Oil
Deal includes developing yacht and cruise ship tourism in Egypt
Production set initially at 3,000 barrels of crude oil per day
Budget gap prompts focus on economic diversification
Commits to supply up to 18 million barrels annually
China oil export shares have risen to approximately 45 to 50 percent
Office of Petroleum Reserves purchased oil at an average price of $77.31 per barrel
Kingdom’s economy shows growth, driven by a strong private sector
Settlement of oil sales in currencies of Russia-friendly countries on the rise
Law will come into effect on January 1, 2024
IMF warned of "fiscal and external sustainability risks" from "large" budget law expansion
Saudi Arabia's records A rating with a stable outlook
Due to its robust oil production
Fed's accommodative stance may boost prices through increased demand
Fed unlikely to implement rate cuts early 2024
Commitment to enhancing trade cooperation, continuity of joint efforts emphasized
Non-oil GDP grew by 5.9 percent in 2023
Russia to tighten oil restrictions in early December
OPEC+ has been reducing oil production by 5.16 million barrels per day
Saudi expected to extend supply cuts
The report comes ahead of the scheduled meeting of OPEC+ on Nov. 26
Prices of Brent and WTI crude futures both saw declines
Market focus shifted to supply-demand balance as Middle East concerns ease
Kingdom to continue voluntary reduction of 1 million barrels per day
