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The Israeli occupation targets Deir Keefa in South Lebanon with 2 surface-to-surface missiles
Philippe Lazzarini: The famine in Gaza is a direct result of banning food and other basic supplies for months including from UNRWA .
Philippe Lazzarini: The spread of famine can still be controlled by a ceasefire and allowing humanitarian organizations to do their work and reach starving people with aid.
The United Nations on the Israeli-induced famine in Gaza: The starvation of civilians for military objectives is a war crime.
UNRWA Commissioner-General Philippe Lazzarini: famine is now confirmed in Gaza city. This is starvation by design and manmade by the Government of Israel.
More than 30 people have been martyred in Gaza since Friday dawn in Israeli bombardment targeting refugee camps throughout the blockaded strip.
Al Mayadeen correspondent: The Israeli occupation forces are carrying out demolitions of residential buildings in Gaza's al-Tuffah neighborhood amid intensifying airstrikes.
Israeli media: A man is critically wounded from a shooting near Malachi Hashalom between Ramallah and Nablus, and ambulance crews are on their way to the scene.
Al Mayadeen correspondent: One person was martyred in an Israeli airstrike that targeted a motorcycle in southern Lebanon's Deir Saryan.
Al Mayadeen's correspondent to Southern Lebanon: An Israeli drone strike on a motorcycle in the town of Deir Saryan left one civilian injured

Saudi Arabia's foreign reserves dip to 14-year low

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Aug 2023 15:46
2 Min Read

Riyadh risks running into a budget deficit as its oil revenue falls due to previous output slashes.

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  • Saudi Arabi's foreign reserves dip to 14-year low
    Saudi national flag in the capital Riyadh on September 22, 2020. (AFP)

Saudi Arabia’s foreign reserves have fallen to $407 billion, their lowest in over a decade, as July's central bank reported a $16 billion drop in currency assets.

This comes after an increase in net foreign reserves for two months in a row during May and June. But the latest numbers revealed that these figures saw their sharpest decline since the pandemic - which resulted in negative oil demand - and hit their lowest volume since 2009.

Riyadh also slashed its oil output in the previous months, as part of the OPEC+ framework, leading to declining returns from crude sales. Oil revenue brought in nearly $326 billion in 2022, which helped the kingdom to recover from years of budget deficit. However, Saudi Arabia now faces the risk of diving into a negative budget again.

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"The net foreign asset position should improve in September, especially when the first performance-linked dividend distribution" arrives from state-owned oil giant Aramco, said Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC.

Aramco reported earlier a substantial drop in its net income for the first half of 2023. According to its financial report, the company recorded a nearly 30% decrease in its net income, amounting to $61.961 billion, as compared to the same period in the previous year.

"The decrease was primarily a result of lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, largely due to lower average effective royalty rate and lower crude oil prices, and higher finance and other income," the report read. 

In recent years, the oil-rich country has been recalibrating its investment approach, transitioning from the practice of piling up its foreign assets within the central bank. Instead, its investment strategy has pivoted towards pouring massive funds into the Public Investment Fund and the National Development Fund, amounting to hundreds of billions of dollars.

  • Oil
  • Oil prices
  • Aramco
  • Saudi Arabia
  • Crude oil

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