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Saudi Arabia
02/02/2024
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By Ramon Tomey
DEDOLLARIZATION IN FULL SWING: Oil giant Saudi Arabia formally joins BRICS group alongside UAE, Iran, Egypt and Ethiopia
The oil-rich kingdom of Saudi Arabia has formally joined the BRICS group alongside four other countries. South African International Relations Minister Naledi Pandor confirmed the full membership of Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates (UAE) during a Jan. 31 press briefing in the capital Pretoria. The five nations accepted the invitation […]
09/18/2023
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By Ramon Tomey
U.S. Senate subpoenas Saudi sovereign wealth fund over its American dealings
A powerful committee on the U.S. Senate has subpoenaed Saudi Arabia’s $700 billion sovereign wealth fund over its dealings in America. The Senate Permanent Subcommittee on Investigations (PSI), which is under the Senate’s Homeland Security and Governmental Affairs Committee, announced the move against the Saudi Public Investment Fund (PIF) on Sept. 13. It was spearheaded […]
09/14/2023
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By Arsenio Toledo
Annual inflation surged 3.7% in August thanks to the jump in gas prices
Inflation in August spiked by 3.7 percent compared to last year, with the rise in gas prices accounting for more than half of the monthly inflation increase. The Consumer Price Index (CPI) for August showed that prices were 3.7 percent higher year-over-year, slightly higher than the 3.2 percent reading in July and also higher than […]
08/30/2023
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By Belle Carter
End of the U.S. empire and its weaponized dollar? BRICS to account for HALF of global food production when new member states join next year
The BRICS (Brazil, Russia, India, China and South Africa) bloc of top emerging economies, which was formed in 2009, just took a major step in the expansion of its influence by inviting six more progressive nations to become new state members. Come January 2024, Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates […]
08/28/2023
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By Ethan Huff
Saudi Arabia, UAE and Iran among six countries invited to join emerging BRICS global superpower
In its first expansion in over a decade, the BRICS (Brazil, Russia, India, China and South Africa) group is petitioning oil powers Saudi Arabia and the United Arab Emirates (UAE) to join, along with Iran, Egypt, Ethiopia and Argentina. The invitation was extended by South African President Cyril Ramaphosa, who announced it publicly as he […]
08/11/2023
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By Laura Harris
Saudi Arabia to build futuristic oasis of Neom in a bid to move beyond oil
Saudi Arabia has embarked on an ambitious journey to shape a future beyond fossil fuels, with the futuristic oasis of Neom having a big role in it. According to the New Statesman, Neom is part of the kingdom’s Vision 2030 spearheaded by Prince Mohammed bin Salman, also the kingdom’s prime minister. The futuristic oasis is […]
08/07/2023
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By Arsenio Toledo
OPEC’s crude production DROPS to its lowest level in three years as Saudi Arabia continues to throttle oil production
The Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production has plummeted to its lowest level in three years, largely due to Saudi Arabia implementing deeper cutbacks in production in a bid to shore up global oil prices. Data shows that OPEC’s crude oil output plunged by 900,000 barrels a day last month to an […]
08/04/2023
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By Ramon Tomey
Saudi Arabia to extend its voluntary oil production cut until September
Oil-producing giant Saudi Arabia has confirmed that it will extend its voluntary oil production cut until September. The state-owned Saudi Press Agency (SPA) announced the extension on Aug. 3, the third month of Riyadh cutting back on oil production. It quoted a source from the Saudi Ministry of Energy, who said: “In effect, the kingdom’s […]
07/26/2023
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By Laura Harris
Russian petroleum exports SURGE despite increase in domestic demand
Russia’s petroleum exports continue to rise each month following seasonal maintenance of its refineries. This increase has been observed despite a projected increase in domestic demand for fuel. Figures from the Refinitiv Eikon financial analysis platform showed that Russia’s seaborne diesel and gasoil exports increased by 11 percent in the first half of July, exceeding the […]
06/21/2023
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By Laura Harris
Saudi Arabia signs $5.6 billion deal with China to boost the kingdom’s EV industry
Saudi Arabia has announced its intention to further “collaborate” with China by strengthening its economic ties with the communist nation in the form of a new multi-billion dollar deal that will boost the kingdom’s electric vehicle (EV) industry. Saudi Arabia’s Ministry of Investment inked a $5.6 billion deal with Chinese EV manufacturer Human Horizons to collaborate on […]
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