in the region.

☆ Top Saudi, Iranian diplomats to meet in China - official, media
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

The meeting between Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, will be the first formal meeting between Saudi Arabia and Iran's most senior diplomats in more than seven years. 6 in Beijing as the deal was facilitated by China," a senior Iranian official told Reuters. Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh's execution of a Shi'ite Muslim cleric. The kingdom subsequently asked Iranian diplomats to leave within 48 hours while it evacuated its embassy staff from Teheran. The relationship had worsened since 2015, after Saudi Arabia and the United Arab Emirates intervened in the Yemen war, where the Iran-aligned Houthi movement ousted a Saudi-backed government and took over the capital Sanaa.

☆ Credit Suisse wins $41 mln London lawsuit against Saudi Prince
▼ + stars: | 2023-04-05 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling. Credit Suisse and the Saudi government’s communication office did not immediately respond to a request for comment. Prince Fahad and Burgundy, a special purpose vehicle ultimately owned by the prince, were sued by Credit Suisse in 2021 over a 48 million-euro ($52.5 million) loan for the refinancing of luxury motor yacht, the Sarafsa. In September 2021, Credit Suisse demanded Burgundy pay all its total debts for alleged breaches of the loan agreement and then called on Prince Fahad to settle the debts, under a personal guarantee of Burgundy’s obligations. However, the judge said that Prince Fahad and Burgundy “have no real prospect of successfully defending (Credit Suisse’s) claims”.

☆ China's Xi speaks with Saudi crown prince, supports Saudi-Iran talks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 28 (Reuters) - China's President Xi Jinping spoke by phone with Saudi Crown Prince Mohammed bin Salman Al Saud, discussing a wide range of subjects including supporting follow-up talks between Saudi Arabia and Iran, state media CCTV reported on Tuesday. Xi recently helped broker a surprise deal between Iran and Saudi Arabia, Middle East rivals, earlier this month to restore diplomatic ties, in a display of China's growing influence in the region which is being warily watched by the United States. Prince Mohammed, who is also the kingdom's prime minister, voiced appreciation for China's initiative to support "efforts to develop good neighbourliness" between Sunni Muslim Saudi Arabia and Shi'ite Iran, Saudi state news agency SPA said. The two leaders stressed the importance of strategic ties between Saudi Arabia, the world's top oil exporter, and economic powerhouse China, a main trade partner of Gulf states, it added. Saudi Arabia and other Gulf states have voiced concern about perceived disengagement by main security guarantor the United States from the region and have moved to diversify partners with an eye on national economic and security interests.

☆ Saudi, Iranian foreign ministers to meet during Muslim holy month
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Saudi Minister of Foreign Affairs Prince Faisal bin Farhan Al-Saud attends a news conference at the Arab Gulf Summit in Riyadh, Saudi Arabia, December 9, 2022. REUTERS/Ahmed YosriMarch 27 (Reuters) - Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, have agreed to meet during the ongoing Muslim holy month of Ramadan, the Saudi state news agency SPA said on Monday, under a deal to restore ties. The two ministers also agreed to hold a bilateral meeting between them during the ongoing month of Ramadan," SPA said. The deal between the regional powers, Sunni Muslim Saudi Arabia and long-time rival Shi'ite Iran, brokered by China, was announced after previously undisclosed talks in Beijing between top security officials from the two countries. Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh's execution of a Shi'ite Muslim cleric.

☆ Saudi, Iranian foreign ministers to meet during Muslim holy month of Ramadan
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, have agreed to meet during the Muslim holy month of Ramadan, the Saudi state news agency SPA said early on Monday. Both ministers spoke by phone for the second time in a few days, SPA said. "During the call, a number of common issues were discussed in light of the tripartite agreement that was signed in the People's Republic of China. The two ministers also agreed to hold a bilateral meeting between them during the ongoing month of Ramadan," SPA said. Reporting by Hatem Maher; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Summary Saudi Arabia, Syria cut ties more than a decade agoAgreement on reopening embassies follows Saudi-Iran dealBEIRUT/RIYADH, March 23 (Reuters) - Syria and Saudi Arabia have agreed to reopen their embassies after cutting diplomatic ties more than a decade ago, three sources with knowledge of the matter said, a step that would mark a leap forward in Damascus's return to the Arab fold. Contacts between Riyadh and Damascus had gathered momentum following a landmark agreement to re-establish ties between Saudi Arabia and Iran, a key ally of President Bashar al-Assad, a regional source aligned with Damascus said. The decision was the result of talks in Saudi Arabia with a senior Syrian intelligence official, according to one of the regional sources and a diplomat in the Gulf. The United States and several of its regional allies, including Sunni-led Saudi Arabia and Qatar, had backed some of the Syrian rebels. But Saudi Arabia has been moving far more cautiously.

☆ Saudi, Iranian foreign ministers to meet to pave way to re-open embassies
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

[1/3] A newspaper with a cover picture of the flag of Iran and Saudi Arabia, is seen in Tehran, Iran March 11, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERSDUBAI, March 23 (Reuters) - Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, have agreed to meet soon and pave the way for the re-opening of embassies under a deal to re-establish ties, Saudi state news agency SPA said on Thursday. Earlier this month, Iran and Saudi Arabia agreed to revive relations after years of hostility that had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria. Amirabdollahian emphasized during the call Iran's readiness to strengthen relations with Saudi Arabia, Iran's official news agency IRNA reported. The deal between the regional powers, Sunni Muslim Saudi Arabia and long-time rival Shi'ite Iran, brokered by China, was announced after previously undisclosed talks in Beijing between top security officials from the two countries.

☆ A $3,755 gold golf club gifted to Trump by the Prime Minister of Japan is one of several foreign gifts missing, House Democrats say
▼ + stars: | 2023-03-18 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

A report from House Democrats said President Trump failed to declare more than 100 foreign gifts. Some are missing, including a $3,755 gold club Japan's prime minister gave to Trump. Jared Kushner also received highly valued gifts including a $24,000 dagger and a $5,450 sword from bin Salman. "The discovery of these unreported foreign gifts raises significant questions about why former President Trump failed to disclose these gifts to the public, as required by law," the report said. It states that "the Trump Administration's failure to disclose more than one hundred foreign gifts President Trump and his family received raises new questions about whether these and other gifts may have been used by foreign governments to influence U.S. policy under President Trump."

☆ The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.
▼ + stars: | 2023-03-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Taking up a specific role that the U.S. could not have fulfilled, this was Beijing's first foray into Middle East mediation, an area that for the past few decades was largely occupied by Washington. "I think China was a good partner to do this. I think they're the right people," he said, noting that China invests heavily in Saudi Arabia and is its top trading partner. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. And not just economically, as it already exports an immense amount of goods to the Middle East and is the largest importer of Saudi oil – but politically.

The area, part of Khyber-Pakhtunkhwa province, is a hotbed for fighters of the Tehreek-e-Taliban Pakistan (TTP), an umbrella organisation of Sunni Islamist groups. A TTP spokesman, Muhammad Khurasani, told Reuters its main target was Pakistan's military, but the police were standing in the way. "Khyber-Pakhtunkhwa pays a greater price for that" because of its exposure to the Islamist militants, he said. The TTP ended the ceasefire in November 2022, and regrouped militants restarted attacks in Pakistan soon after. Reporting by Gibran Naiyyar Peshimam and Jibran Ahmad in Bara, Pakistan; additional reporting by Saud Mehsud in Dera Ismail Khan, Pakistan; editing by David Crawshaw.

☆ Arab states need new approach towards Syria, says Saudi foreign minister
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

Prince Faisal bin Farhan Al Saud's remarks at a Munich security forum on Saturday mark a shift from the early years of Syria's 12-year civil war when several Arab states including Saudi Arabia backed rebels that fought Bashar al-Assad. "You will see not just among the GCC (Gulf Cooperation Council) but in the Arab world there is a consensus growing that the status quo is not workable," he said. Shunned by the West, Assad has been basking in an outpouring of support from Arab states that have normalised ties with him in recent years, notably the United Arab Emirates which aims for Arab influence in Syria to counter that of Iran. Assad has recovered control of most of Syria with support from Russia along with Iran and Iranian-backed Sh'ite Muslim groups such as Lebanon's Hezbollah. The UAE has been pressing for re-engagement with Damascus, despite opposition from the United States which has imposed sanctions on Syria that remain a complicating factor.

☆ 'All That Breathes' director Shaunak Sen 'overwhelmed' with award nods
▼ + stars: | 2023-02-13 | by ( Sarah Mills | ) www.reuters.com time to read: +2 min

[1/2] Director Shaunak Sen, whose documentary ''All That Breathes'' is BAFTA and Oscar nominated, poses for a photograph during an interview with Reuters in London, Britain January 30, 2023. REUTERS/Ben MakoriLONDON, Feb 13 (Reuters) - Indian director Shaunak Sen knew he had something special when making BAFTA and Oscar nominated documentary "All That Breathes", but the 35-year-old filmmaker said it "barely... correlates with the scale" of the recognition he is getting. I also feel overwhelmed," he told Reuters of his awards and nominations. "I haven't got my bearings right yet because this means that the coordinates of life have shifted somewhat, I imagine." Sen hopes this "entanglement of human and non-human life" offers a "valuable lesson".

[1/5] Daughter of Irfan Khan, a police officer, who along with other police officers was killed, weeps during a protest by police officers to condemn the suicide blast in a mosque in Peshawar, Pakistan February 1, 2023. REUTERS/Fayaz AzizPESHAWAR, Pakistan, Feb 2 (Reuters) - The suicide bomber who killed more than 100 people at a mosque in a police compound in the Pakistan city of Peshawar this week wore a police uniform and entered the high security area on a motorbike, a provincial police chief said on Thursday. Ansari said the CCTV footage showed the bomber, wearing a helmet and a mask, riding his motorbike through the main checkpoint of Police Lines. He then parked his bike, asked directions to the mosque and walked there, Ansari added. All but three of those killed were police officers, making it the worst attack on Pakistani security forces in recent history.

☆ China foreign minister seeks stronger economic ties with Saudi Arabia
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 31 (Reuters) - China's new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone "as soon as possible", according to a ministry statement published late on Monday. In addition, Qin pressed for continuously strengthening the China-Gulf strategic partnership and building "the China-Gulf Free Trade Zone as soon as possible". Prince Faisal said that Saudi Arabia regards relations with China as an important cornerstone of foreign relations, and that Saudi Arabia fully adheres to the one-China principle, according to the statement from the Chinese foreign ministry. Qin, who just wrapped up a tour to several African countries, also had telephone conversations with Dutch Deputy Prime Minister and Foreign Minister Wopke Hoekstra and Argentine Foreign Minister Santiago Cafierro, according to state media. Reporting by Liz Lee; Writing by Bernard Orr; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Saudi-US partnership is crucial for global security, says Saudi envoy
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's ambassador to the United States said on Wednesday that maintaining the long-standing strategic partnership between Riyadh and Washington was "beyond critically necessary" for global stability. "Yes there was a moment of conflict and disagreement, but that doesn't take away from the fact that we are both strategic allies and we are friends, and this relationship is critical for the world," envoy Princess Reema bint Bandar Al Saud said at a panel at the World Economic Forum in Davos. Reporting by Maha El Dahan; Writing by Ghaida Ghantous; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

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