The world wants to move towards a greener future where there is less pollution and people lead a better quality of life and solar power is playing a leading role in making it a reality right now.

Solar power is new oil? World pushes for clean energy potential reasons

Several gulf energy giants are turning to humble tech start-ups searching for ways to remove emissions while keeping oil flowing.

Energy giants turn to humble tech startups to remove emission | WION Climate Tracker

A fall in oil prices has always been a major concern for Saudi Arabia. For long, Saudis have blamed US based short sellers, in other words, those who bet that oil prices will fall, for the volatility in oil prices. But a veteran analyst feels that saudi's biggest headache may be another oil producer - Russia.

Expert: Saudi oil faces threat from Russia

Oil prices experienced a 2% drop as concerns over the US debt ceiling standoff and rising jobless claims weighed on market sentiment. The stronger US Dollar further added pressure to crude prices, reaching its highest level in a week against major currencies. Brent crude fell to around $75 per barrel from $78 earlier in the week, sparking recession fears amidst global economic concerns and political tensions. While this may imply cheaper fuel prices, a stronger dollar can strain countries that import oil.

Recession fears ignite oil market turbulence

UAE COP28 president designates Sultan al-Jaber says that the oil and gas industry should phase out its methane emissions by 2030 and that investment in technology was needed to develop carbon alternatives. Hem Kaur Saroya brings you the report.

World not ready yet to 'switch off' fossil fuels: Jaber

A study published in the iScience journal Wednesday explored how different soaps repel mosquitoes, concluding that coconut could be the magic scent that keeps the pesky insects away.

The smell of Coconut may help keep Mosquitoes away: Study

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.&nbsp;

However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period.

As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84.

According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn.

From Slump to Spike

Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency&nbsp;that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover.

Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month.

Reuters reported&nbsp;that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies. However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period. As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84. According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn. From Slump to Spike Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover. Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month. Reuters reported that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Oil prices rally on strong US jobs report, easing recession fears

Oil prices rebounded at the end of the week gone by, but still experienced their third consecutive weekly decline. This was following concerns of the US banking crisis causing an economic slowdown and a decline in fuel demand.

Crude prices to remain elevated

Oil prices fell 4% on Wednesday, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates and as investors fretted about the economy. Brent futures settled $2.99 lower, or 4%, to $72.33 a barrel, the global benchmark's lowest close since December 2021.

Oil falls 4%, extending losses after Fed rate hike

As Russia faces sanctions, India is emerging as Europe’s largest supplier of refined fuel. Eric Njoka brings you the report.

India, Europe's largest supplier of refined fuels

Russia continues to enjoy strong oil trade with India and China despite the sanctions imposed by the West for its war in Ukraine. A Reuters report shows that both countries have bought a vast majority of Russian oil in April at prices above the western price cap of 60 dollars per barrel.

India, China buy Russian oil above West's cap

Five countries have expanded imports of Russian oil in the wake of the Ukraine invasion and refined it into products they are selling to countries that have sanctioned Russian oil, according to a report released today by the Centre for Research on Energy and Clean Air (CREA).

EU, G7 and Australia's indirect imports of Russian Oil

The West is adamant that sanctions on Russia are working. However, Russian Oil continues to make its way to reach Europe indirectly. The sanctions were imposed against Russia in response to the war of aggression against Ukraine. The importers of Russian oil and the global oil market bore the brunt of these sanctions. Nations around the world looked for an alternative. India played a key role in filling the void in the global oil market.

How fuels from Russian oil are getting backdoor entry into Europe via India

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion.&nbsp;

This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.

The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand.

Also Read | <a href="https://www.wionews.com/india-news/1993-mumbai-blasts-30-years-on-a-scar-on-indian-city-that-still-cuts-deep-570949">1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep</a>

Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.&nbsp;Aramco President &amp; CEO Amin H. Nasser said&nbsp;the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added.&nbsp;

Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund.&nbsp;Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products.

In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023.

Also Read | <a href="https://www.wionews.com/videos/indian-prime-minister-narendra-modi-to-visit-us-in-june-engagement-with-india-to-counter-china-571114">Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China</a>

Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. 
 
(With inputs from agencies) 
 
&nbsp;

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The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand. Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine. Aramco President & CEO Amin H. Nasser said the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world." “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added. Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund. Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products. In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023. Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi oil giant Aramco's annual profit soars to record high in 2022

Indian High Commissioner to Guyana Dr K J Srinivasa has said that technical teams of both India and Guyana will sit down to discuss the oil trade.

Speaking to WION’s diplomatic correspondent Sidhant Sibal, the high commissioner said, "So the govt of India has been talking with the govt of Guyana, we are to work on govt-to-govt biases. We have decided technical teams from both countries will sit down and discuss ways of collaboration."

India took two loads last year, one was a consortium of HPCL, later by an Indian Oil Corporation.

He also spoke about India's ‘Vaccine Maitri’ initiative that "really helped" New Delhi and "its India's image, that we will help others no matter what".

India under the Vaccine Maitri exported Covid vaccines to almost 100 countries including Guyana. He also spoke on the diaspora connection, the visit of the President of Guyana's India visit, Guyana's economy among other things. Here are some key excerpts.&nbsp;

<h2>Views on Indian diaspora</h2>

"Guyana has 39% diaspora of Indian origin and the connect has been for last 183 years,” he said.

"Indo-Guyanese have retained Indian roots, even though it has been 183 years. They celebrate all the Indian festivals. The cuisines, the religion, the traditions. If you go to a mandir in Guyana, it seems you have entered a time capsule because of the bhajans from eastern UP, Western Bihar. Traditions have remained, old Bhojpuri songs."

<h2>Guyana President Irfaan Ali's India connect</h2>

"Guru Gobind Singh Indraprastha university under ITEC scholarship of Indian govt. This is his fourth visit to India, one as a student, one as a MP and a minister. This is the first time he has come as a head of state"

<h2>India-Guyana cultural connect</h2>

"Holi is called&nbsp;Phagwa&nbsp;in Guyana, they sign&nbsp;chautals&nbsp;which are basically songs for Lord Krishna and Rama. They are sung in the same tone and depth as they are sung in eastern UP and Bihar. They celebrate all the important festivals, be it Holi, Shivratri, Diwali, Dussehra, or everything. On Diwali, they have a Diwali motorcade parade in which Diwali themes are played by the actors and lit up brilliantly. They do traditional Kartik arti."

"We get Guyanese youth and elderly people for an extensive journey for 3 weeks. We call it the Know India program. Under the know India program, every 2 months we get Guyanese youth and familiarize them with India. The elderly are taken on a pilgrimage called as&nbsp;Prabhas Tirth Dham Yojana."

"Whenever I talk to Indo-Guyanese, they talk eloquently about the links they have with India.I remember I went to a remote village a few months into covid, we were to help them with gift hampers, and giving them food. An old gentleman came, and when he knew who I was, he held my hand and became emotional. This was because I was the first Bharatiya, Indian he had seen in many decades. That is the emotion they have, this cultural connection will remain."

<h2>Guyana &amp; Organisation of Islamic Cooperation</h2>

"Guyana has been a long-standing partner for India through thick and thin. In fact, even though Guyana is a member of OIC, it has never associated itself with those resolutions."

<h2>Energy exports to India</h2>

Guyana started pumping out crude oil only in December 2020, and they are expected to pump 1.7 million barrels by 2035. At the same time, it will become the world's richest country per capita. They call it the “Dubai of the Caribbean".

"India took two loads last year, one was a consortium of HPCL, later by the Indian Oil Corporation. This oil&nbsp;is the lifeline of countries. So, the government of India has been talking with the government of Guyana, we are to work on govt-to-govt biases. We have decided technical teams from both countries will sit down and discuss ways of collaboration. Gas is one more sector, India can collaborate."&nbsp;

"We have signed a contract between Engineers India Limited and the government of Guyana for a project management contract, for an 800-million-dollar gas-to-energy project. It is interesting to know, implementing company for the project is an American company but it will be supervised by an Indian company."

<h2>India's vaccine diplomacy—'Vaccine Maitri’</h2>

"When I went to the hospital...everyone was waiting in the room when they realised who I was, that I was the Indian high commissioner. They thanked India, our country. They said, India is our saviour."

"Vaccine diplomacy really helped India. I tell you, today, if India has a good standing, it was reinforced. Today if I go to any govt, trust me nobody says no. It's India's image that we will help others no matter what. PM Modi, the Indian government has shown. Indian people have shown they are generous.”

India's support to Guyana

"India doesn't work on the relationship which is quid pro quo. We maintain our traditional relationship, our partnership across the world with a view of south-south cooperation. Guyana has been a beneficiary of this aid, a partnership with India. Be it the ITEC scholarship of which 650 Guyana nationals have taken advantage, his excellency is one of them.”

“The cricket stadium in Guyana was built by India for the world cup. We have given them pumps to deal with floods. Traffic lights in George town were installed by India. We have given them the Centre of excellence in IT. Currently infrastructure projects worth about $105 million, one is the ferry. We have roads, and hospitals that are being constructed"

<h2>Guyana's economy</h2>

"Guyana is wanting to be the breadbasket of the Caribbean.&nbsp;It has rich soil, abundant water, and good connectivity in the region. It has FTAs with all the Caribbean countries and Latin American countries...Guyana is offering a lot of land on the lease; they are looking for investors. Guyana can be one of the countries for our people. It is ready to give concessions in terms of tax concessions"

"Last year Guyana grew by 50 per cent. Crude oil will bring a lot of opportunities,” he added.

Indian High Commissioner to Guyana Dr K J Srinivasa has said that technical teams of both India and Guyana will sit down to discuss the oil trade. Speaking to WION’s diplomatic correspondent Sidhant Sibal, the high commissioner said, "So the govt of India has been talking with the govt of Guyana, we are to work on govt-to-govt biases.

Indian High Commissioner to Guyana Dr K J Srinivasa has said that technical teams of both India and Guyana will sit down to discuss the oil trade. Speaking to WION’s diplomatic correspondent Sidhant Sibal, the high commissioner said, "So the govt of India has been talking with the govt of Guyana, we are to work on govt-to-govt biases. We have decided technical teams from both countries will sit down and discuss ways of collaboration." India took two loads last year, one was a consortium of HPCL, later by an Indian Oil Corporation. He also spoke about India's ‘Vaccine Maitri’ initiative that "really helped" New Delhi and "its India's image, that we will help others no matter what". India under the Vaccine Maitri exported Covid vaccines to almost 100 countries including Guyana. He also spoke on the diaspora connection, the visit of the President of Guyana's India visit, Guyana's economy among other things. Here are some key excerpts. Views on Indian diaspora "Guyana has 39% diaspora of Indian origin and the connect has been for last 183 years,” he said. "Indo-Guyanese have retained Indian roots, even though it has been 183 years. They celebrate all the Indian festivals. The cuisines, the religion, the traditions. If you go to a mandir in Guyana, it seems you have entered a time capsule because of the bhajans from eastern UP, Western Bihar. Traditions have remained, old Bhojpuri songs." Guyana President Irfaan Ali's India connect "Guru Gobind Singh Indraprastha university under ITEC scholarship of Indian govt. This is his fourth visit to India, one as a student, one as a MP and a minister. This is the first time he has come as a head of state" India-Guyana cultural connect "Holi is called Phagwa in Guyana, they sign chautals which are basically songs for Lord Krishna and Rama. They are sung in the same tone and depth as they are sung in eastern UP and Bihar. They celebrate all the important festivals, be it Holi, Shivratri, Diwali, Dussehra, or everything. On Diwali, they have a Diwali motorcade parade in which Diwali themes are played by the actors and lit up brilliantly. They do traditional Kartik arti." "We get Guyanese youth and elderly people for an extensive journey for 3 weeks. We call it the Know India program. Under the know India program, every 2 months we get Guyanese youth and familiarize them with India. The elderly are taken on a pilgrimage called as Prabhas Tirth Dham Yojana." "Whenever I talk to Indo-Guyanese, they talk eloquently about the links they have with India.I remember I went to a remote village a few months into covid, we were to help them with gift hampers, and giving them food. An old gentleman came, and when he knew who I was, he held my hand and became emotional. This was because I was the first Bharatiya, Indian he had seen in many decades. That is the emotion they have, this cultural connection will remain." Guyana & Organisation of Islamic Cooperation "Guyana has been a long-standing partner for India through thick and thin. In fact, even though Guyana is a member of OIC, it has never associated itself with those resolutions." Energy exports to India Guyana started pumping out crude oil only in December 2020, and they are expected to pump 1.7 million barrels by 2035. At the same time, it will become the world's richest country per capita. They call it the “Dubai of the Caribbean". "India took two loads last year, one was a consortium of HPCL, later by the Indian Oil Corporation. This oil is the lifeline of countries. So, the government of India has been talking with the government of Guyana, we are to work on govt-to-govt biases. We have decided technical teams from both countries will sit down and discuss ways of collaboration. Gas is one more sector, India can collaborate." "We have signed a contract between Engineers India Limited and the government of Guyana for a project management contract, for an 800-million-dollar gas-to-energy project. It is interesting to know, implementing company for the project is an American company but it will be supervised by an Indian company." India's vaccine diplomacy—'Vaccine Maitri’ "When I went to the hospital...everyone was waiting in the room when they realised who I was, that I was the Indian high commissioner. They thanked India, our country. They said, India is our saviour." "Vaccine diplomacy really helped India. I tell you, today, if India has a good standing, it was reinforced. Today if I go to any govt, trust me nobody says no. It's India's image that we will help others no matter what. PM Modi, the Indian government has shown. Indian people have shown they are generous.” India's support to Guyana "India doesn't work on the relationship which is quid pro quo. We maintain our traditional relationship, our partnership across the world with a view of south-south cooperation. Guyana has been a beneficiary of this aid, a partnership with India. Be it the ITEC scholarship of which 650 Guyana nationals have taken advantage, his excellency is one of them.” “The cricket stadium in Guyana was built by India for the world cup. We have given them pumps to deal with floods. Traffic lights in George town were installed by India. We have given them the Centre of excellence in IT. Currently infrastructure projects worth about $105 million, one is the ferry. We have roads, and hospitals that are being constructed" Guyana's economy "Guyana is wanting to be the breadbasket of the Caribbean. It has rich soil, abundant water, and good connectivity in the region. It has FTAs with all the Caribbean countries and Latin American countries...Guyana is offering a lot of land on the lease; they are looking for investors. Guyana can be one of the countries for our people. It is ready to give concessions in terms of tax concessions" "Last year Guyana grew by 50 per cent. Crude oil will bring a lot of opportunities,” he added.

India, Guyana technical teams to discuss oil trade, says Indian envoy K J Srinivasa 

ExxonMobil which is one of the world's biggest oil companies predicted climate change could cause global temperatures to rise. It also made some interesting public statements that predictions were not accurate and there is nothing to worry about them.

WION Climate Trcaker: ExxonMobil sowed doubt about climate change?

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

Pakistan's Prime Minister Shehbaz Sharif has admitted that inflation has reached a new peak in the country. Earlier, government has announced closure of markets, malls and wedding halls with a view to conserving energy. Watch further to know more.

WION Dispatch: Pakistan hit hard by inflation

Russia is sending more crude oil produced in the Arctic region to India & China at steeper discounts. This after Europe slammed its doors shut on Russian supplies last month. Watch this video for all the details.

Why is Russia sending more Arctic oil to India & China?

The country also does not have enough oil to run the country's railway for more than 2 days. Molly Gambhir tells you.

Gravitas: Pakistan runs out of cooking gas, oil to run its trains

President Vladimir Putin has delivered Russia’s long-awaited response to a western price cap, signing a decree that bans the supply of crude oil and oil products to nations that impose the cap. The ban will come into effect on 1 February and last for five months.

WION Fineprint: Putin bans Russian oil exports to countries that imposed price cap

Russia bans oil exports to countries that imposed price cap

The US Energy Department said that it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

World Business Watch: US begins buying back oil for strategic petroleum reserve

US President Joe Biden, during his Saudi Arabia visit months ago, did not hold back in expressing his confidence that Saudi Arabia would act to increase the oil supply in the upcoming weeks. However, the little rise in oil output was only embarrassing since it was far insufficient to meet US demand. But it wasn't everything. After Biden's visit to the Kingdom, the OPEC+ group's decision to reduce crude oil output by two million barrels per day in October gave a massive setback to the US and Saudi Arabian ties.&nbsp;

The world was closely watching the Biden-MBS meet, especially after Biden had declared Saudi Arabia a pariah post Khashoggi's killing in 2018 and the meeting was anticipated to reset the ties between the two nations. MBS, as per Biden, denied involvement in the murder during their meeting in Riyadh. "He basically said that he was not personally responsible for it," Biden said over the crown prince's response during their meeting. "I indicated that I thought he was."

In the latest, however,&nbsp;after the Biden administration stated that Saudi Arabia's Crown Prince Mohammed bin Salman should be granted head-of-state protection, a federal court in the nation's capital decided to dismiss a civil action against him for the murder of author Jamal Khashoggi. Biden visited Israel and the West Bank on his tour to the Middle East, which started on 13 July and finished on 16 July. Following the Russian invasion of Ukraine and the severe energy crisis it caused for European nations, Biden paid a visit with some hope. He saw that he needed to change the US strategy of leaving the Middle East and try to rebalance his relationships with regional leaders. But how effective was the visit in the end? Not so much.&nbsp;

The stark contrast: Xi’s red-carpet welcome&nbsp;

The visit to Saudi Arabia by Chinese president Xi Jinping will be very different from that of President Joe Biden. It appears that the Gulf Arab nations have intensified their independent-minded approach. They have recently started veering away from US foreign policy, after decades. For China, the Gulf has disregarded several US cautions regarding expanding alliances with Beijing and Chinese businesses, citing human rights abuses of Uyghur minorities in the Xinjiang region.

To the dismay of the US, the military relationship of Saudi Arabia with China is also changing. When the US threatened to supply UAE with F-35 combat fighters over Saudi Arabia's 5G arrangement with Chinese tech giant Huawei, Abu Dhabi stood by the contract.

The pomp and circumstance surrounding Xi's travel to Saudi Arabia is sending an implicit message to the US. Abdulkhaleq Abdulla, a United Arab Emirates expert and visiting senior fellow at Harvard University, told CNN that this is a new Saudi Arabia, a new Gulf and a new reality. “The new reality is that China is rising and Asia is rising and whether the US likes it or not, we have to deal with China," he added.&nbsp;

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US President Joe Biden, during his Saudi Arabia visit months ago, did not hold back in expressing his confidence that Saudi Arabia would act to increase the oil supply in the upcoming weeks.

US President Joe Biden, during his Saudi Arabia visit months ago, did not hold back in expressing his confidence that Saudi Arabia would act to increase the oil supply in the upcoming weeks. However, the little rise in oil output was only embarrassing since it was far insufficient to meet US demand. But it wasn't everything. After Biden's visit to the Kingdom, the OPEC+ group's decision to reduce crude oil output by two million barrels per day in October gave a massive setback to the US and Saudi Arabian ties. The world was closely watching the Biden-MBS meet, especially after Biden had declared Saudi Arabia a pariah post Khashoggi's killing in 2018 and the meeting was anticipated to reset the ties between the two nations. MBS, as per Biden, denied involvement in the murder during their meeting in Riyadh. "He basically said that he was not personally responsible for it," Biden said over the crown prince's response during their meeting. "I indicated that I thought he was." In the latest, however, after the Biden administration stated that Saudi Arabia's Crown Prince Mohammed bin Salman should be granted head-of-state protection, a federal court in the nation's capital decided to dismiss a civil action against him for the murder of author Jamal Khashoggi. Biden visited Israel and the West Bank on his tour to the Middle East, which started on 13 July and finished on 16 July. Following the Russian invasion of Ukraine and the severe energy crisis it caused for European nations, Biden paid a visit with some hope. He saw that he needed to change the US strategy of leaving the Middle East and try to rebalance his relationships with regional leaders. But how effective was the visit in the end? Not so much. The stark contrast: Xi’s red-carpet welcome The visit to Saudi Arabia by Chinese president Xi Jinping will be very different from that of President Joe Biden. It appears that the Gulf Arab nations have intensified their independent-minded approach. They have recently started veering away from US foreign policy, after decades. For China, the Gulf has disregarded several US cautions regarding expanding alliances with Beijing and Chinese businesses, citing human rights abuses of Uyghur minorities in the Xinjiang region. To the dismay of the US, the military relationship of Saudi Arabia with China is also changing. When the US threatened to supply UAE with F-35 combat fighters over Saudi Arabia's 5G arrangement with Chinese tech giant Huawei, Abu Dhabi stood by the contract. The pomp and circumstance surrounding Xi's travel to Saudi Arabia is sending an implicit message to the US. Abdulkhaleq Abdulla, a United Arab Emirates expert and visiting senior fellow at Harvard University, told CNN that this is a new Saudi Arabia, a new Gulf and a new reality. “The new reality is that China is rising and Asia is rising and whether the US likes it or not, we have to deal with China," he added. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

A New Gulf? Biden's fistbump 'disaster' vs. Saudi Arabia's grandiose welcome for Xi

Indian External Affairs Minister Jaishankar met his German counterpart as they both sign a mobility pact. India has also cleared its stand on buying Russian oil.

Germany, India sign mobility pact; India clears its stand on buying Russian oil

The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin. While the EU has already imposed multiple sanctions on Russia, they have not stopped the imports completely.

Also read |&nbsp;<a href="https://www.wionews.com/world/who-pleased-to-see-china-ease-zero-covid-restrictions-amid-massive-protests-539548">WHO 'pleased' to see China ease zero-Covid restrictions amid massive protests</a>

According to the agreement, the price cap will be reviewed to maintain it in accordance with the market fluctuations and special attention will be paid to ensure that it is “at least 5% below the average market price. While nearly all the members agreed on the oil price cap, Poland remained skeptical of the terms, but the government finally gave its nod keeping the adjustments in mind.

Earlier, Russia said that the price cap will hurt its economy and it will result in higher inflation. While countries like China and India continue to deal with Russia when it comes to oil and natural gas, the loss of the European market has come as a major blow to the struggling Russian economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-rejects-joe-bidens-terms-for-ukraine-talks-says-offensive-will-continue-539410">Russia rejects Biden's terms for Ukraine talks, says offensive will continue</a>

The main objective behind the oil price cap is to cut finance to the Russian government who are currently involved in the invasion of Ukraine. Russia has already cut its supply to most European nations and the prevalent energy crisis is predicted to get worse with the price cap.

The EU also said that it will need the cooperation of all G7 nations to put pressure on Russia, but it remains to be seen how China and India will react to the price cap.

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The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin.

The European Union member states have agreed to put a price cap of $60 a barrel on Russian oil, AFP reported on Friday. The countries decided to follow the lead of the G7 economies who imposed a limit on Russian oil in a bid to hamper the revenues earned by the Kremlin. While the EU has already imposed multiple sanctions on Russia, they have not stopped the imports completely. Also read | WHO 'pleased' to see China ease zero-Covid restrictions amid massive protests According to the agreement, the price cap will be reviewed to maintain it in accordance with the market fluctuations and special attention will be paid to ensure that it is “at least 5% below the average market price. While nearly all the members agreed on the oil price cap, Poland remained skeptical of the terms, but the government finally gave its nod keeping the adjustments in mind. Earlier, Russia said that the price cap will hurt its economy and it will result in higher inflation. While countries like China and India continue to deal with Russia when it comes to oil and natural gas, the loss of the European market has come as a major blow to the struggling Russian economy. Also read | Russia rejects Biden's terms for Ukraine talks, says offensive will continue The main objective behind the oil price cap is to cut finance to the Russian government who are currently involved in the invasion of Ukraine. Russia has already cut its supply to most European nations and the prevalent energy crisis is predicted to get worse with the price cap. The EU also said that it will need the cooperation of all G7 nations to put pressure on Russia, but it remains to be seen how China and India will react to the price cap.

European Union tentatively agrees on $60-per-barrel price cap on Russian oil

Norway will not grant licences for new exploration in untapped areas from 2025 under a political deal announced on Tuesday. The agreement does not rule out the awarding of licences in areas in so-called "mature" zones.

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Oil supply concerns ease as oil prices dip to near 2-month lows. Rising interest rates weigh on crude prices. Watch this report.

World Business Watch: Oil prices dip to near two-month lows

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the&nbsp;G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.&nbsp;

In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will&nbsp;still work and bring down global oil prices.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/our-purchases-for-the-month-would-be-less-than-what-europe-does-in-an-afternoon-jaishankar-on-russian-oil-470374">Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil</a>

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services."

The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine."

Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services."

ALSO READ |&nbsp;<a href="https://www.wionews.com/india/buying-russian-gas-is-not-funding-the-war-says-jaishankar-484836">Buying Russian gas is not funding the war, says Jaishankar</a>

During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked&nbsp;at the event.&nbsp;

She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties.

WATCH |&nbsp;&nbsp;<a href="https://www.wionews.com/videos/us-treasury-secretary-janet-yellen-meets-indias-finance-minister-nirmala-sitharaman-533263">US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman</a>

India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier,&nbsp;explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation.&nbsp;

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The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap.

The US Treasury Secretary Janet Yellen stated on Friday that India can continue to buy as much Russian oil as it wants, including at rates above the G7-imposed price cap as long as it avoids Western insurance, finance, and maritime services bound by the cap. In an interview with Reuters on the sidelines of the US–India business and investment opportunities event in New Delhi, Yellen said despite India's oil purchases from Russia the G7 price cap, which is intended to cut Russia's revenue will still work and bring down global oil prices. ALSO READ | Our purchases for the month would be less than what Europe does in an afternoon: Jaishankar on Russian oil "Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services." The Treasury Secretary also highlighted that Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine." Over purchase of Russian oil by India and private Indian oil companies, Yellen said they "can also purchase oil at any price they want as long as they don't use these Western services and they find other services." ALSO READ | Buying Russian gas is not funding the war, says Jaishankar During the event, she termed India as one of the trusted trading partners of US. "In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations," she remarked at the event. She said that the recent disruptions caused by the pandemic and Russia’s war on Ukraine are reasons to further deepen India-US economic ties. WATCH | US' Treasury Secretary Janet Yellen meets India's Finance Minister Nirmala Sitharaman India's External Affairs Minister S Jaishankar, has on various national and international platforms earlier, explained India's oil purchases from Russia where he made clear that India will do what is the best for the nation. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India can buy as much Russian oil as it wants, outside price cap, says US

Ahead of her first visit to India, US Treasury Secretary Janet Yellen said that India will benefit from the proposed price cap on Russian oil. Molly Gambhir tells you more.

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