Author: Steven Sahiounie

Oil markets are heading in the “right direction” by balancing supply and demand, Kuwait’s state news agency (KUNA) said DUBAI – Oil markets are heading in the “right direction” by balancing supply and demand, Kuwait’s state news agency (KUNA) said citing the country’s Oil Minister Saad Al Barrak on Wednesday, following an earlier OPEC+ ministerial panel which made no changes to the group’s current oil output policy. Source: Zawya

The Japanese currency was up around 0.12% at 148.91 per dollar in early European trading LONDON/SINGAPORE – The yen rose slightly on Wednesday, moving away from the closely watched 150 per dollar mark, after a short-lived surge in the previous session stoked speculation that Japanese authorities could have intervened to support the currency. The Japanese currency was up around 0.12% at 148.91 per dollar in early European trading, after unexpectedly surging nearly 2% at one point on Tuesday to 147.30. The spike came after it slipped to 150.165 per dollar, its weakest since October 2022. Meanwhile the dollar index, which…

Oil has jumped towards $100 a barrel for Brent crude , the highest since 2022 An OPEC+ ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted. Oil has jumped towards $100 a barrel for Brent crude…

The West African country’s reform programme is supported by IMF facilities worth about $3.5 billion approved in May WASHINGTON – International Monetary Fund staff have reached agreement with Ivory Coast on the first semi-annual review of its economic reform programme, clearing the way for disbursement of another $500 million on approval by the Fund’s executive board. The West African country’s reform programme is supported by IMF facilities worth about $3.5 billion approved in May. An IMF staff team visited Ivory Coast between Sept. 19 and Oct. 3. “Performance under the programme has been satisfactory so far and … we reached…

The government has implemented economic reforms that have resulted in a primary surplus for six consecutive years: Minister of Finance Egypt – Minister of Finance Mohamed Maait said that the Egyptian economy has performed well in the past nine years, despite the inaccurate estimates of some analysts. He said that the government has implemented economic reforms that have resulted in a primary surplus for six consecutive years, and that it aims to achieve the largest primary surplus in Egypt’s history, 2.5% of the gross domestic product, in the current fiscal year (FY) 2023/24. Maait made these remarks in a statement issued…

RIYADH: In a bid to further strengthen its commitment to sustainability, Saudia Dairy & Foodstuff Co. has entered into an agreement with National Transport Solutions Co. to introduce zero-emission vehicles into its fleet. According to a press statement, this initiative, aimed at reducing carbon emissions, aligns with SADAFCO’s Sustainability 2030 Vision. Under the agreement, NTSC will assist SADAFCO in quantifying the current carbon emissions produced by its vehicle fleet and will help formulate a comprehensive roadmap for the transition to ZEVs. “SADAFCO is committed to creating a sustainable future through decarbonization. The decarbonization journey with NTSC is another crucial step toward creating…

RIYADH: In a significant development for Saudi Arabia’s technology sector, Egyptian deep tech firm Intella has successfully secured $3.4 million in a pre-series A funding round. This funding round was led by Saudi-based HALA Ventures and Wa’ed Ventures, the venture arm of Aramco. The capital injection is set to accelerate Intella’s foray into the Saudi market and underpin the development of artificial intelligence models tailored for the Middle East and North Africa audience. To demonstrate its commitment to the market, Intella is strategically relocating its headquarters to Saudi Arabia, positioning itself in the midst of the Kingdom’s growing tech and AI landscape. “Saudi Arabia…

RIYADH: Saudi Arabia will continue the voluntary cut of 1 million barrels of oil per day in November and December, a Ministry of Energy source has told the Kingdom’s official news agency. The move means Saudi Arabia’s production for the final two months of the year will be approximately 9 million bpd. Brent crude oil futures were down 58 cents, or 0.64 percent, on the day at $90.34 a barrel before the announcement, but after the cuts were confirmed they were instead trading at 0.46 percent lower at 12:21 p.m. Saudi time. This reduction is in addition to the voluntary…

Departing firms will need to contribute 15% of the value of their business sale to the country’s budget, the newspaper reports Western companies seeking to leave Russia and sell their assets in the country will soon be obliged to make a 15% contribution to the state budget, Izvestia reported on Tuesday, citing the Finance Ministry. The director of the ministry’s Department of Financial Policy, Ivan Chebeskov, told the news outlet that in each case the share will be calculated from the full market value of the company’s assets. The ruling by the Commission on Foreign Investments will be released in…

The country’s crude is being sold at market prices, Aleksandr Novak has said   Russia is not selling crude under the price cap mechanism introduced by the G7 and EU in an effort to curtail Moscow’s energy revenues, Deputy Prime Minister Aleksandr Novak stated on Tuesday. Oil companies are complying with a presidential decree obliging Russian legal entities and individuals to avoid Western-mandated oil price limits in their contracts with foreign buyers, he said, adding that Russian crude is traded at market prices. “Initially, when the price ceiling was introduced, we said that this is a non-workable instrument. It…