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In response to heightened supply and competitive pressures from rival producers, Saudi Arabia took action on Sunday by implementing substantial cuts to the February official selling price (OSP) of its flagship Arab Light crude to Asia.
Saudi Aramco's decision to lower prices comes from increased competition from rival oil suppliers and growing apprehensions about a potential oversupply in the global oil market.
Yousef Husseini, Associate Director for Equity Research at EFG Hermes, noted that while the market reacted negatively to the news, investors were somewhat prepared for a potential increase due to the historically low prices.
A notable highlight is the record-breaking spending of $25.9 billion by sovereign-controlled funds on the energy transition, ranging from green hydrogen initiatives to lithium mining.
in a surprising turn of events, Saudi Arabia has forged a trilateral agreement with Iran and China, marking a significant shift in diplomatic dynamics. This unexpected move comes after seven years of severed ties between Riyadh and Tehran, showcasing a newfound willingness for dialogue.
The existing five members of the BRICS alliance, Brazil, Russia, India, China, and South Africa, extended invitations to six new countries to join their ranks. While Argentina declined the invitation, representatives from the UAE, Saudi Arabia, Egypt, Iran, and Ethiopia accepted the invitation.
The purpose of Minister Alkhorayef's visit was to lead a Saudi Arabia delegation in the 11th session of the Saudi-Tunisian Joint Committee in Tunis.
The primary focus of the talks was to enhance and develop defence and military cooperation. This collaboration could potentially lead to the sharing of intelligence, joint military exercises, and cooperation in defence technology.
Abdulhadi Almansouri, the Kingdom's Assistant Minister for Executive Affairs at the Ministry of Foreign Affairs, announced the platform during his speech at the Digital Government Forum (DGF) in Riyadh.
Following a China-brokered deal, the two nations restored their diplomatic ties in March, ending a hiatus that began in 2016 due to protests in Iran against the execution of prominent cleric Sheikh Nimr al-Nimr by the kingdom.
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