Boris Johnson May Visit Saudi Arabia for Talks on Oil, Sky Says - Bloomberg
U.K. Prime Minister Boris Johnson may travel to Saudi Arabia next week for talks on oil, Sky News reported without saying where it got the information.
A spokesperson from the Prime Minister’s office told Sky the trip hadn’t been finalized. The Times of London also reported that Johnson would travel to the kingdom.
Johnson has come under increasing pressure from Conservative Party allies to try to use his influence with Crown Prince Mohammed bin Salman to convince Saudi Arabia to pump more oil at a time of surging energy prices, Sky said.
Johnson has maintained better relations with the crown prince than U.S. President Joe Biden and other Group of Seven leaders, and the two exchange WhatsApp messages, Sky said.
Johnson had twice planned to visit Saudi Arabia in recent years, but the trips never materialized. He postponed the most recent effort last month because of Russia’s invasion of Ukraine, Sky reported.
Saturday, 12 March 2022
#Dubai 'well-positioned' to claim top spot as world's largest rough diamond trading hub: DMCC chief
Dubai 'well-positioned' to claim top spot as world's largest rough diamond trading hub: DMCC chief
The UAE added one more feather to its illustrious cap last year. It emerged as the top trading hub for rough diamonds, overtaking Belgium, according to Ahmed Sultan bin Sulayem, the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Over $22.8 (Dh83.74) billion of rough diamonds were traded through the Arabian Gulf country last year, said bin Sulayem, DMCC chief executive officer (CEO) and executive chairman. The polished diamond sector continues to grow.
Data shows that the UAE's rough diamond trade has grown by 76 per cent since 2015. There has been an 83 per cent spike in the diamond trade over the past two years, despite the Covid-19 challenge.
Now, DMCC has an office in the Israeli Diamond Exchange (IDE) in Tel Aviv, and the IDE has an office in the Dubai Diamond Exchange since the opening of diplomatic and trading ties with Israel, the Middle East's second-largest diamond centre, after relations were normalised in 2020.
The UAE added one more feather to its illustrious cap last year. It emerged as the top trading hub for rough diamonds, overtaking Belgium, according to Ahmed Sultan bin Sulayem, the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.
Over $22.8 (Dh83.74) billion of rough diamonds were traded through the Arabian Gulf country last year, said bin Sulayem, DMCC chief executive officer (CEO) and executive chairman. The polished diamond sector continues to grow.
Data shows that the UAE's rough diamond trade has grown by 76 per cent since 2015. There has been an 83 per cent spike in the diamond trade over the past two years, despite the Covid-19 challenge.
Now, DMCC has an office in the Israeli Diamond Exchange (IDE) in Tel Aviv, and the IDE has an office in the Dubai Diamond Exchange since the opening of diplomatic and trading ties with Israel, the Middle East's second-largest diamond centre, after relations were normalised in 2020.
#Dubai Boat Show: Will Sanctions Lead to Billionaire Superyachts Being Seized? - Bloomberg
Dubai Boat Show: Will Sanctions Lead to Billionaire Superyachts Being Seized? - Bloomberg
Superyachts, the ultimate symbol of excess, have long had a whiff of the sordid amid all the splendor.
At this year’s Dubai International Boat Show, there are other S-words hanging in the air -- sanctions, seizures.
In normal times, this yacht exposition, held at a brand-new marina, would be just like all the others: Giddy displays of lavishness put on to entice a growing universe of would-be buyers and awe normal-folk spectators.
But the war in Ukraine and sanctions against some of Russia’s moneyed elite have thrust superyachts to the fore of public consciousness like never before.
Superyachts, the ultimate symbol of excess, have long had a whiff of the sordid amid all the splendor.
At this year’s Dubai International Boat Show, there are other S-words hanging in the air -- sanctions, seizures.
In normal times, this yacht exposition, held at a brand-new marina, would be just like all the others: Giddy displays of lavishness put on to entice a growing universe of would-be buyers and awe normal-folk spectators.
But the war in Ukraine and sanctions against some of Russia’s moneyed elite have thrust superyachts to the fore of public consciousness like never before.
Aramco Boosts Oil Ties with China as World Frets Over Supply - Bloomberg
Aramco Boosts Oil Ties with China as World Frets Over Supply - Bloomberg
Saudi Arabia is strengthening energy ties with China, as the oil producer Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian country’s future demand.
Globally, consumers are screaming for fuels as consumption recovers after the coronavirus pandemic, and refiners are delaying maintenance to benefit from high margins. Prices spiked to more than $130 a barrel after Russia’s invasion of Ukraine triggered concern that supply could be impacted. There are signs that Russian oil is being shunned, with a number of tenders struggling to attract buyers. So far, that hasn’t dented demand.
The surge in prices is helping oil producers revive some investment plans put on ice during the pandemic. The Saudis, at the heart of global supply as the world’s largest exporter, are spending billions to raise crude production capacity and pump more natural gas.
Saudi Aramco said it had taken the final investment decision to partner in a refining complex in Panjin, North China after it revived the plan. The state oil company had shelved the project and dropped others, as plunging prices during the pandemic disruped spending plans.
Saudi Arabia is strengthening energy ties with China, as the oil producer Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian country’s future demand.
Globally, consumers are screaming for fuels as consumption recovers after the coronavirus pandemic, and refiners are delaying maintenance to benefit from high margins. Prices spiked to more than $130 a barrel after Russia’s invasion of Ukraine triggered concern that supply could be impacted. There are signs that Russian oil is being shunned, with a number of tenders struggling to attract buyers. So far, that hasn’t dented demand.
The surge in prices is helping oil producers revive some investment plans put on ice during the pandemic. The Saudis, at the heart of global supply as the world’s largest exporter, are spending billions to raise crude production capacity and pump more natural gas.
Saudi Aramco said it had taken the final investment decision to partner in a refining complex in Panjin, North China after it revived the plan. The state oil company had shelved the project and dropped others, as plunging prices during the pandemic disruped spending plans.
Oil settles up but posts biggest weekly decline since Nov | Reuters
Oil settles up but posts biggest weekly decline since Nov | Reuters
Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia's invasion of Ukraine.
Crude prices have soared since the invasion, which Moscow calls a "special military operation."This week, futures benchmarks hit their highest levels since 2008, then pulled back sharply as some producing countries signalled they may boost supply.
On Friday, supply concerns grew when talks to revive the 2015 Iran nuclear deal faced the threat of collapse after a last-minute Russian demand forced world powers to pause negotiations. read more
Brent crude futures rose $3.34, or 3.1%, on Friday, settling at $112.67 a barrel, after hitting a session low of $107.13. U.S. West Texas Intermediate (WTI) crude futures rose $3.31, or 3.1%, to settle at $109.33 a barrel, off the session low of $104.48.
Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia's invasion of Ukraine.
Crude prices have soared since the invasion, which Moscow calls a "special military operation."This week, futures benchmarks hit their highest levels since 2008, then pulled back sharply as some producing countries signalled they may boost supply.
On Friday, supply concerns grew when talks to revive the 2015 Iran nuclear deal faced the threat of collapse after a last-minute Russian demand forced world powers to pause negotiations. read more
Brent crude futures rose $3.34, or 3.1%, on Friday, settling at $112.67 a barrel, after hitting a session low of $107.13. U.S. West Texas Intermediate (WTI) crude futures rose $3.31, or 3.1%, to settle at $109.33 a barrel, off the session low of $104.48.
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