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SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
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SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

The total reserve assets of the Saudi Central Bank (SAMA) increased by 5.5 percent in June on an annual basis, to reach SAR 1.754 trillion ($467.5 billion), compared to SAR 1.66 trillion ($442 billion) in the same period of last year, recording their highest levels since November of 2022.
According to SAMA’s monthly statistical bulletin, reserve assets increased slightly on a monthly basis from SAR 1.752 trillion ($467 billion) in May, to SAR 1.754 trillion ($467.5 billion).
The value of financial investments abroad grew by approximately 7 percent, compared to the same period of 2023, to reach SAR 1.01 trillion ($269 billion) after amounting to SAR 950.87 billion ($253 billion), increasing by 1 percent on a monthly basis.
In contrast, reserve position in the International Monetary Fund (IMF) decreased by 10.7 percent compared to June 2023, recording SAR 13.3 billion ($3.5 billion).
Saudi reserve assets include investments in foreign securities, foreign exchange, deposits abroad, reserves with the International Monetary Fund, special drawing rights, and monetary gold.

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BP Raises Dividend as $2.8 billion Quarterly Profit Beats Forecasts

Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
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BP Raises Dividend as $2.8 billion Quarterly Profit Beats Forecasts

Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights

BP (BP.L), increased its dividend and extended its share repurchasing program on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset by stronger oil prices and retail earnings.

The result, which topped analysts' estimates by 9%, is likely to ease pressure on CEO Murray Auchincloss after BP fell short of profit expectations in the previous two quarters.

The 53-year-old Canadian, who took office in January, has vowed to revamp BP's operations and focus on the most profitable ones, mostly in oil and gas, Reuters reported.

In a sign of change from his predecessor Bernard Looney's strategy to grow renewables and reduce fossil fuel output, BP said it had given a green light to the development of the Kaskida oilfield in the US Gulf of Mexico, a highly complex project in deep geological formations.

The field is expected to start production in 2029 and have a capacity of 80,000 barrels of oil per day (bpd).

The company also announced it would go ahead with the development of a low-carbon hydrogen project at its Castellon refinery in Spain.

BP shares closed 0.3% down, after being up most of the day, compared with a flat performance for the broader European energy index (.SXEP).

The stock has underperformed rivals this year amid investor concern over the British company's energy transition strategy and doubts that it will meet its 2025 earnings targets.

BP is working to exceed its target to reduce annual costs by $2 billion by the end of 2026, Auchincloss said in an analyst presentation posted online. Reuters reported in June that the company had imposed a hiring freeze and suspended investments in new offshore wind projects.

"We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025," Auchincloss said in a statement.