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March 15th - Most Gulf stock markets fell slightly on Sunday. Saudi Arabias benchmark index fell as much as 0.8%, with Rajhi Bank down 0.9% and Saudi National Bank, Saudi Arabias largest lender, down 1.9%; the Qatar index fell 0.5%, with Qatar National Bank, the regions largest lender by assets, down 1.3%; Bahrains benchmark index fell 0.3%; and Omans benchmark index fell 0.4%. The conflict between the US, Israel, and Iran has now entered its third week, with US President Trump threatening further strikes against Irans Kharg Island oil export hub, while Iran has vowed to retaliate. Furthermore, three sources familiar with the situation said the Trump administration rejected efforts by Middle Eastern allies to initiate diplomatic negotiations aimed at ending the war between the US, Israel, and Iran. Trump also called on allies to deploy warships to help secure the Strait of Hormuz, crucial to global energy supplies.March 15 (Xinhua) -- Iranian Foreign Minister Araqchi stated that the end of the war depends on two conditions: ensuring that the war will not be repeated and paying reparations. Araqchi also said that Iran welcomes any regional initiatives that can justly end the war. The Strait of Hormuz is open to everyone, except for ships of the United States and its allies.Ukrainian President Zelensky: If the world does not have enough air defense capabilities to defend against ballistic missiles in both Europe and the Middle East, we must deprive Russia of its ability to assemble missiles in its factories.Ukrainian President Zelensky: Each of these missiles contains at least 60 foreign components, which were supplied to Russia by circumventing sanctions. This must be stopped.Ukrainian President Zelensky: In the past week, Russia has launched 1,770 attack drones, more than 1,530 guided air-to-ground bombs, and 86 missiles at Ukraine, including more than 20 ballistic missiles.

Saudi Arabia's Refusal to Increase OPEC+ Production Boosts Oil Prices

Skylar Williams

Nov 22, 2022 14:59

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On Monday, Saudi Arabia denied media rumors that it was discussing increasing oil supplies with OPEC and its allies, boosting oil prices in early Asian trade on Tuesday.


Brent oil futures rose 0.2% to $87.62 at 00:07 GMT. Futures contracts for January WTI crude rose 7 cents, or 0.1%, to $80.11 a barrel.


Prices for both benchmarks plummeted more than $5 a barrel after the WSJ reported an increase of up to 500,000 barrels per day will be considered at the Dec. 4 OPEC+ meeting.


Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, said official news agency SPA that the nation is sticking with output limitations and not discussing a hike with other OPEC oil producers.


OPEC+ just decreased its production objectives, and Saudi Arabia's energy minister said the organization will continue to pump oil with prudence owing to global economic uncertainties.


Last week, the front-month Brent crude futures spread shrank as the front-month WTI spread slipped into contango, alleviating supply anxieties.


Rising COVID- 19 cases in China have limited market gains as countrywide epidemics hit April peaks.