Tag: Saudi Arabia

Crude oil prices have surged to above $90 per barrel due to Saudi Arabia's production cuts. However, the high prices are expected to be temporary as other producers, such as Russia and Iran, are likely to increase their output. Prices are expected to fall back to $75 per barrel by next year.

India and Saudi Arabia have begun discussions on settling their trade in local currencies. This would help to reduce the volatility of exchange rates and make it easier for businesses to trade with each other. The two countries have also agreed to expedite the negotiations on the India-Gulf Cooperation Council Free Trade Agreement and strengthen co-operation in the fintech space.

An Israeli delegation visited Saudi Arabia for the first time in public to attend a UN heritage conference. The visit comes as Washington is pushing to broker normalization of relations between the two countries.