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Saudi Arabia’s oil exports in September plummeted to the lowest since March

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Saudi Arabia annual oil exports

The proceeds of Saudi Arabia’s oil exports in September fell to their lowest level since March 2022 and fell to 100.192 billion riyals ($26.7 billion). This was reported by Interfax, citing the country’s statistical office.

“In the month before last, the kingdom exported oil for a total of 100.192 billion riyals ($26.7 billion), or about $900 million a day,” the material said.

In this case, the volume of proceeds from the kingdom’s oil exports reached a peak in June this year. At that time, the country managed to earn a record $31.4 billion from the export of raw materials. The main reason for the decline of the index for the first month of the fall was the decrease in market prices for energy resources – over the past three months; the price of futures for crude oil North Sea brand Brent fell by almost 15%, the article adds. Recall that Saudi Arabia’s annual oil exports are one of the main sources of replenishment of the country’s budget.

On November 24, the head of the Ministry of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, announced the intention of the country’s authorities to invest at least $769 billion in energy projects. It is planned to implement them until 2030. In this case, for the successful completion of three-quarters of the projects in the next 10 years, the country will need investments of $69 billion.

Earlier we reported that the U.S. economy will avoid a recession next year.

Economy

Tell us about Octopus Moving

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Octopus Moving

Octopus Moving is a company that provides removal of property. It was founded in 2005 in New York, USA. The website is https://myoctopusmoving.com. It also has an office in Boston. 

Octopus Moving’s main services are:

  • Moving: assistance with both intra-city and international moves;
  • Storage: the ability to store in their warehouses;
  • Everything you need for things to be safely transported to a new place;
  • Arrangement of furniture at the new location.

A special feature of Myoctopusmoving is that they use only eco-friendly materials for your belongings. Also, they have their own fleet of trucks available, allowing them to provide a more flexible schedule and lower prices.

Company has positive reviews from their customers and is considered a reliable service.

Why is it better to ask for professional help?

Turning to professionals can be more cost effective than doing everything yourself. Here are a few reasons it may be the best choice:

  • Experience and professional skills for safe and efficient transportation. The right equipment and tools are available to provide safety and prevent damage during transportation and storage.
  • Saves time and effort: Moving on your own can be very time consuming and time consuming. Company can do it for you, saving you time and effort.
  • Property Protection: Guaranteeing the safety and security of your property. They usually offer insurance in case of damage or loss of things.
  • Flexibility: The service can provide flexibility according to your needs and will always go out of their way to meet your needs. For example, they can offer temporary storage.
  • Money Savings: While hiring may seem more expensive than removal of property on your own, it canbe more cost-effective. A company can provide all the equipment you need and reduce the risk of damage and loss of things, which can save you money in the long run.

In addition, this way you save yourself from unnecessary stress and anxiety.

Is there a guarantee of safety for the goods transported?

All moves will be done safely and professionally. They have experienced and trained workers who know how to handle things properly to prevent damage. Besides, they use special vehicles and packing materials to make sure the safety of things.

Every client receives insurance in case things are damaged or lost in transit. This can be an additional indication of their seriousness regarding safety and responsibility for the safety of their clients’ belongings.

For more specific information, it is recommended that you contact them directly and ask questions when speaking with a company representative.

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Economy

Investors gravitate toward bear market after Fed decision

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The Fed's bear market

The consensus among investors is that the U.S. Federal Reserve will raise rates again before the end of the year and will not loosen its monetary policy until 2024, which is a bearish outlook for the stock market. So it’s important to be prepared for a drop in the S&P 500 and other indices. 

That’s the prevailing view of about 350 respondents to the Instant MLIV Pulse survey after Wednesday’s Federal Open Market Committee meeting.

The findings contrast with the interest rate swap market, which is still struggling to gauge a rate cut this year. More than 70% of MLIV Pulse respondents said the Fed is not done raising rates yet. More than half said they expect the central bank to wait with its policy easing until next year.

The survey results are in line with Fed officials, but go against traders who estimated this year’s rate cut has led to lower Treasury yields.

Swap markets expect the Fed rate to peak at around 4.95% in May and then fall to about 4.2% in December.

Earlier we reported that the U.S. Department of Justice has begun investigating the collapse of Silicon Valley Bank.

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Economy

Startups under threat worldwide after Silicon Valley Bank collapse

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Startups under threat

High-tech startups have been hit. Companies around the world are facing a fight for survival after the collapse of a major US investment bank, Silicon Valley Bank (SVB). There was a “huge disruption” in the industry globally, Bloomberg reported, citing market participants. The entire stock market, and the S&P 500 in particular, plummeted.

Startups under threat

The bankruptcy of the lending institution, in particular, affected the co-founder of startup Birdly Inc. Quang Hoang. The entrepreneur invested about $10 million in SVB and is still unable to repay the money four days after the bank was shut down by the California Department of Financial Protection and Innovation. However, the entrepreneur is far from the only one who has faced similar problems, the article specifies.

“Hoang was one of thousands of founders around the world this week trying to track down their money after days of chaos and who are completely rethinking the way they run their own businesses. Startups from Silicon Valley to London to Tel Aviv to tech hubs across Africa have depended on SVB as a one-stop store for everything from storing their fortunes to personal mortgages,” the story says.

Now investors and technology companies are predicting a complicated financial future for themselves, even if the bankrupt bank begins to attract deposits from customers under a new name. Many market participants faced a “financial payback” for their overreliance on the credit institution’s risky investment assets, the memo said.

On March 11, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, a large investment bank based in Santa Clara County. All insured deposits from SVB were transferred to Deposit Insurance National Bank of Santa Clara. Depositors were expected to have access to their accounts by March 13.

Earlier we reported that the U.S. Department of Justice has begun an investigation into the circumstances of the collapse of Silicon Valley Bank.

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