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Survey shows US oil and gas production slowing amidst high demand

RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown. The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts. 

Saudi Arabian Teenagers Eliminated from Asia and World Cups

Saudi Arabia crashed out of the Asian Football Confederation’s U-17 Asia Cup on Monday with a 2-0 quarterfinal loss to Uzbekistan that also ended their chances of appearing at the FIFA U-17 World Cup later this year.

“Karolina Muchova to Challenge Iga Swiatek in French Open Women’s Final as Unseeded Player”

PARIS: As it is, Karolina Muchova was the unseeded, unexpected participant in the French Open semifinals. And then, dealing with cramping legs nearly three hours into the match, she was just one point from losing to No. 2 Aryna Sabalenka, who entered Thursday with a 12-0 Grand Slam record in 2023, including an Australian Open title.

Bundesliga Title on the Line: Dortmund vs Bayern on Final Day

BERLIN: The closest Bundesliga title race for years ends on the final day of the season on Saturday when Borussia Dortmund or Bayern Munich will be crowned champion. Dortmund lead by two points and need to beat Mainz at home to be sure of ending Bayern’s 10-year reign, while Bayern will be hoping for a Dortmund slip-up as they visit Cologne at the same time. Bayern’s goal difference is better than Dortmund’s so a draw won’t be enough for Dortmund if Bayern beat Cologne.

“Oman’s Inflation Rate Drops to 1.1% in April, Lowest Since March 2021”

RIYADH: Decelerating food prices drove Oman’s inflation levels to a 10-month low of 1.1 percent in April, according to the country’s National Center of Statistics and Information.  The 19-month low of food inflation — which stood at 2.7 percent in April as opposed to 4.1 percent in March — was mainly attributed to lower vegetable prices.  The statistics authority stated change in food costs came following a 1.6 percent annual hike recorded in March. 

US Debt Ceiling Hopes Boost Global Stocks to Monthly Highs

LONDON/SINGAPORE: Global shares hit a one-month high on Friday as markets reflected increased hopes of a US debt ceiling deal that could avoid a potentially calamitous default, according to Reuters. Europe’s STOXX 600 was up 0.7 percent, while e-mini futures for the S&P 500 rose 0.2 percent, following a 0.9 percent gain for the benchmark Wall Street index overnight. MSCI’s broadest index of global shares was up 0.2 percent, hitting its strongest level since mid-April and on course for its biggest weekly gain since late March.

Dubai’s April Inflation Drops to 3.27%, Lowest in 13 Months

RIYADH: Dubai’s inflation slowed to its lowest level in 13 months in April to reach 3.27 percent, pulled back by decelerating transportation and food prices, the latest data from the emirate’s statistics authority showed.      This comes as Dubai’s Consumer Price Index dropped to its lowest level since February 2022, when inflation reached 2.65 percent.    The slowdown of price levels aligns with inflation trends across the Gulf Cooperation Council region, as well as that of the world.  

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