News in Brief
Saudi Arabia’s Ma’aden profit sinks 91%
AFP – Saudi Arabian Mining Company, known as Ma’aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products.
Ma’aden posted net profit of 350.9 million riyals ($93.53 million) in the second quarter, down 91.3% from just over 4 billion riyals a year prior, the firm said in a stock exchange filing.
That missed analysts’ average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data.
‘BRICS bank’ looks to local currencies
REUTERS – The New Development Bank (NDB) set up by the BRICS countries needs to increase its local currency fundraising and lending, South Africa’s finance minister said.
South Africa will host leaders of the other BRICS nations - Brazil, Russia, India and China - as the bloc aims to widen its influence at a Johannesburg summit later this month.
Oil exports surpass ...
Page 1
He said that Iran’s production of crude oil will surpass 3.3 million bpd by the end of this month.
The comments by Iranian officials are the latest sign that Iran is pumping increased amounts of oil to the international markets despite continued pressure of US sanctions.
Prior to the re-imposition of US sanctions in 2018 after Washington’s withdrawal from the 2015 nuclear agreement, Iranian oil exports were about 2.8 million barrels per day.
Reports earlier this year had indicated that Iran’s nominal oil production capacity had been restored to levels above 3.8 million bpd for the first time since 2018.
However, reaching an actual output of 3.5 million bpd shows Iran is effectively nearing export levels seen before the sanctions.