عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Aramco Hikes Official Selling Prices of Arab Crude

Oil markets are optimistic about rising Chinese demand. (Reuters)
Oil markets are optimistic about rising Chinese demand. (Reuters)
TT
TT

Saudi Aramco Hikes Official Selling Prices of Arab Crude

Oil markets are optimistic about rising Chinese demand. (Reuters)
Oil markets are optimistic about rising Chinese demand. (Reuters)

Saudi Aramco has increased Official Selling Prices (OSPs) for April-loading crude to Asia, Europe, and America largely in line with expectations of oil demand recovery during the second quarter of 2023.

For Aramco's key customer base in Asia, differentials for the flagship Arab Light grade were lifted to Platts Dubai/DME Oman +$2.50/b for loading next month.

Arab Light for April to the US was up +$6.65/b over ASCI (Argus Sour Crude Index).

This coincides with optimism in the oil markets about the increasing demand for oil from China, the biggest oil importer globally.

Brent and WTI notched their third biggest weekly percentage gains this year as strong Chinese economic data fed hopes for oil demand growth.

Brent crude futures traded at $85 a barrel. US West Texas Intermediate (WTI) crude futures settled at $80 a barrel. Both benchmarks posted their highest closing levels since Feb. 13.

The head of the International Energy Agency (IEA), Fatih Birol, told the French publication Liberation that "Russia has lost the energy battle."

Russia's position as a significant energy supplier has suffered a permanent setback following the West's abandonment of Moscow's oil and gas due to its war in Ukraine, according to the head of IEA.

He noted that Moscow's oil and gas exports have fallen by 40 percent since its military forces invaded Ukraine a year ago, adding that this is just the start of its problems.

Birol also emphasized that the departure of foreign experts from Russia would result in a decrease in oil and gas production without their technical support.

It would take years to build pipelines from Western Siberia to China, he added.

“Russia's role in international energy affairs will be much less important in the future,” Birol said.

Exports via a major pipeline, which delivers natural gas to mainland Europe from the UK through Belgium, have been shut due to an equipment failure, according to Bloomberg.

The late Saturday halt to the link’s export capacities is expected to last until March 8, operator Interconnector Ltd said in a notice on its website Sunday.

The pipeline has been an important source of supplies to the European Union after severe cuts in exports from Russia. Even so, flows from Britain already fell last week as a late-winter cold snap boosts the country’s domestic demand for the fuel.

Most Viewed

 
 
Business

Türkiye, Iraq to Sign 12-month Extension of Oil Pipeline Deal

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
TT
TT

Türkiye, Iraq to Sign 12-month Extension of Oil Pipeline Deal

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas

Türkiye and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Thursday. Their decades-old pipeline agreement, which governs exports through the pipeline, is due to expire on July 27.

"We have brought the agreement that will cover the next 12 months to the final stage. We aim to sign it in the coming days," Bayraktar, who was in Baghdad for an official visit, said in a statement, adding that oil flow from Iraq to Türkiye's port of Ceyhan on the eastern Mediterranean coast will continue.

The pipeline had remained offline for 2-1/2 years after an arbitration court ruled for Ankara to pay $1.5 billion in damages for unauthorized Iraqi exports Türkiye received between 2014 and 2018.

Flows resumed late last year. In an earlier post on X, Bayraktar said he had a fruitful meeting with Iraq Oil Minister Basim Mohammed, during which they discussed oil and gas cooperation. Iraqi Prime Minister Ali al-Zaidi also met with Bayraktar during his visit, according to his office.

Business

Egypt June Annual Core Inflation Rises to 14.3%

The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
TT
TT

Egypt June Annual Core Inflation Rises to 14.3%

The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh

Egypt's annual urban consumer inflation slowed slightly to 14.3% in June from 14.6% in May, statistics agency CAPMAS said on Thursday.

Annual core inflation, calculated by the Central Bank of Egypt, rose to 14.3% in June from 13.8% in May, Reuters reported.

The monthly decline compared with a drop of 0.1% in June 2025 and a rise of 1.6% in May 2026, according to CAPMAS.

Core inflation on a monthly basis rose 0.3% in June, compared with a fall of 0.2% in June 2025 and a rise of 1.6% in May 2026.

Business

Global Markets Are Mixed and Oil Prices Rise as Iran and US Launch New Attacks

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
TT
TT

Global Markets Are Mixed and Oil Prices Rise as Iran and US Launch New Attacks

Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 8, 2026. REUTERS/Stringer TPX IMAGES OF THE DAY

US markets are mixed early and oil prices are rising modestly as Iran and the US launch fresh attacks in the Middle East, threatening a fragile truce.

Futures for the S&P 500 rose 0.1% before the opening bell Thursday, while futures for the Dow Jones Industrial Average fell 0.1%. Nasdaq futures were up 0.5%.

The United States launched more airstrikes on Iran, and Iran responded by firing at Bahrain, Kuwait and Qatar, a day after President Donald Trump said a temporary ceasefire was “over.” The prospects for a lasting peace are up in the air with high-level talks to end the war still underway, according to a regional intelligence official involved in the mediation efforts who spoke on condition of anonymity.

Oil prices inched up againThursday, with Brent crude, the international standard, rising 64 cents to to $78.66 per barrel. It briefly topped $80 on Wednesday. Before the Iran war began, Brent oil was trading at around $72 a barrel. Earlier optimism over an interim peace deal recently brought it back to prewar levels.

Benchmark US crude rose 54 cents to $74.06 a barrel.

A steady decline in gasoline prices has reversed this week and the cost for a gallon jumped a nickel overnight, according to motor club AAA. Prices have risen for two days, wiping out a week of declines.

The average price for a gallon of regular gasoline was $3.85 Thursday, according to AAA. That's 69 cents more per gallon than at this time last year, The AP news reported.

In equities markets, PepsiCo shares ticked down 1% after the drink and snack giant reported stronger-than-expected second quarter revenue despite weaker demand in North America, where it said consumers tightened their budgets due to economic concerns.

Earnings season ramps up next week when many of the biggest US banks and airlines report their latest quarterly results.

Coming later Thursday are the government's weekly report on layoffs and June home sales data from the National Association of Realtors.

Elsewhere, at midday in Europe, Britain's FTSE 100 fell 0.7%, France's CAC 40 rose 0.3% and Germany's DAX traded 0.1% higher.

Tokyo’s Nikkei 225 reversed some of its losses from earlier in the week, gaining 1.4% to 67,743.85. Chip equipment maker Tokyo Electron jumped 5.5%, and artificial intelligence-focused investment holding firm SoftBank Group slipped 0.1%.

South Korea’s Kospi index zigzagged and ended 0.6% higher at 7,291.91 despite falling earlier in the day. Samsung Electronics was up 0.2% on Thursday, while memory chipmaker SK Hynix gained 5.3%.

The Shanghai Composite index traded 1.7% higher at 4,036.59, even as China’s producer price index rose 4.1% in June compared to a year earlier. That was higher than May’s 3.9%, as some economists attribute higher inflation to impacts from the Iran war.

Hong Kong’s Hang Seng shed 0.7% to 24,030.18. Shares of Apple supplier Luxshare fell 1.6% in its trading debut in Hong Kong. Chinese AI company Zhipu, or Z.ai, surged 11.3% after it said it's raising about $4 billion through a share sale.

Australia’s S&P/ASX 200 shed 0.3% to 8,762.50.

Taiwan’s Taiex fell 0.8%, and India’s Sensex climbed 0.6%.