logo
Oil and gas important in times of conflict, Saudi Aramco CEO says

Oil and gas important in times of conflict, Saudi Aramco CEO says

KUALA LUMPUR: The importance of oil and gas can't be underestimated at times when conflicts occur, something that was currently being seen, the head of Saudi oil giant Aramco told an energy conference on Monday.
Aramco CEO Amin Nasser delivered his speech to the Energy Asia Conference in Kuala Lumpur by a video link.
Saudi Aramco considers asset sales to free up funds, sources say
Oil prices jumped last week after Israel launched strikes against Iran on Friday that it said were to prevent Tehran from building an atomic weapon.
The fighting intensified over the weekend.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Most Gulf markets in red over Israel-Iran conflict worries
Most Gulf markets in red over Israel-Iran conflict worries

Business Recorder

time11 hours ago

  • Business Recorder

Most Gulf markets in red over Israel-Iran conflict worries

Most stock markets in the Gulf ended lower on Tuesday with investors cautious due to fighting between Iran and Israel that entered a fifth day, sparking fears of potential regional instability. U.S. President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran. Iranian media reported explosions and heavy air defence fire in Tehran, and air raid sirens sounded in Tel Aviv in response to Iranian missiles. Saudi Arabia's benchmark index dropped 1.4%, weighed down by a 1% fall in Al Rajhi Bank and a 1.3% decline by oil behemoth Saudi Aramco. Dubai's main share index finished 0.6% lower, hit by a 1.2% fall in top lender Emirates NBD. Investors are also watching for details from the U.S. Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday. Traders are currently pricing in two cuts by the end of the year. Major Gulf bourses subdued on Israel-Iran conflict In Abu Dhabi, the index fell 0.5%. The Iran-Israel conflict, meanwhile, drove oil prices higher, though major oil and gas infrastructure and flows have so far been spared from substantial impact. The Qatari benchmark lost 0.5%, with the Gulf's biggest lender Qatar National Bank retreating 0.8%. Outside the Gulf, Egypt's blue-chip index declined 1%, dragged down by a 4.7% tumble in investment bank EFG Holding. ------------------------------------------ SAUDI ARABIA slid 1.4% to 10,714 Abu Dhabi fell 0.5% to 9,536 Dubai dropped 0.6% to 5,372 QATAR was down 0.5% to 10,411 EGYPT declined 1% to 30,726 BAHRAIN gained 0.3% to 1,910 OMAN eased 0.3% to 4,520 KUWAIT added 0.6% to 8,680 ------------------------------------------

Major Gulf bourses subdued on Israel-Iran conflict
Major Gulf bourses subdued on Israel-Iran conflict

Business Recorder

time16 hours ago

  • Business Recorder

Major Gulf bourses subdued on Israel-Iran conflict

Major stock markets in the Gulf were subdued in early trade on Tuesday with investors cautious as fighting between Iran and Israel entered its fifth day, sparking fears of potential regional instability. Iranian media reported explosions and heavy air defence fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles. US President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran, citing the country's rejection of a deal to curb nuclear weapons development. Saudi Arabia's benchmark index traded flat, a day after posting a 1.3% gain. ACWA Power Company declined 3.7% and oil giant Saudi Aramco was down 0.4%. Gulf markets rebound amid Israel-Iran conflict The Qatari index inched 0.1% higher, helped by a 0.2% gain in petrochemical maker Industries Qatar. Investors are also watching for details from the US Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday. The Fed is expected to hold rates steady but the focus yet again will be on the path its Chair Jerome Powell charts out for future rate cuts. Traders are currently pricing in two cuts by this year-end. In Abu Dhabi, the index was up 0.1% in a choppy trade. Dubai's main share index added 0.1%, with blue-chip developer Emaar Properties putting on 1.2%.

Riyadh Air orders 25 Airbus A350-1000 jets
Riyadh Air orders 25 Airbus A350-1000 jets

Business Recorder

time2 days ago

  • Business Recorder

Riyadh Air orders 25 Airbus A350-1000 jets

PARIS: Saudi startup Riyadh Air signed a deal at the Paris Airshow on Monday to buy 25 Airbus A350-1000 jets, the planemaker said. The deal, announced shortly after Saudi leasing company AviLease placed an order for Airbus passenger and freighter jets, also includes purchase rights for another 25 planes, Airbus said. Airbus does not publish catalogue prices but the firm part of the Riyadh Air deal is worth around $4.6 billion after typical airline discounts, according to Cirium Ascend estimates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store