Saudi Arabia, de facto leader of the Organization for the Petroleum Exporting Countries, will extend its voluntary crude production cut of 1 million barrels per day until the end of the second quarter
-> the state-owned Saudi Press Agency said Sunday, citing a source from the country’s Ministry of Energy. Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, the announcement said..$ Russia will trim its production and export supplies by a combined 471,000 barrels per day until the end of June, Russian Deputy Prime Minister Alexander Novak said Source: CNBC https://lnkd.in/eJWWckDe
Saudi Arabia has announced that it will stop pursuing the expansion of its oil production capacity, reversing a key goal in the oil's superpower strategy
Supporters of the energy transition are celebrating, but geopolitics may be more important than what meets the eye. In a nutshell, Saudi Arabia manages together with Russia a very complex political and economic arrangement within the OPEC+ alliance. Riyad and Moscow are coordinating with other producers around the world in order to revive the global oil market, prevent production surplus and keep oil prices higher than non-OPEC producers' policies would. Source: Francesco Sassi
Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the kingdom, including a 30-year exemption for corporate income tax
Link to Khaleej Times article: https://lnkd.in/e-zD_D-D
Congrats to Saudi Arabia who wins bid for 2030 world fair, beating Italy, S. Korea.
The Saudi Arabian capital of Riyadh won the right to host the Expo 2030 world fair, vote results showed on Tuesday, in another diplomatic victory for a Gulf country after last year's soccer World Cup in Qatar. South Korea's port city of Busan and Rome in Italy were also in the running to host the five-yearly event that attracts millions of visitors and billions of dollars in investment. “Our goal in the Kingdom is to organize the first environmentally friendly exhibition that achieves a zero level of carbon emissions,” Expo blueprint team member Eng. Nouf Bint Majid al-Muneef said. “The Riyadh Expo 2030 site will be powered by clean resources that rely on solar energy, and we are developing high standards for resource efficiencies and detailed strategies to enhance biodiversity, eliminate food waste, and ensure green waste management and recycling.” Source: Reuters, Al Arabiyah
Brent Oil hits $90/bbl for 1st time since Nov as Saudi Arabia extended its unilateral oil production cut by another three months
Source: Bloomberg, Holger
Soccerflation...Perks that Neymar Júnior will receive in Saudi Arabia:
• €100M-a-year salary • House with 25 bedrooms • 40x10 meter swimming pool and 3 saunas • 5 full-time staff for his house • Bentley Continental GT • Aston Martin DBX • Lamborghini Huracán • 24-hour driver • all bills for hotels, restaurants and various services during his OFF days will be sent to the club headquarters to be paid • Private plane at his disposal for his travels • €500,000 for each social media post that promotes Saudi Arabia Source: The world of Statistics
Saudi Arabia reduced its US treasury holdings by $3.2 Billion in June to the lowest level in nearly 7 years.
Source: FT
According to a FT article, Saudi Arabia and the United Arab Emirates are buying up thousands of the high-performance Nvidia chips
These chips are crucial for building artificial intelligence software, joining a global AI arms race that is squeezing the supply of Silicon Valley’s hottest commodity. The Gulf powerhouses have publicly stated their goal of becoming leaders in AI as they pursue ambitious plans to turbocharge their economies. But the push has also raised concerns about potential misuse of the technology by the oil-rich states’ autocratic leaders. According to people familiar with the moves, Saudi Arabia has bought at least 3,000 of Nvidia’s H100 chips — a $40,000 processor described by Nvidia chief Jensen Huang as “the world’s first computer [chip] designed for generative AI” — via the public research institution King Abdullah University of Science and Technology (Kaust).
