Monday, 2nd October 2023
<To guardian.ng
Search

Saudi Arabia cuts oil output to boost prices

The move to slash supplies by 1 million barrels per day in July is "extendable," said Riyadh. Members of the OPEC+ grouping also agreed to extend cuts previously agreed in April until the end of next year.

Related

10 Jun
Washington and Riyadh have had several disagreements in the past on topics such as Iran, regional security and oil prices. This visit is Blinken's first since the kingdom restored diplomatic ties with Iran.
17 Jun
Riyadh has moved its focus from the US to China, Russia and others in a pragmatic approach to diversify its foreign and economic relations. Does that also mean a political shift?
26 Jun
Saudi Arabia is putting billions into tourism. Once closed to the world, the country boasts heritage and natural wonders. But it's also dealing with a conservative culture, a dire human rights record and climate change.
28 Jun
Around 2 million Muslim pilgrims are converging on Saudi Arabia's Mecca for the annual Hajj pilgrimage. The pilgrimage is one of the five pillars of Islam. This is expected to be the largest Hajj pilgrimage ever and the final tally of pilgrims is expected to be above 2.5 million.
7 Jul
In spite of an agreement struck in April to cut production of crude by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, oil prices still haven't seen a boost. In this edition, we see that concerns over global economic growth are outweighing the production cuts. Also, European space rocket Ariane 5 gears up for its final lift-off and Singaporean bank UOB makes a winning bet on Taylor Swift fans.
9 Jul
Saudi Arabia is seeking to increase its influence in the Emirates-backed port city of Aden. Behind this move, observers see the beginning of an exit strategy from the brutal and costly war in Yemen.
3 Aug
German carrier Lufthansa expects 2023 to be one of its best years. The airline said second-quarter profits more than tripled.
8 Aug
Food prices have been rising rapidly since the Economic Community of West African States began pressuring coup leaders to reinstate President Mohamed Bazoum. Ordinary Nigeriens say they are already starting to feel the sting of ECOWAS sanctions.
13 Aug
Although Russia ended the so-called grain deal with Ukraine, prices have not skyrocketed as they did after the start of the war. Since the grain market didn't panic, the focus is now shifting to Russian grain exports.
21 Aug
Some see the 5-member club as a counterweight to traditional Western-led forums and institutions. But what exactly is BRICS and why does it matter?
23 Aug
After Human Rights Watch reported the killing of hundreds of Ethiopians at the Saudi-Yemeni border, the Ethiopian government decided to launch a joint investigation with Saudi Arabia.
27 Aug