Business

People spend days on desperate journeys from neighbouring states to identify bodies as process stretches into third day.

JEDDAH: Saudi Arabia and the US on Sunday made a renewed push for truce talks between Sudan’s warring generals as deadly fighting raged into its eighth week. Envoys of Sudan’s regular army and paramilitary Rapid Support Forces or RSF have remained in Jeddah despite the earlier collapse of ceasefire talks, the Kingdom’s Foreign Ministry said. The foreign mediators called for “the parties to agree to and effectively implement a new ceasefire, with the aim of building to a permanent cessation of hostilities,” it said.

RIYADH: Saudi Arabia will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement, the Kingdom’s energy ministry said on Sunday. This voluntary reduction from the required production level was agreed upon at the OPEC+ meeting held on Sunday, the ministry added. The ministry also announced an additional voluntary oil output cut of 1 million bpd for July, which could be extended further.

The plane with an unresponsive pilot later crashed in Virginia. No survivors were found at the scene, officials say.

RIYADH: The UAE’s non-oil private sector growth outlook remained positive in May, even as the seasonally adjusted S&P Global Purchasing Managers’ Index fell to 55.5 compared to 56.6 in April.   The S&P Global report noted that improved operating conditions drove business confidence to its strongest levels since October 2021.   According to the index, PMI readings above 50 show non-oil private sector growth, while those below 50 signal contraction.  

RIYADH: Saudi Arabia and China are collaborating to ensure safe energy supplies in their markets by planning to establish petrochemical joint ventures. Saudi Minister of Energy Abdulaziz Al-Saud held a meeting with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss JVs that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy and fuel.  Both nations are working to increase collaboration in the energy sector’s supply chains.