OPEC ministers and delegates have blamed non-OPEC producers such as Russia, Mexico and Kazakhstan, as well as U.S. shale oil production, for the oversupply in the market.
S&P cut its outlook for Saudi Arabia’s “AA-/A-1+” foreign and local currency credit ratings to negative from stable and lowered ratings of Bahrain and Oman.
The UN secretary general said that Arab countries could tackle radicalisation by promoting interfaith dialogue and being attentive to people’s aspirations.
Muslim clerics also condemned the burning to death of the pilot, Mouath al-Kasaesbeh, saying such a form of killing was considered despicable by Islam.
Middle East investors have began to look east as Europe’s economy struggle due to repeated fears over sovereign debt levels and weak growth indicators.
The UAE suspended flights as part of the US-led coalition conducting air strikes against ISIL because of concerns about search and rescue capabilities.