Author: Steven Sahiounie

RIYADH: Energy investment in the Middle East is projected to reach approximately $175 billion in 2024, with clean resources accounting for around 15 percent of the total, a new report disclosed. 

RIYADH: Saudi Arabia is set to raise over $11.2 billion by selling shares in oil giant Aramco to fund its spending plans, after pricing its stock at SR27.25 ($7.27), the company announced.

The new settlement mechanism will allow countries to bypass Western financial messenger SWIFT, Anton Siluanov has said

The trend has largely been driven by non-resource sectors, the president has said The Russian economy is growing more quickly than those of other major global powers and is doing so without a reliance on oil and gas, President Vladimir Putin said on Friday. Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF), Putin noted that Russian GDP expanded by 3.6% last year, bouncing back from a 1.2% downturn amid Ukraine-related sanctions in 2022. This year the economy has continued to expand, the president stated. “For the first quarter of this year, growth reached 5.4%. That…

American chip giant Nvidia overtook Apple to become the second-most-valuable company in the world on Wednesday, after the semiconductor designer’s valuation surged past the $3 trillion mark.

Russia is ready to support new ways of facilitating international payments, including cryptocurrencies, Deputy Finance Minister Ivan Chebeskov has said, signaling a potential shift in government policy. He also argued that global trust in the US dollar and the euro has eroded significantly.

Western plans to use Russia’s frozen central bank reserves in Ukraine may undermine the global monetary system, the International Monetary Fund has stated. Responding to a question from RIA Novosti about the IMF’s view on the G7’s plans for the assets, IMF spokeswoman Julie Kozack said any move regarding the assets must have a sound legal basis.

Germany and France are opposing efforts by the EU to close a loophole that allows luxury cars and other high-end goods to reach Russia via Belarus, Politico reported on Thursday, citing diplomats.

SINGAPORE: Oil prices rose for a second consecutive session on Thursday amid growing expectations the Federal Reserve will cut interest rates in September, but the upside was capped by higher US inventories and an OPEC+ plan to increase supply, according to Reuters.

Russia’s oil revenues surged by almost 50% last month compared to a year ago, as crude prices soared and the country continued to adapt to Western sanctions, Bloomberg reported on Thursday. Moscow’s income from crude sales rose despite international pressure and forecasts of a deficit. Oil-related taxes climbed to 632.5 billion rubles ($7.1 billion) in May, according to Bloomberg calculations based on Russian Finance Ministry data. Total oil and gas profits grew by 39% to 793.7 billion rubles ($8.9 billion), following progressively increasing prices on Russia’s flagship Urals crude, the country’s key export blend, data showed. The ministry calculated May…