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Bloomberg Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount. State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic plays havoc with …

Bloomberg Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl US oil production, though prices edged lower following a weak US jobs report. West Texas Intermediate futures capped a gain 0.8% for the week despite shedding 1%. The deceleration in hiring reflects growing fears of the delta variant of Covid-19 and …

Bloomberg Oil slipped ahead of an Opec+ meeting that should see further output added to a market that the group sees as needing extra supply. West Texas Intermediate falls by 1.3% after losing more than 7% in August, the biggest monthly decline this year. The Organisation of Petroleum Exporting Countries (Opec) and its allies including Russia are expected to ratify …

ABU DHABI / WAM The UAE has strongly condemned the terrorist Houthi militias’ attempts to attack civilians and civilian objects in Najran, Saudi Arabia on Wednesday with a ballistic missile, which was intercepted by Coalition Forces. In a statement by the Ministry of Foreign Affairs and International Cooperation, the UAE reiterated that these systematic terror attacks by the Houthis reflect …

DELHI / WAM India and Bahrain are celebrating this year the golden jubilee of their diplomatic relations, India’s Ministry of External Affairs said in a press release. Coinciding with this important occasion, V Muraleedharan, India’s Minister of State for External Affairs, began a three-day visit to Bahrain. On the first day of his visit, Muraleedharan met with Abdullatif bin Rashid …

NEW DELHI / WAM India’s discussions for concluding a Free Trade Agreement (FTA) with the GCC are “progressing fast”, the Minister for Commerce, Industry and Consumer Affairs, Piyush Goyal, said. Addressing a large cross-section of India’s business through the platform of the Jain International Trade Organisation, Goyal specifically cited the UAE as among the countries with which his Ministry is …

Bloomberg US gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the Opec+ producers’ cartel is expected on Wednesday to endorse a supply increase. Gasoline for October spiked more than 4% in New York before paring its advance, while West Texas Intermediate crude …

NEW DELHI / WAM The Trade Promotion Council of India on Sunday held a webinar on “India-UAE: Trade and Investment Opportunities in Agri and Food Processing.” The webinar aimed at briefing the Indian stakeholders on trade, investment and collaboration opportunities specifically in the food, beverages, food processing and packaging technology sectors in the UAE. The webinar highlighted how India and …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, and will probably …

New Delhi / WAM India’s Ministry of Home Affairs, in exercise of powers under the country’s Disaster Management Act, has extended the countrywide restrictions to contain Covid-19 until September 30. In a letter to Chief Secretaries of all states and Administrators of union territories, Home Secretary Ajay Bhalla wrote that “the overall pandemic situation at the national level now appears …