Two New Oil, Gas Fields Discovered in Northern Saudi Arabia

FILE PHOTO: A view shows oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
FILE PHOTO: A view shows oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
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Two New Oil, Gas Fields Discovered in Northern Saudi Arabia

FILE PHOTO: A view shows oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
FILE PHOTO: A view shows oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

Saudi Arabia announced on Sunday the discovery of two important oil and gas fields, north of the country, in a move that would increase the flow of oil and gas and raise the country’s capabilities in forming a large stock of energy.

A gas field called Hadabat Al-Hajarah was discovered in al-Jawf region and an oil and gas field called Abraq al-Toloul was found in the Northern Borders region, Saudi Energy Minister Prince Abdulaziz bin Salman announced in a statement.

The minister said the new Abraq al-Toloul oil field, which lies to the south east of the northern city of Arar, flows with a daily rate of 3,189 barrels per day (bpd) of Arab light crude oil, along with 3.5 million cubic feet of natural gas.

Hadabat al Hajara gas field in al-Jawf region has a daily production rate of 16 million cubic feet of natural gas, along with 1944 bpd of oil condensate, according to the minister.

He noted that Aramco would carry on with its efforts to estimate the total amount of oil and gas in the two fields and was drilling more wells to determine their areas and capacities.



Russian Rouble Dips to 100 to Dollar as Trump Declares Election Win

The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
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Russian Rouble Dips to 100 to Dollar as Trump Declares Election Win

The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)

The Russian rouble briefly weakened to 100 against the dollar on Wednesday as Donald Trump claimed victory in the US presidential election, a result that could push the U.S. currency higher.
Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House.
By 0737 GMT, the rouble was 0.2% weaker against the dollar at 98.00, earlier touching 100.25, close to its weakest point in over a year, Reuters reported.
The rouble was steady against the yuan at 13.73, according to LSEG data, and gained 1.2% to 105.6 against the euro.
Analysts generally assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris' center-left policies.
Trump's proposals would also tend to push up the dollar and potentially limit how far US interest rates might ultimately be lowered. Trump has also criticized the level of US military support for Ukraine and has pledged to end the conflict soon.
Western sanctions imposed on the Moscow Exchange (MOEX) and its clearing agent, the National Clearing Center, on June 12 stopped all trade in dollars and euros at MOEX, making the yuan the most-traded foreign currency in Russia.
Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data.
One-day rouble-dollar futures, which trade on the Moscow exchange are a guide for OTC market rates. The central bank's official exchange rate, which it calculates using OTC data, was last set at 98.06 to the dollar.