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☆ Israel-Hamas conflict enters 3rd day: Here's how it impacts the energy prices
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael-Hamas conflict enters 3rd day: Here's how it impacts the energy pricesKevin Book, Clearview Energy Partners managing director of research, joins 'Power Lunch' to discuss Israel's oil capacity amid the war, Saudi Arabia's cuts in the oil market, and more.

Organizations: Israel, Clearview Energy Partners Locations: Saudi

☆ Why Hamas chose to attack Israel now, after decades of conflict
▼ + stars: | 2023-10-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Hamas launched its deadliest-ever attack on Israel over the weekend. AdvertisementAdvertisementAs Israel reels from the worst terror attack in its history, focus is turning to the timing of the invasion by militant group Hamas. Iran, Hamas' main backer, has long opposed attempts to normalize relations between Israel and its regional neighbors. The Financial Times reported on Sunday that US officials were trying to establish if there was any involvement in the Israel attacks by Iran, with conflicting reports emerging over the weekend on whether Iran was involved. Another factor likely behind the timing of the attack is recent political turmoil in Israel, say analysts.

Persons: —, Mohammed bin Salman, Peter Beaumont, Benjamin Netanyahu, James Stavridis Organizations: Hamas, Service, NBC, Financial Times, Saudi, Reuters, NBC News Locations: Israel, Gaza, Saudi Arabia, Saudi, Iran, Riyadh, Aqsa, Jerusalem, Islam, East

The Hamas attack left at least 250 dead and 1,500 wounded in Israel. The attack only adds new complications as the Biden administration and Iran are locked in disputes over Tehran’s nuclear program. Biden administration officials have also been working on brokering a normalization of relations between Israel and Saudi Arabia, the most powerful and wealthy Arab state. Biden administration officials pushed back against the argument. Administration officials roundly rejected this, saying their efforts to help Palestinian civilians in Gaza and elsewhere do not involve money that Hamas can use or divert.

Persons: Joe Biden, Biden, Benjamin Netanyahu, “ unconscionable ”, ”, ” Biden, Obama, —, won’t, ” Netanyahu, Israel, Jonathan Schanzer, “, Netanyahu, Schanzer, Donald Trump, Ron DeSantis, Carolina Sen, Tim Scott, Matthew Miller, State Victoria Nuland, Barbara Leaf, Seung Min Kim, Jill Colvin, Thomas Beaumont Organizations: WASHINGTON, GOP, Hamas, Hezbollah, Biden, European, Middle East, White, Trump White, Foundation for Defense of Democracies, Republican, Israel ., Israel . Florida Gov, Department, Foreign Relations, Islamic, State Victoria, Republicans, Administration, Associated Press Locations: Israel, Jerusalem, Gaza, Iran, Saudi Arabia, Saudi, Egypt, Syria, Washington, Israel . Florida, Carolina, U.S, Islamic Republic, Lebanon, New York, Waterloo , Iowa

☆ Major Gulf bourses drop amid surging Gaza-Israel conflict
▼ + stars: | 2023-10-08 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

REUTERS/Mohammed Salem Acquire Licensing RightsOct 8 (Reuters) - Major stock markets in the Gulf tumbled on Sunday amid worries that rising conflict between Palestinian group Hamas and Israel threatens to spiral. The index was dragged down by losses in all sectors, with Lumi Rental (4262.SE) down 5% and Etihad Atheeb Telecommunication (7040.SE) dropping 5.3%. Saudi Aramco Base Oil (2223.SE) (Luberef)dropped 6.8% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) slipped 2.1%. The Qatari index (.QSI) fell for a third straight session, ending 0.6% lower, with most sectors in the red. Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.6%, the steepest drop in nearly three months.

Persons: Mohammed Salem, Md Manzer Hussain, Bernadette Baum Organizations: REUTERS, Lumi, Etihad Atheeb Telecommunication, Saudi Aramco Base Oil, Al Rajhi Bank, . Industries Qatar, Commercial Bank, Commercial International Bank, Finance, Digital, Financial, Telecom Egypt, Fawry Banking, Thomson Locations: Gaza City, Palestinian, Israel, Gaza, East, Saudi

☆ First hydrogen train in Middle East to begin trials next week, Saudi energy minister says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

Companies First Hydrogen Corp FollowRIYADH, Oct 8 (Reuters) - Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman said on Sunday that the first hydrogen train in the Middle East will begin trials next week. "It will be on trial for next week, hopefully for the next few months.. We will have the first hydrogen train in the Middle East," the minister said, speaking at the UN MENA Climate Week in Riyadh. The minister also said that Saudi Arabia will be launching a "credible, transparent and adaptable domestic market mechanism" on Monday, without elaborating. Reporting by Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: First Hydrogen Corp, Saudi Arabia's Minister, Energy, Thomson Locations: RIYADH, UN, Riyadh, Saudi Arabia

☆ 'Israel's 9/11': Political analysts react to deadly Hamas attack
▼ + stars: | 2023-10-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

Children are seen in a destroyed house after Israeli attacks in Gaza City, Gaza on October 07, 2023. Massive attacks by Hamas leadership into Israel… This is no less than Israel's 9/11. 'Massive intelligence failure'The attack also marked a "massive intelligence and defense failure for Israel," Bremmer highlighted, saying it was an oversight stemming from the government's new judicial reforms. From what we see so far … [this] is a Gaza and Israel war. "From what we see so far … [this] is a Gaza and Israel war.

Persons: Mustafa Hassona, Dan Steinbock, Ian Bremmer, Steinbock, Bremmer, Abraham, Fatima Shbair, Benjamin Netanyahu's, It's, Sanam Vakil, Zvi Eckstein, Biden, Ohad, Jalaa Marey, Eckstein Organizations: Anadolu Agency, Hamas, Israel, Eurasia Group, CNBC, NBC News, Palestinian Healthy Ministry, Abraham Accords, Rockets, Chatham House's, Tel Aviv University, Bank of Israel, AFP, Getty Locations: Gaza City, Gaza, Israel, Palestine, UAE, Morocco, Bahrain, Saudi Arabia, U.S, Saudi, East, Iran, Ashkelon, Israeli, Metula, Lebanon, Russia, Ukraine

☆ Dow futures fall 200 points after Hamas attack against Israel
▼ + stars: | 2023-10-08 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures were lower on Sunday as the attack on Israel by Palestinian militants adds geopolitical risk to an already fragile market dealing with inflation and surging interest rates. Futures tied to the Dow Jones Industrial Average fell 207 points, or 0.6%. The Israeli-Palestinian conflict escalated to full-blown war on Saturday after the militant group Hamas staged an invasion, to which Israel was seemingly caught off guard. WTI crude oil futures were up by 2% in early trading Sunday. The rising geopolitical tensions could have ramifications for the energy market, with some experts forecasting a "knee jerk surge" in oil.

Persons: Israel, Benjamin Netanyahu, Prince Abdulaziz bin Salman Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Hamas, Brent, U.S . West Texas, OPEC, CNBC, Columbus, Treasury Locations: Israel, Palestinian, Hamas, stoke, U.S, Palestine, Russia, Saudi

☆ World reacts to surprise attack by Hamas on Israel
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +7 min

The UK will always support Israel’s right to defend itself," Foreign Minister James Cleverly said in a social media post. URSULA VON DER LEYEN, PRESIDENT OF THE EUROPEAN COMMISSION"I unequivocally condemn the attack carried out by Hamas terrorists against Israel. DUTCH PRIME MINISTER MARK RUTTE"Just spoke with Prime Minister @netanyahu about the unprecedented attack by Hamas on Israel. POLISH FOREIGN MINISTER ZBIGNIEW RAU"I strongly condemn Hamas' ongoing attacks on Israel. AUSTRIAN FOREIGN MINISTER ALEXANDER SCHALLENBERGSchallenberg strongly condemned what he called a "cowardly and underhand" attack on Israel by Hamas.

Persons: Mahmoud Issa, OLAF SCHOLZ, Scholz, EMMANUEL MACRON Macron, Macron, JAMES, James, URSULA VON DER LEYEN, JOSEP BORRELL, Borrell, TAYYIP ERDOGAN, Erdogan, MARK RUTTE, @netanyahu, Rutte, MIKHAIL BOGDANOV, Mikhail Bogdanov, Israel, Israel's, ZBIGNIEW RAU, Rau, PETR PAVEL, Pavel, Benjamin Netanyahu, ALEXANDER SCHALLENBERG Schallenberg, HADJA LAHBIB, Ros Russell, Jan Harvey Organizations: REUTERS, Hamas, Twitter, SAUDI ARABIA'S, OF, AK Party, DUTCH, Hezbollah, Gaza, MINISTRY, Israel, State, SWISS DEPARTMENT OF, BELGIAN, Thomson Locations: Gaza, Israel, Palestinian, Germany, SAUDI, Egypt, TURKISH, Ankara, Netherlands, RUSSIAN, MIKHAIL BOGDANOV Russia, Iran, Lebanese, Ukraine, Jerusalem, Tel Aviv, CZECH, Czech Republic, Czech, AUSTRIAN, Belgium, Greece

☆ How Saudi Crown Prince Mohammed bin Salman went from pariah to pragmatic diplomat
▼ + stars: | 2023-10-07 | by ( Polly Thompson | ) www.businessinsider.com time to read: +10 min

Saudi Crown Prince Mohammed bin Salman is trying to transform the oil-rich Persian Gulf kingdom. AdvertisementAdvertisementSaudi Crown Prince Mohammed bin Salman is on a mission to transform his country. Billboards show portraits of Saudi Arabian Crown Prince Mohammed bin Salman (R) and his father and Saudi Arabia's King Salman bin Abdulaziz. US President Joe Biden (L) being welcomed by Saudi Arabian Crown Prince Mohammed bin Salman (R) at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. President Joe Biden gives Saudi Crown Prince Mohammed bin Salman a handshake at the G20 summit this September.

Persons: Prince Mohammed bin Salman, he's, —, Prince Mohammed didn't, King Salman, Fahda bint Falah, Saud, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's King Salman bin Abdulaziz, AAMIR QURESHI, Muhammad bin Nayef, Prince Mohammed, Rash, Chris Doyle, GIUSEPPE CACACE, Doyle, he'd, Jamal Khashoggi, Emmanuel Macron, Joe Biden, Prince Mohammed a, Grant Shapps, Vladimir Putin's, Sanam Vakil, Biden, Evelyn Hockstein, Vakil, Duaa, Pierre Crom, Dhainy, Prince Organizations: Service, Saudi, King Saud University, Saudi Arabian Crown, Guardian, Ritz, Carlton, Council, Arab, CIA, Royal, Anadolu Agency, Bloomberg, Washington, Chatham House, Associated Press, Fox News, European Saudi Organization for Human Rights, MBS, United Nations, Getty Images, Human Rights Locations: Saudi, Saudi Arabia, Yemen, Riyadh, British, Istanbul, Jeddah, Ukraine, Iran, China, Israel, East, North Africa, Delhi, Neom, The Hague, Netherlands, Getty Images Saudi Arabia

☆ 'There's no greater canary in the coal mine': Renowned energy analyst Paul Sankey shares why oil prices will continue to nosedive — and 4 stocks that can hold up anyway
▼ + stars: | 2023-10-07 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

The widely followed energy analyst is often ahead of the curve, including in early 2020 when he warned that oil prices could dip negative. And if there's a recession, less economic activity should lead to even lower oil prices. However, higher oil prices would further weigh on demand from consumers and businesses, which raises the risk of causing — or worsening — a recession. Paul Sankey, Sankey Research (based on Bloomberg data)Although refining margins have downward momentum, Sankey said a long oil market drawdown isn't necessarily a foregone conclusion. Geopolitical tensions are an increasingly serious threat, JPMorgan CEO Jamie Dimon has recently warned, and a sudden conflict breakout could cause oil prices to surge.

Persons: Paul Sankey, Sankey, Platts, It's, it's, they're, Jamie Dimon, he's Organizations: Sankey Research, Mizuho, Wolfe Research, Deutsche Bank . Institutional Investor, JPMorgan, OPEC, Bloomberg, Federal Reserve, Exxon, Chevron, Valero, Plains, American Pipeline, Labor Locations: Saudi Arabia, Saudi, Russia, Kazakhstan, China, India, Africa, Latin America, Europe, San Antonio

☆ Indian billionaire Ambani's Reliance Retail to raise $598 mln from ADIA
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Oct 6 (Reuters) - Billionaire Mukesh Ambani's Reliance Retail Ventures said on Friday it would raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA. The investment comes as Reliance set an internal target to raise $3.5 billion. ADIA and Singapore's GIC had invested $664 million each into the retail unit in 2020 as Reliance sold a 10.09% stake at a valuation of 4.68 trillion rupees. Morgan Stanley acted as financial adviser to Reliance Retail Ventures for the ADIA deal.

Persons: Amit Dave, Mukesh, Hamad Shahwan Aldhaheri, Singapore's GIC, Ambani, Morgan Stanley, Chris Thomas, Maju Samuel Organizations: Reliance Industries, REUTERS, Rights, Retail Ventures, Abu Dhabi Investment Authority, ADIA, Reliance, KKR, Qatar Investment Authority, Reuters, Saudi Arabia's Public Investment Fund, Reliance Retail Ventures, Thomson Locations: Ahmedabad, India, Abu Dhabi, ADIA, Singapore, Saudi Arabia, Bengaluru

☆ Lucid launches cheaper Air Pure electric sedan to boost demand
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed at a shopping mall in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 5 (Reuters) - Luxury electric-vehicle maker Lucid Group (LCID.O) on Thursday launched a cheaper, rear-wheel drive version of the Air Pure sedan starting at $77,400, as it looks to stoke demand. The new Lucid model, however, is more expensive than the world's most valuable automaker Tesla's (TSLA.O) Model S luxury sedan, which starts at about $75,000. The cheaper electric sedan will offer a range of 410 miles on a full charge and will be available immediately, Lucid said. The EV maker opened its first overseas production factory last month in Saudi Arabia and the Saudi government has agreed to buy up to 100,000 Lucid vehicles over the next decade.

Persons: Hyunjoo Jin, Tesla, Lucid, Akash Sriram, Arun Koyyur Organizations: REUTERS, Air, stoke, Sapphire, Saudi Arabia's Public Investment Fund, Saudi, Thomson Locations: Scottsdale , Arizona, U.S, Saudi Arabia, Newark , California, Bengaluru

☆ Tiger Woods and Rory McIlroy's TGL golf league will air on ESPN
▼ + stars: | 2023-10-05 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Disney' s ESPN has nabbed the broadcast rights to air matches from TGL, the startup golf league led by Tiger Woods and Rory McIlroy. TGL, which is in partnership with the PGA Tour, will have its debut Jan. 9 as part of a multiyear deal. Both TGL matches will air on traditional TV's ESPN and streamer ESPN+. The agreement between the PGA Tour and LIV has yet to be finalized. TGL, a new primetime, high-tech golf league created by Woods, McIlroy and former NBC Sports executive Mike McCarley, has attracted stars from the PGA Tour.

Persons: Rory McIlroy, Tiger Woods, TGL, LIV Golf, LIV, Woods, McIlroy, Mike McCarley, Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler, Billy Horschel, Steve Cohen Organizations: Augusta National Golf Club, Disney, ESPN, PGA, ABC, College Football, NFL, Tour, Saudi Arabia's Public Investment Fund, Endeavor Group Holdings, Fenway Sports Group, CNBC, NBC Sports, Major League Baseball's New York Mets, New York, Private Ventures Locations: Augusta , Georgia, TGL, Palm Beach Gardens , Florida

☆ Saudi Arabia will bid to host 2034 World Cup
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 4 (Reuters) - Saudi Arabia announced it will bid to host the 2034 World Cup just minutes after the world soccer's governing body FIFA invited countries from the Asia and Oceania regions to submit bids. "Saudi Arabia’s inaugural FIFA World Cup bid is backed by the country’s growing experience of hosting world-class football events and its ongoing plans to welcome fans across the world to the 2023 FIFA Club World Cup and 2027 AFC Asian Cup." After FIFA said that the 2034 World Cup will be held in the Asia or Oceania region, Asian Football Confederation president Shaikh Salman bin Ebrahim Al Khalifa welcomed the decision. "We strongly believe it paves the way for a more equitable opportunity for all confederations to bid for, and host, the prestigious FIFA World Cup - the pinnacle of world men’s football," he said. The 2026 World Cup, which will feature 48 teams, will be hosted by the United States, Canada and Mexico.

Persons: Shaikh Salman bin Ebrahim Al Khalifa, Cristiano Ronaldo, Neymar, Karim Benzema, Moaz Abd, Osama Khairy, Mohamed Yossry, Rohith Nair, William Maclean Organizations: FIFA, Saudi Arabian Football Federation, Saudi, Saudi Arabia’s, AFC Asian, Asian Football, Saudi Pro League, Thomson Locations: CAIRO, Saudi Arabia, Asia, Oceania, Saudi, Morocco, Spain, Portugal, Uruguay, Argentina, Paraguay, United States, Canada, Mexico, Cairo

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ U.S. ambassador insists America remains the top foreign policy actor in the Middle East
▼ + stars: | 2023-10-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Ambassador to the United Arab Emirates Martina Strong believes the U.S. is unequivocally the most important foreign policy actor in the Middle East. Her comments come roughly one year after President Joe Biden threatened "consequences" for Saudi Arabia after the OPEC kingpin slashed oil production along with its allies against Washington's wishes. Biden's administration has been notably quiet about recent OPEC+ output cuts, however, even as oil prices have rallied close to $100 a barrel. Saudi Arabia has recently shown signs of steering toward China and Russia after rekindling relations with Iran through Beijing-mediated talks and receiving an invitation to join the emerging economies' BRICS alliance. Asked by CNBC's Dan Murphy whether the U.S. remained the most important foreign policy actor in the region, Strong replied, "Absolutely.

Persons: United Arab Emirates Martina Strong, Joe Biden, Washington's, Biden's, CNBC's Dan Murphy, Strong, Saudi Arabia's Crown Prince, Mohammed bin Salman, Narendra Modi, Evelyn Hockstein Organizations: United Arab Emirates, U.S ., UAE, Saudi Arabia's Crown, India's, Bharat, Afp, Getty Locations: U.S, Saudi Arabia, Israel, China, Russia, Iran, Beijing, New Delhi

☆ Ronaldo sparks fightback as Al-Nassr given Asian Champions League scare
▼ + stars: | 2023-10-02 | by ( Michael Church | ) www.reuters.com time to read: +2 min

Oct 2 (Reuters) - Cristiano Ronaldo was on target as Al-Nassr survived a scare in the Asian Champions League on Monday with the Saudi Pro League side coming from a goal down to hand Tajikistan's Istiklol a 3-1 defeat in Riyadh. The Asian Football Confederation said the game, which was due to be played in Isfahan's Naghsh-e Jahan Stadium, had been "cancelled due to unanticipated and unforeseen circumstances". In Group B, Uzbekistan's Nasaf climbed into pole position after claiming their second win in a row when Azizbek Amonov struck twice in a 3-1 win over Al Sadd of Qatar. Ruzikul Berdiev's team hold a two point lead over Sharjah from the United Arab Emirates, who beat Jordan's Al-Faisaly thanks to a 20th minute goal from Moussa Marega, an Asian Champions League winner with Saudi Arabia's Al-Hilal in 2021. Reporting by Michael Church, Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Persons: Cristiano Ronaldo, Nassr, Senin Sebai, Istiklol, Ronaldo, Anderson Talisca, Luis Castro's, Al Duhail, Omid Alishah, Qasem Soleimani, Ali Jasim, Sanzhar Tursunov's, Siavash Haghnazari, Nasaf, Azizbek Amonov, Al, Ruzikul, Jordan's, Moussa Marega, Saudi Arabia's Al, Michael Church, Ken Ferris Organizations: Asian Champions League, Saudi Pro League, Brazilian, Iran's Persepolis, Iran's Sepahan, Saudi, Asian Football Confederation, Air Force Club, AGMK, Air Force, United Arab Emirates, Thomson Locations: Riyadh, Dushanbe, Saudi, Qatar, Isfahan's, Uzbekistan, Al, Ittihad, Al Sadd, Sharjah, Hilal

☆ Supply cuts from Saudi Arabia remain price drivers for oil heading into the fourth quarter
▼ + stars: | 2023-10-02 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Experts predict oil prices will continue to rise heading into the fourth quarter, driven by tighter supply and production cuts. Despite some profit-taking in the last week of September, crude oil prices have rallied since the summer. That means U.S. crude oil reserves will remain under pressure amid the Saudi production cuts. And questions still remain as to the strength of a resurgence from the Chinese economy and how that will support higher oil prices. Goldman also recently published its list of buy-rated stocks to play higher oil prices, which included Chevron and Baker Hughes .

Persons: Goldman Sachs, Brent, Viktor Katona, Katona, Stephen Ellis, Ellis, Ole Hansen, " Hansen, Brian Mulberry, Mulberry, Goldman, Baker Hughes, Neil Mehta, Mehta Organizations: Brent, West, West Texas, Bank of America, Chevron, ExxonMobil, Morningstar, Saxos Bank, Zacks Investment Management, Federal Reserve, ConocoPhillips, XOM Locations: West Texas, Saudi Arabia, Saudi, Russia, OPEC, U.S, Cushing , Oklahoma, East, Kuwait, Iraq, Ukraine, Iran

☆ Saudi bourse tracks oil prices lower, Egypt extends losses
▼ + stars: | 2023-10-01 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsOct 1 (Reuters) - Saudi Arabia's stock market ended lower on Sunday in response to Friday's fall in oil prices, while the Egyptian index extended loses on profit-taking. Saudi Arabia's benchmark index (.TASI) fell 0.1%, extending losses from the previous session, weighed down by a 0.9% fall in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - settled 1% lower on Friday due to macroeconomic concerns and profit-taking. Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.

Persons: Faisal Al Nasser, Ateeq, David Holmes Organizations: REUTERS, Saudi, Saudi Aramco, Qatar National Bank, Qatar bourse, Banking, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Saudi Arabia forecasts slower growth, budget deficit this year
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Sept 30 (Reuters) - Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday. The document projected a budget deficit of 2% of GDP, compared with an earlier projection for a 0.4% surplus. Total revenue is now expected to be 1.180 trillion riyals ($314.64 billion) and government spending is forecast to be 1.262 trillion riyals. An earlier projection put revenue this year at 1.130 trillion riyals and spending at 1.114 trillion riyals. Saudi Arabia has sharply cut its oil production for what the world’s largest oil exporter says is meant to stabilise the oil market.

Persons: Enas Alashray, Hatem Maher, Alexander Cornwell, Leslie Adler Organizations: Real, Thomson Locations: CAIRO, Saudi Arabia, Saudi

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsSept 29 (Reuters) - Oil prices settled 1% lower on Friday due to macroeconomic concerns and profit taking, but rose about 30% in the quarter as OPEC+ production cuts squeezed global crude supply. U.S. West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1% in the week and 29% in the quarter. While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.

Persons: Ahmed Jadallah, Brent, WTI, John Kilduff, Lael Brainard, Baker Hughes, Suvro Sarkar, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter, Paul Simao, Jan Harvey, David Gregorio Our Organizations: REUTERS, . West Texas, Federal Reserve Bank of Dallas, Energy Information Administration, Investors, White, Evergrande, HK, Reuters, Aramco, National Australia Bank, DBS Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, New York, U.S, Brent, OPEC, Russia

☆ Fury to fight Usyk in Saudi for undisputed heavyweight title
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Boxing - WBC World Heavyweight Title - Tyson Fury v Derek Chisora - Tottenham Hotspur Stadium, London, Britain - December 3, 2022 Tyson Fury during his ring walk before his fight against Derek Chisora Action Images via Reuters/Andrew Couldridge/File Photo Acquire Licensing Rightsサマリー Fury and Usyk to fight in Saudi ArabiaDate yet to be announcedFight will create first undisputed champion since 1999Sept 29 (Reuters) - Tyson Fury and Oleksandr Usyk will fight for the world's undisputed heavyweight championship in Saudi Arabia at a date to be decided, organisers said on Friday. Britain's Fury is the WBC world champion while Ukrainian Usyk holds the WBA, WBO, IBF and IBO belts. "You can't run rabbit run anymore Usyk, you're getting it," Fury wrote on Instagram. Heavyweight boxing's last undisputed champion was Britain's Lennox Lewis in 1999. Reporting by Rohith Nair in Bengaluru/Alan Baldwin in London Editing by Toby Davis and Christian Radnedge私たちの行動規範：トムソン・ロイター「信頼の原則」

Persons: Tyson Fury, Derek Chisora, Andrew Couldridge, Usyk, Oleksandr Usyk, Britain's, Ukrainian Usyk, Fury, Britain's Lennox Lewis, Turki Alalshikh, Rohith Nair, Alan Baldwin, Toby Davis, Christian Radnedge Organizations: WBC, Tottenham Hotspur, Ukrainian, WBA, WBO, IBF, IBO, Queensbury Promotions, Riyadh's, Saudi Arabia's General Entertainment Authority Locations: London, Britain, Saudi Arabia, Riyadh, Bengaluru

☆ Russia and Saudi Arabia have likely made close to $3 billion this quarter as OPEC+ production cuts push oil toward $100 a barrel
▼ + stars: | 2023-09-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia and Saudi Arabia have made billions in additional oil revenue after their production cuts lifted prices. Meanwhile, Saudi Arabia has likely pulled in about $2.6 billion in extra revenue. AdvertisementAdvertisementRussia and Saudi Arabia have likely pulled billions in additional oil revenue after steep oil production cuts lifted crude prices. Then, Saudi Arabia and Russia implemented their own voluntary production cuts this summer, with Saudi Arabia slashing production by 1 million barrels a day while Russia slashed production by half a million barrels a day. Analysts have said crude prices could quickly be on track to notch $100 a barrel next year, thanks to underinvestment and chronic undersupply in the industry.

Persons: — Organizations: Service, Wall Street Journal, UAE, Brent, West Texas Intermediate, Saudi Locations: Russia, Saudi Arabia, OPEC, Ukraine

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