Energy giant Saudi Aramco reported a 15 percent drop in third quarter profit due to low oil prices, with net income falling to $27.56 billion from $32.58 billion in 2023. The firm cited lower crude oil prices and weakening refining margins as the main reasons for the decline, despite producing nine million barrels per day, below its capacity of 12 million bpd. Aramco’s profits help fund Saudi Crown Prince Mohammed bin Salman’s Vision 2030 reform agenda, which aims to diversify the economy away from oil dependence.
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US approves sale of $7.4 bn in bombs, missiles to Israel
The United States approved the sale of over $7.4 billion in bombs, missiles, and related equipment to Israel, aiming to enhance their defense capabilities. The State Department signed off on the sale of $6.75 billion in bombs and $660 million in Hellfire missiles, to strengthen Israel's ability to deter regional threats and defend its borders. The transactions still require approval from Congress, but are expected to move forward to support Israel, America's closest ally in...
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