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Saudi Arabia could be bankrupt in a matter of years. 

The global rout of oil prices is taking its toll on the country's bottom line. The government has cut spending in its upcoming Budget and considered selling shares in Aramco, the state-run oil company. The kingdom's oil minister said Tuesday that producers may meet in March on an output freeze, but that crude production will not be cut. 

Saudi Arabia, Russia, Qatar and Venezuela proposed last week a production freeze at January levels in response to the global glut and sustained low prices of crude. 

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Crude oil futures jumped by more than 6 per cent in the domestic market on Wednesday, bouncing back to levels last seen at the start of February internationally, after Iran backed a plan to freeze output at January levels by fellow OPEC members including Saudia Arabia, and Non OPEC giant Russia. 

While Iranian oil minister expressed his support for action     taken by leading oil producing      nations to support an oil price       recovery, he stopped short of     committing Iran’s participation     in the plan, stressing that other countries must understand Iran’s special circumstances. 

Mcx Natural Gas news Today

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Natural Gas futures plunged by more than 1 per cent in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as mild weather across the US threatened to curb the demand for the heating fuel in the world’s biggest gas consuming nation. 

November to March is the peak US gas heating season. At the MCX, Natural Gas futures for February 2016 contract closed at Rs 129.7 per mmBtu, down by 1.14 per cent, after opening at Rs 131.3, against the previous closing price of Rs 131.2. It touched an intra-day low of 129.2.

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Gold stretched its losses into a third session and tumbled below $1,200 an ounce on Tuesday, as easing concerns over the global economy buoyed stocks and hurt safe-haven demand for the metal.

Bullion's three-day loss of more than 4 percent, its biggest such drop in seven months, takes the precious metal further away from a one-year high reached last week and threatens to undo a rally that has seen prices gain 13 percent so far this year.

Spot gold fell 1.5 percent to $1,191.40 an ounce by 0415 GMT, after earlier hitting a session low of $1,190.40. The metal slid 2.3 percent on Monday, its biggest slump since July.

Ncdex Jeera Latest News Update By MarketMagnify

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Jeera prices closed higher by 3.56per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. 

At the NCDEX, jeera futures for March 2016 contract closed at Rs. 15,000 per quintal, up by 3.56 per cent, after opening at Rs. 14,530 against the previous closing price of Rs. 14,485. It touched the intra-day high of Rs. 15,060. 

Global output of Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year. 

Mcx Natural Gas news Today

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Natural gas futures plummeted by nearly 2 per cent in the domestic market on Friday, crashing to the lowest level in seven weeks overseas as investors and speculators shunned the energy commodity as forecasts for above normal temperatures later in February across the US threatened to curb the demand for the heating fuel in the world’s biggest gas consuming nation. About 49 per cent of US households use natural gas for heating purposes.

 November to March is the peak US gas heating season. 

Meanwhile, US storage levels remain more than adequate as total supplies are 20 per cent higher than levels at this time a year ago and 19 per cent above the five-year average for this time of year. 

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Crude oil futures soared by almost 9 per cent in the domestic market on Friday, marking the biggest single-day gain in seven years overseas as investors cheered speculation of coordinated production cuts by the OPEC.

 A cartel that accounts for about 40 per cent of global crude supplies, are preparing to cooperate on possible output cuts. He added that while Non-OPEC members such as the US were being forced to lower output due to falling oil prices.

Any OPEC deal will need the approval of Saudi Arabia, OPEC’s biggest crude exporter and their prime policy maker. 

A drop in the number of rigs drilling for oil in the US signaled lower production ahead, supporting sentiment. Baker Hughes said that US oil drilling count fell by 28 to 439 last week.