The consumer market surveillance team of the Directorate of National Consumers' Rights Protection (DNCRP) and a special task force have been conducting raids against market manipulation and the price hike of goods. On Wednesday, raids were carried out in all divisions and districts of the country, including Dhaka Metropolitan area, to stabilize the prices of daily necessities such as onions, sugar, and edible oil, ensuring a normal supply, according to a press release. In the Dhaka Metropolitan Area, market surveillance activities were conducted in different areas of the city by six teams led by six officers from the department. A total of 100 organisations were fined a total of Tk 518,500 during a campaign conducted by 45 teams of the Department across 35 districts of the country, read the release. ACC to start probe against ‘big fish’ soon: New Commissioner Representatives from both government and private sector organisations, including district and upazila administrations, were present during the raids. All these efforts, including the DNCRP raids, will continue nationwide to protect consumer rights, it added.  

Bangladesh imported 6,520.21 metric tonnes (MT) of rice from India through Bhomra Land Port in Satkhira over the past 8 days that authorities hope would help stabilise the country’s rice market. The import began on November 13 after the withdrawal of customs duties on rice imports by the National Board of Revenue (NBR). According to sources at the port authority, after the duty withdrawal, 12 companies approved by the Ministry of Food started importing through Bhomra. Read: 131MT rice imported from India through Hili Land Port Among the imports, Dhaka-based Old Paltan Majumdar Agrotech International imported around 1,861.47 MT of rice in four shipments. These included 770 MT on November 13, 368.5 MT on November 16, 380.97 MT on November 17, and 342 MT on November 18. Mukul Enterprise from Kalai of Satkhira, imported 300 MT in three shipments: 100 MT each on November 13, 14, and 17. Ismail Hossain Milon from Jhikargacha of Jashore, imported 100 MT on November 13, while Abul Monsur Khan from Bogura brought in a total of 500 MT across three dates: 150 MT on November 14 and 16, and 200 MT on November 18. Abu Musa, general secretary of Bhomra Customs C&F Agents Association, said the Indian government had imposed a ban on rice exports to Bangladesh on July 20, 2023. Read: Rice import from India through Benapole port resumes after 2 years Recently the country lifted the ban allowing export to Bangladesh, he said. Abul Kalam Azad, deputy commissioner of Bhomra Land Customs Station, 6,520.21 MT of rice was imported from India through the port in eight days from November 13. If this trend continues, rice imports through this port will increase in the future, he said.

Environment Syeda Rizwana Hasan on Tuesday said the government is determined to set an example in controlling air, noise, plastic, and river pollution. “Our efforts are focused on ensuring a cleaner and healthier environment for the people of Bangladesh,” she said. The environment adviser made this remark when Ambassador of the Netherlands to Bangladesh Irma van Dueren paid a courtesy visit to her at the Secretariat. The meeting discussed strengthening collaboration between Bangladesh and the Netherlands in the areas of environmental sustainability, water resource management, and pollution control. Both sides discussed ongoing initiatives and future cooperation to address the growing challenges of climate change and environmental degradation in Bangladesh, said a press release. Rizwana emphasized the importance of community involvement in environmental initiatives, particularly in river conservation. “Rivers are the lifeline of our ecosystem, and any sustainable cleanup programme must involve local communities. Their active participation is key to ensuring long-term success in preserving our natural resources,” she added. Read more: Price hikes: Seven businesses fined in market monitoring drive She also mentioned the government's ongoing enforcement of the polythene shopping bag ban. The Dutch Ambassador expressed her country's willingness to assist Bangladesh in its efforts to improve water resource management and mitigate the effects of climate change. In the meeting, both sides expressed optimism about future collaborations to enhance environmental conservation and water resource management in Bangladesh. The Dutch government’s expertise in water management and Bangladesh’s commitment to sustainable development were recognised as strong foundations for continued partnership. The environment secretary and the water resources secretary, director general of Bangladesh Water Development Board, among others, were present at the meeting.

Students from the Anti-Discrimination Movement have launched protests against the rising market prices in Bangladesh, demanding the resignation of three members of the Bangladesh Competition Commission, including acting chairman Salma Akhtar. On Monday, students from the University of Dhaka and several private universities gathered at the commission's Eskaton office, but authorities had locked the gates in anticipation of their protest. Today, they held another rally at Burak Tower in the capital, expressing dissatisfaction with previous discussions on price control. Magura residents in distress as prices of daily essentials skyrocket The protesters accuse the commission of failing to control market syndicates, which has led to soaring prices and raised concerns about the government's credibility. Farhan Dinar, a student representative, expressed frustration over the lack of engagement from the commission, saying they would continue their protests until a resolution is reached. As the protests escalated, Farida Yasmin, the adviser on fisheries and livestock, summoned seven student representatives to the ministry for further discussions. The outcome of the meeting is yet to be announced.

Residents of Magura are increasingly distressed as the prices of essential commodities have surged alarmingly across the district. The sudden spike has left many struggling to make ends meet, raising widespread concerns about the impact on daily life. In recent weeks, prices of various essential items, including vegetables, eggs, and chillies, have escalated dramatically. The price of raw chillies has soared to Tk 500 per kg, an incredible increase from just Tk 100 to Tk 120 per kg two weeks ago.  Similarly, farm eggs are now selling at a record high of Tk 180 per dozen, up from Tk 150 a week earlier. Local markets have felt the impact of these price hikes, making it increasingly difficult for families, especially those from middle and lower-middle-class households, to afford basic groceries. The prices of potatoes, bitter gourds, and brinjals have also surged, with potatoes now costing Tk 60 per kilogram, pointed gourds at Tk 80 per kg, and brinjals reaching Tk 120 per kg. Read: Drives conducted in Dhaka’s kitchen markets to monitor prices of essentials “This is becoming unbearable. Everything costs more, yet our incomes remain unchanged. It’s a struggle to buy groceries,” lamented a local buyer. The situation is dire, with some families reportedly leaving markets empty-handed due to soaring prices.  “Many come to the market without buying anything and leave disappointed, while others are forced to pay inflated prices,” another resident added. Market control officials attribute the crisis to excessive rainfall disrupting supply chains, and rising wholesale prices.  “Due to heavy rainfall and increased wholesale prices, the costs of raw chilies and vegetables are rising daily,” stated an official. They expressed concern that if this trend continues, prices may escalate further. Rising transport costs are also contributing to the increases, they noted. The repercussions of these price surges are evident, with many vendors reporting a decline in sales. “I used to sell out my stock easily, but now many customers leave without making a purchase,” said one seller, highlighting the impact on local businesses. Read more: Special task force formed to monitor prices of daily essentials The markets have become nearly devoid of small fish, with what little remains priced beyond the reach of average buyers. Larger fish are also expensive, making them inaccessible to many. Even during the peak hilsa season, prices remain high, with almost every vegetable priced at 80 to 120 takas. Meanwhile, although the prices of beef, goat, and both local and broiler chicken have not surged, the costs of rice and oil have increased. District market control officer Mamunul Islam confirmed that excessive rainfall and rising wholesale prices are driving up the costs of raw chilies and vegetables. He noted the potential for further price increases if the situation continues, exacerbated by rising transport costs.  Read more: Essentials’ prices up in Khulna kitchen markets

Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15. Bangladesh Vegetables Oil Refiners' and Vanaspati Manufacturer's Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday. The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah. Dhaka district receives lion's share of remittances so far in current fiscal: BB Report The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT. As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132. In February the National Board of Revenue reduced  the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent. However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil. All factories have paid March salaries and Eid bonuses: BGMEA President He said the edible oil price can be adjusted with the international market rate but it will take time. The state minister also said the price hike would be considered on the import of new shipment of the edible oil.

The runaway price hike during this year’s Ramadan is proving particularly difficult for the middle to lower-middle class households in urban areas, for whom a Tk10-15,000 spike in the monthly spend is a big ask. These are the families that despite living in or near areas where supershops are proliferating, still prefer to buy from the local kaachabazars (kitchen markets). And the principal breadwinner, usually the father, often prefers to visit the bazar and make the purchases himself.  One of them, Kazi Shariful Haque, a job holder at a private local company, told UNB that in any case one has to spend more on food during Ramadan, despite it being the month for restraint, on the food that is consumed during Iftar and Sehri. Consumption of some items like fruits, beef, and mutton, does come down, he conceded. UNB spoke to Shariful at Kawranbazar, the principal kitchen market in the capital, which he visited just prior to the weekend with a shopping list that contained fruits, vegetables, fish, and chicken, among other things. He shared that in his experience, most items’ prices jumped by Tk10-30 per kg. Fish prices jumped by Tk100 to 150 per kg, chicken jumped by Tk15 to 20 per kg, while chick-pea, lentil, onion, and garlic ginger are among the items that saw prices jump by Tk10 to 30 per kg, since the start of Ramadan. Ramadan: Holiest cities Makkah, Madinah flooded with Umrah visitors Dates are not available at price set by the government, he said, while apples, malta, and some other fruits are selling at Tk300 to 350 per kg - an increase in the price by Tk 50 per kg. Medium-quality dates are selling at Tk800-1000 per kg, he pointed out.  However, Shariful has found that the prices of rice and edible oil are stable for now, but of course household expenses are not limited to the spending at the bazaar only. In almost every sphere, including medicines (health), water rates, gas rates, electricity, house rent, people are having to spend more and more. Bills and prices are squeezing the middle class in cities, especially at the lower end like Shariful, who last received a raise at his company two years ago, and in these two years, inflation has been spiking in the country. Even the company he worked for suffered losses in business in these two years, and it made him perceive a period of gloom for the economy.   Still, it makes him yearn for when the times were good for these very same people, as recently as 2-3 years ago. “In 2021, I could maintain my four-member family in Farmgate, Dhaka along with spending for parents living in the village and even then save a small amount every month. And now I have to maintain family expenditure by drawing on my previous savings,” Shariful voiced his frustration in an annoyed voice. Shariful’s is the common refrain among most shoppers at the city’s kitchen markets these days.  They make up Bangladesh’s ‘squeezed middle’, a term coined by the former leader of the opposition in the UK parliament, Ed Miliband of Labour, in the aftermath of the global financial crisis of 2009.  As Ramadan is about to begin, prices of essentials high in Khulna kitchen markets The Oxford English Dictionary, while choosing it as their ‘Word of the Year’ in 2011, defined it as “the section of society regarded as particularly affected by inflation, wage freezes, and cuts in public spending during a time of economic difficulty, consisting principally of those people on low or middle incomes.” All these conditions are met by the likes of Shariful, and others in his bracket. Dr Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD) told UNB that inflation and randomly fluctuating exchange rates (affecting the price of imported products) have increased the cost of living in the urban areas, as the urban people are depending on supply chains.. In the rural areas, 60 to 70 percent of items consumed by a family are produced on their own land - which is emphatically not the case in the cities. Most of the middle class is even living on rented property. As a result, the price hikes tend to affect urban life more severely, she said. Read more: Industries Minister announces special drive to control standard, prices of goods during Ramadan Dr Fahmida said it was not only the prices of consumer goods - health-related expenditure and utility prices have also increased, confirming the observation by Shariful, and others, that UNB spoke to in Kawranbazar. “Household incomes, mainly salaries, did not increase in the post-Covid period, after having gone down during Covid itself (2020-2022),” Dr Fahmida said. “As a result, jobholders are really bearing the brunt of the price hikes.” Average wage growth remained well below the inflation rate in Bangladesh for the 22nd month straight in November 2023, as per the Bangladesh Bureau of Statistics (BBS), corresponding to the timeline she provided.  Ghulam Rahman, president of the Consumers Association of Bangladesh (CAB), said that the prices of all types of products have increased, whether those items are imported or produced in the country. Although the incomes of jobholders did not increase, their expenses have increased alongside that of others, but this has proven a particular burden for the fixed income groups, he said. He said If prices were hiked “logically and systematically”- presumably meaning adhering to market fundamentals - then this burden would remain manageable. But when it happens arbitrarily, indicating how it happens in Bangladesh, it becomes very hard for the people, said the CAB president.  He advised authorities to pay more attention to whether this is happening, as there are several instances of price gouging, hoarding, etc in the country, and there are laws against these.  Wherever irregularities are found, the perpetrators should be brought under the law, to bring stability to the market, the CAB president urged.  Read more: Commerce ministry fixes prices for dates

In the aftermath of the January 7 national election, the kitchen markets in Khulna have witnessed a substantial hike in the prices of daily essentials, severely impacting middle-class and low-income families. This sudden increase in prices is making it increasingly difficult for these groups to manage their household budgets. Recent market trends show a noticeable rise in the cost of various commodities. In particular, the prices of rice have seen a significant uptick over the past week. Seasonal factors have also led to increased vegetable prices during the winter, and essentials like broiler chicken, flour, pulses, chickpeas, ginger, and garlic are not exempt from this trend. RMG workers in Gazipur demonstrate for wages set by govt, gridlock on Dhaka-Tangail highway Local consumers express a sense of helplessness, feeling like hostages to what appears to be an uncontrollable syndicate. This situation has exacerbated their financial challenges, especially for those struggling to meet daily expenses. Traders attribute this surge in prices to a poor supply chain. However, residents speculate that certain unscrupulous traders are exploiting the post-election period to unjustifiably raise prices. A recent survey of Khulna's kitchen markets revealed the following price points: Miniket rice at Tk 68-70 per kg, BR-28 Paijam variety at Tk 65-66 per kg, and local variety rice at Tk 50-52 per kg. Vegetable prices have also surged, with beans costing Tk 80-100 per kg, cauliflowers and cabbages at Tk 50 each, and eggplant, ridge gourd, and bottle gourd ranging from Tk 80 to Tk 100. The poultry market is not immune to these increases, with broiler chicken now at Tk 220-225 per kg after a Tk 20 increase, and Pakistani chicken at Tk 320-340. Beef prices have also risen, selling at Tk 700 per kg despite authorities setting the price at Tk 650. Karwan Bazar slum fire: Firefighters recover 2 burnt bodies Amirul Islam, a local fish trader, noted that fish prices have escalated by Tk 10-50. Additionally, the cost of chickpeas has jumped from Tk 85-90 to Tk 100-110 per kg, and high-quality pulses are now at Tk 150-160 per kg. Even the price of local onions has risen, now selling at Tk 80-100 per kg, up from the previous Tk 80-90. This alarming price rise in essential commodities is placing significant strain on the residents of Khulna, with the most substantial impact felt by those in the middle and lower economic brackets.

In the face of severe oppostion criticism in parliament for his alleged failure to control price hike of the essential commodities Commerce Minister Tipu Munshi on Monday offered to resign if  the prime minister gives the responsibility of running the ministry to one of the opposition MPs. Gonoforum MP Mokabbir Khan fired the first shot against Tipu Munshi during the discussion on proposed  cut motion on the Ministry of Commerce in the budget for FY2023-24. Jatiya Party MPs also criticised the commerce minister for the rising prices of daily products. They also raised the question whether the 'business' minister, Tipu Munshi, is involved with the market syndicate or not. Cow rawhide price increases by 6 percent this year: Tipu Munshi Rustam Ali Faraji of Jatiya Party said in the discussion on the retrenchment proposal, what does the monitoring cell of the ministry do?  “Such a big ministry. If the minister does not have dynamism then the price will increase. If only one person works and everyone sleeps, then the country will not run. Market syndicates should be broken up. It is certainly possible if desired. But if you think the business belongs to me then it is sad for the country and its people.” Jatiya Party's Shamim Haider Patwari said that even though the commodity prices have decreased in global markets in the last few months, it is not affecting the country.  Avoid excessive buying to keep markets stable: Commerce Minister “Inflation in Bangladesh was 6 percent now it seems to be 10 percent. It is growing. Inflation is eating away people's income. Due to inflation, soap, bread are all getting smaller," he said. He mentioned that making the government budget and household budget are not the same thing.  He said that the budget of the government is decreasing and due to this rice, pulses, oil, chicken size and meat pitches are getting smaller.  “The economy of Bangladesh is trapped in a vicious cycle of inflation. The government should take steps to overcome this," he said. “There are syndicates. There is no doubt about it. That syndicates are powerful. But are they stronger than the government? I don't think they can be stronger than the government. If there is a syndicate within the government, it must be identified," he said. Bangladesh allows green chilli import as price keeps rising He said that the minister has a vast business.  “He is a successful businessman. I believe that if he is given the freedom to act, then he can definitely control it," said he. Gonoforum MP Mokabbir Khan said that the most unsuccessful ministry of the current government is the Ministry of Commerce.  “When you go to the market, you hear from people that the Ministry of Commerce is so unsuccessful that people call it a syndicate friendly ministry.” With higher spice prices, consumers feeling the pinch this Eid-ul-Azha Alleging the involvement of a syndicate of traders to increase the price of goods, Mokabbir said that many people said that the commerce minister was involved. “Why don't you resign after all this?” Mokabbir asked the the commerce minister. Mokabbir said that when the commerce minister says that the price of a product will decrease, the price of that product increases the next day.  He said that he knows that the minister will not give any answer. Spice prices soar in Faridpur ahead of Eid-ul-Azha Jatiya Party Member of Parliament Roshan Ara Mannan said that people get upset when they go to the market.  “The Ministry of Commerce is not monitoring the market properly. The commerce minister is a freedom fighter. Why can't he control the market ?” Jatiya Party lawmaker Pir Fazlur Rahman said that the minister of state for industries said that people cry when they go to market, and the only reason is the syndicate. “People also understand this. The Russia-Ukraine war alone should not be blamed for the rise in commodity prices. The syndicate has looted thousands of rupees in the egg market. Chicken eggs do not come from Ukraine.” Forex reserves likely to increase due to govt steps: PM Hasina tells Parliament He said that the commerce minister has said that some traders are taking advantage of the product prices.  “Our commerce minister can not arrest the syndicate people who raise prices. He himself is a businessman. He knows which businessmen are doing it. So are these businessmen close to him, which is why he can't catch the syndicate businessmen?” He demanded that the commerce minister should say publicly why he is not able to do that. Pir Fazlu said that Tk 1500 crore has been looted in the onion market.  “A few companies are looting Tk 17 crore daily in the sugar market. Thousands of crores of taka has been looted in boiler chicken market in a month and a half. The commerce minister can't do anything.” Tipu Munshi said that it is possible to take actions against the market syndicate including jail and fine.  “There is talk of syndicate. It's just that big groups do a lot of business together. We need to focus - we jailed, fined. That might be possible. But it will be difficult for us to bear the sudden crisis. That's why we try to stay within the rules through discussion,” he said. Referring to his involvement in politics long before coming to business,  Tipu said, "One thing that comes up time and again is that I am a businessman and businessmen are taking advantage of me. I don't know how many years of experience they have in politics. But I have been in politics for 56 years. I have been in business for 40/42 years now.” Responding to Mokabbir's demand, the minister said, "Someone here asked me to resign. I will tell the honorable prime minister that if he (Mokabbir) takes responsibility, she can relieve me and give the responsibility to him. I have no problem.” Tipu said that the price has increased and the prime minister repeatedly says that people are suffering.  He mentioned that the global situation has affected the country, not the internal causes. “we have to take that into consideration." Talking about the onion price, the minister said, there is no doubt that the price has increased. Onions have been mentioned. We discussed with the Ministry of Agriculture and decided that farmers should get a price that encourages them to grow.  He mentioned that in onion, the country has a shortfall of 6 to 7 lakh tonnes every year.  “Farmers will focus on production if the price is better. By this step our deficit is reduced by half. But it should not be exactly Tk 80 to 90 per kg. That is why we have arranged the import," he said  He said that the government did not want to import onion for ensuring fair price to the local farmers.  “But we imported on the instructions of the prime minister. Imported Indian onions are now Tk 40/45 per kg. Today, the price of our desi onion is Tk 65. I think it should be reduced further. we are trying. Within 10/15 days it will come to within Tk 50 a kg” The minister said that everything is not fixed by the Ministry of Commerce.  “I am still taking responsibility and we are trying our best to do what we can," he stated. Regarding sugar price surge, he said  he has requested the prime minister to reduce the duty structure to bring down the price within Tk 100 a kg.    

Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide. Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worldwide inflation. It was also likely to further strain ties with the United States, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia's finances. The production cuts alone could push U.S. gasoline prices up by roughly 26 cents per gallon, in addition to the usual increase that comes when refineries change the gasoline blend during the summer driving season, said Kevin Book, managing director of Clearview Energy Partners LLC. The Energy Department calculates the seasonal increase at an average of 32 cents per gallon, Book said. So with an average U.S. price now at roughly $3.50 per gallon of regular, according to AAA, that could mean gasoline over $4 per gallon during the summer. However, Book said there are a number of complex variables in oil and gas prices. The size of each country's production cut depends on the baseline production number it is using, so the cut might not be 1.15 million. It also could take much of the year for the cuts to take effect. Demand could fall if the U.S. enters a recession caused by the banking crisis. But it also could increase during the summer as more people travel. Even though the production cut is only about 1% of the roughly 100 million barrels of oil the world uses per day, the impact on prices could be big, Book said. Also Read: As Biden weighs Willow, he blocks other Alaska oil drilling “It's a big deal because of the way oil prices work,” he said. “You are in a market that is relatively balanced. You take a small amount away, depending on what demand does, you could have a very significant price response.” Saudi Arabia announced the biggest cut among OPEC members at 500,000 barrels per day. The cuts are in addition to a reduction announced last October that infuriated the Biden administration. The Saudi Energy Ministry described the move as a “precautionary measure” aimed at stabilizing the oil market. The cuts represent less than 5% of Saudi Arabia's average production of 11.5 million barrels per day in 2022. Also Read: Oil giant Saudi Aramco has profits of $161B in 2022 Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000. The announcements were carried by each country's state media. Russia’s Deputy Prime Minister Alexander Novak meanwhile said Moscow would extend a voluntary cut of 500,000 until the end of the year, according to remarks carried by the state news agency Tass. Russia had announced the unilateral reduction in February after Western countries imposed price caps. All are members of the so-called OPEC+ group of oil exporting countries, which includes the original Organization of the Petroleum Exporting Countries as well as Russia and other major producers. There was no immediate statement from OPEC itself. The cuts announced in October — of some 2 million barrels a day — had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis. Both the U.S. and Saudi Arabia denied any political motives in the dispute. Since those cuts, oil prices have trended down. Brent crude, a global benchmark, was trading around $80 a barrel at the end of last week, down from around $95 in early October, when the earlier cuts were agreed. Analysts Giacomo Romeo and Lloyd Byrne at Jefferies said in a research note that the new cuts should allow for “material” reductions to OPEC inventory earlier than expected and could validate recent warnings from some traders and analysts that demand for oil is weakening. Kristian Coates Ulrichsen, a Gulf expert at Rice University's Baker Institute for Public Policy, said the Saudis are determined to keep oil prices high enough to fund ambitious mega-projects linked to Crown Prince Mohammed bin Salman's Vision 2030 plan to overhaul the economy. “This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future,” he said. Saudi Arabia's state-run oil giant Aramco recently announced record profits of $161 billion from last year. Profits rose 46.5% when compared to the company’s 2021 results of $110 billion. Aramco said it hoped to boost production to 13 million barrels a day by 2027. The decades-long U.S.-Saudi alliance has come under growing strain in recent years following the 2018 killing of Saudi dissident Jamal Khashoggi, a U.S.-based journalist, and Saudi Arabia's war with the Iran-backed Houthi rebels in Yemen. As a candidate for president, Biden had vowed to make Saudi Arabia a “pariah” over the Khashoggi killing, but as oil prices rose after his inauguration he backed off. He visited the kingdom last July in a bid to patch up relations, drawing criticism for sharing a fistbump with Crown Prince Mohammed. Saudi Arabia has denied siding with Russia in the Ukraine war, even as it has cultivated closer ties with both Moscow and Beijing in recent years. Last week, Aramco announced billions of dollars of investment in China's downstream petrochemicals industry.