Arabia with levison wood

International oil prices rose after OPEC and its allies ignored India's plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year. Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand. India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices. He felt rising international oil prices were hurting economic recovery and demand. Responding to a question on India's pleas, Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that ... » Learn More about OPEC ignores India’s call; Saudi Arabia asks New Delhi to use cheap oil it bought last year to cool prices

Video Player Close RIYADH, March 5 (Xinhua) -- Saudi Arabia announced on Friday that a child and a man were injured due to the falling of debris of drone attacks by Houthis, the Saudi Press Agency reported. The debris of the intercepted drones fell on the country's Khamis Mushait and Ahad Rafidah, Saudi Arabia's Civil Defense was quoted as saying. The debris also caused damage to some houses. Meanwhile, the Saudi-led coalition revealed the interception of six bomb-laden drones on Friday in Khamis Mushait. The coalition will complete this month its sixth year of war in Yemen against the Houthi militia in support of the government of the Yemeni President Abd-Rabbu Mansour Hadi. Enditem ... » Learn More about Saudi Arabia says 2 injured by falling debris of drone attacks

International oil prices rose after OPEC and its allies ignored India's plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year. Brent crude, the most widely used benchmark, on Friday rose nearly 1 % to $ 67.44 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand. India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices. He felt rising international oil prices were hurting economic recovery and demand. Responding to a question on India's pleas, Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased ... » Learn More about OPEC ignores India’s call; Saudi asks New Delhi to use cheap oil it bought last year

NEW YORK: Investors in metals and mineral extraction are poised to see their fortunes grow as the race to cut carbon emissions requires massive investment in commodities other than oil and gas. As world economies shift to more electrification and away from fossil fuels to reach net-zero carbon emissions by 2050, expect more copper mining and interest in metals like cobalt and nickel crucial to battery production, CEOs and global politicians said at this week's all-virtual CERAWeek energy conference. The World Bank has estimated that the energy transition will require over 3 billion tons of minerals and metals. Demand for minerals including graphite, lithium and cobalt could increase by nearly 500% by 2050, to meet the growing need to deploy wind, solar and geothermal power as well as energy storage, according to a World Bank Group report last year. Metals such as nickel and cobalt are vital in the battery sector, executives said. Copper demand will surge from makers ... » Learn More about CERAWEEK-Rock and heavy metal: winners emerge in energy transition

Saudi Arabia asked India to use the cheap oil in its strategic reserves to deal with the current price rally as the Arab nation and its allies ignored New Delhi's plea to increase supply. Crude rose to $68 a barrel on Friday. India had bought oil from Saudi Arabia and other producers to fill its strategic reserve for about $19 a barrel last year when the pandemic had hit demand. Rising crude prices, up nearly 70% since October, had prompted India to criticise producers' extended supply cut. While warning that the higher prices would impede the economic recovery from the pandemic, oil minister Dharmendra Pradhan had repeatedly sought easing of supplies. Petrol and diesel prices have risen about Rs 9 per litre each over the last three months, raising concern that high fuel costs may stoke inflation. "With regard to India, very simple, I would ask my friend that he withdraw some of the cheap oil that they bought in April, May, and June. There is an opportunity cost for ... » Learn More about Use the cheap oil in strategic reserves, Saudi tells India after pleas for increased supply

HANOI: Chinese stainless steel and nickel giant Tsingshan Holding Group's decision to produce a large amount of nickel matte in Indonesia has eased investor concerns over battery-grade supply and pressured prices, industry analysts say. Nickel prices on the Shanghai Futures Exchange dropped by its maximum limit of 6% on Thursday, after hitting a record high last month. London Metal Exchange nickel, which hit $20,110 a tonne in February, the highest since 2014, fell by as much as 8.5%. Tsingshan said on Wednesday it would supply 100,000 tonnes of nickel matte - an intermediate product that can be used to make both stainless steel and battery-grade nickel for electric vehicles (EVs) - to Huayou Cobalt and CNGR Advanced Material within a year from October. "News that Tsingshan will mass-produce nickel matte could be a game-changer," ING analyst Wenyu Yao said in a note. "The risks of battery-grade nickel supply are much reduced. Until a new market equilibrium is found, ... » Learn More about Tsingshan pulls the matte out from under nickel’s rally

oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness. OPEC countries led by Saudi Arabia joined with non-members led by Russia to reach the deal in an online meeting Thursday. Most significantly, one million barrels per day in voluntary cuts from Saudi Arabia will remain in place at least through April. The decision pushed the price of crude oil sharply higher in global markets. The U.S. contract, which had plunged last year as the pandemic restrictions on businesses devastated demand for energy, spiked 5.6% higher on the day on Thursday to $64.70 a barrel. ... » Learn More about OPEC, allies keep oil output unchanged, prices jump

The Indian consumer's hope that petrol @Rs 100 might not become the new normal just yet, may have been dashed. Yesterday, OPEC+ — the grouping of major oil producers — made public its plan to continue with its production cuts till April. It effectively means that if you are headed to the petrol pump, brace yourself to keep paying more for longer than you thought you would. In all likelihood, the move by OPEC+ would push retail fuel prices to new highs in yet more towns and cities in India, putting paid to the hope that Indian consumers may get some relief at last. The Indian government was hoping that oil exporting countries would end the ongoing production cuts by March end, which would have brought local prices down in importing countries like India. Before the important meeting, India's Oil Ministry had sent out requests to OPEC+ to raise production and "bring back some of the price stability", various reports said. However, Saudi Arabia and Russia — the prime players ... » Learn More about In case you thought petrol @Rs 100 won’t become the new normal just yet, think again

SINGAPORE/MELBOURNE: Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Brent crude futures for May rose to as high as $68 a barrel on Friday, a level not seen since Jan. 8, 2020. The contract was up $1.09, or 1.6%, to $67.83 a barrel at 0730 GMT, and was on track for a near 3% gain in the week. U.S. West Texas Intermediate (WTI) crude futures climbed 93 cents, or 1.5%, to $64.76 per barrel after hitting a high of $64.94 earlier in the session. Both contracts surged more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan. "OPEC+ has kept output steady indicating that it wants to take a cautious approach in normalising ... » Learn More about Oil soars to near 14-month high as OPEC+ extends output cuts into April

Video Player Close RIYADH, March 5 (Xinhua) -- The Saudi-led coalition involved in a war in Yemen foiled on Friday an attack by Houthi militia toward the kingdom, the Saudi Press Agency reported, citing a coalition spokesman. Turki Al Maliki, the coalition spokesman, said the coalition intercepted a bomb-laden drone launched toward Khamis Mushait city in southwestern Saudi Arabia. He revealed that the coalition destroyed at dawn four drones that targeted civilians and civilian sites. The spokesman accused Houthis of committing war crimes. The coalition will complete this month its sixth year of war in Yemen against the Houthi militia in support of the government of Yemeni President Abd-Rabbu Mansour Hadi. Enditem ... » Learn More about Saudi-led coalition says foils new drone attack by Yemen’s Houthi rebels