🇸🇦 Saudi Arabia's Oil Export Revenues Hit Three-Year Low

Saudi Arabia's oil export revenues have plummeted to their lowest point in three years, a result of declining oil prices and the nation's strategic decision to curb production.

Revenue from crude oil and petroleum products dropped to $17.7 billion in June, according to data from the country's primary statistics agency. This marks a 9% decrease compared to the same period last year and a 12% reduction from May.

Oil income remains a cornerstone of Saudi Arabia's economy, playing a crucial role in supporting Crown Prince Mohammed bin Salman's ambitious plans to diversify the economy through massive investments in sectors ranging from electric vehicles to semiconductors and soccer.

As a consequence of the reduced oil revenues, the kingdom has been forced to either delay or scale back several of its most significant projects, including elements of the expansive new desert city, Neom.

#SaudiArabia #oil
@songofoil

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— For now, in Brazil, silence prevails. Brazil has been absent from all statements rejecting political persecution in Venezuela and has avoided criticizing Maduro at every opportunity. Lula's smile already shows his concern about the matter.

Minister Remigio Ceballos announced that up to 12,000 prisoners could be released in Venezuela due to the procedural delay.

https://cutt.ly/5G0I7

Nikol Pashinyan had a phone conversation with Russian President Vladimir Putin.

The President of Russia informed Pashinyan about his impressions from his visit to Azerbaijan last week, for which Pashinyan expressed his gratitude to President Putin.

The two agreed to meet in the near future to discuss issues on the bilateral agenda between Armenia and Russia.

Ararat Mirzoyan and Iran's newly appointed Foreign Minister Seyyed Abbas Araghchi discussed issues related to the bilateral agenda between Armenia and Iran.

The Armenian Foreign Minister noted that the Armenian side highly values Iran's firm stance on the inviolability of Armenia's sovereignty and territorial integrity.

🇪🇺 EU will not recognize Maduro as president until the vote acts are verified

The High Representative of the European Union for Foreign Affairs and Security Policy, Josep Borrell, announced this Friday that the EU will not recognize Nicolás Maduro as president of Venezuela until the electoral records are handed over and can be verified.

He added that the twenty-seven Member States are "currently" trying to establish a position on the matter and, if it is not established now, he announced that the position will be determined at the Council of Foreign Ministers next week.

🇺🇦🇮🇳 - Modi greeted by crowds from the Indians diaspora in Ukraine

🇨🇳 China-Africa summit nears as Beijing seeks to bolster relations with Africa

Chinese Vice Foreign Minister Chen Xiaodong said on Friday that now is "the right time" to deepen cooperation between China and Africa, ahead of an upcoming China-Africa summit in Beijing next month.

Chen told a press conference on Friday that China and Africa should use the meeting to sound a “strong voice” for the Global South in the reform of global governance.

“China and African countries are both important members of the Global South, and Africa is experiencing a new awakening by actively promoting the process of unity, self-improvement, and integration," he added.

Chinese President Xi Jinping will attend the opening of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) on September 5th and Xi will deliver a keynote speech in which he will announce a new package of aid to Africa.

As a key player in Africa, China is Africa’s largest trading partner and a significant source of investment.

#China

@africaintel