A major oil production cut announcement by OPEC+ countries pushed the global oil prices up by 6% in morning trade. Riyadh along with other major oil producers have announced to cut oil production by 500,000 barrels per day. The voluntary cuts announced by OPEC+ countries will come into effect from May but the markets reacted sharply to the news on Monday. The west Texas intermediate contract jumped 5.7% to 80 dollars a barrel and Brent jumped 5.67% to 84.4 dollars.The cuts announced by OPEC+ will remain in effect till the end of the year. Earlier, OPEC+ had slashed the oil production by two million barrels per day in October. This is the single biggest oil production cut since then.
3 Apr 2023Mukaab which means cube in Arabic is 400 meters in height, 400 meters in width, and 400 meters in length, and will be the largest inner city buildin
1 min read21 Feb 2023India's Haj quota restored to its pre-COVID level after India signed the Haj 2023 bilateral agreement with Saudi Arabia last month
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1 min read28 Jan 2023Saudi Arabia on Monday removed age restrictions for pilgrims. Minister of Hajj and Umrah Tawfiq Al-Rabiah also said that the number of people participating in this year's Hajj will return to pre-pandemic levels.
1 min read10 Jan 2023Activists allege that the Saudi administration infiltrated Wikipedia and arrested the two officials (in 2020) in a bid to control the contents of the site. They also recruited the organization's highest-ranked administrators to serve as government agents.
1 min read6 Jan 2023State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February
1 min read6 Jan 2023TTP is allied with the Taliban, who seized power in neighbouring Afghanistan in August last year. The radical Islamic outfit has stepped up attacks since it announced the end of an Afghan Taliban-brokered ceasefire with the government in November
2 min read27 Dec 2022The Indians wouldn’t have to submit a police clearance certificate to obtain a visa for travelling to Saudi Arabia
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30 Aug 2022The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared