#oil prices

il prices dropped by Saudi Arabia

Saudi Arabia cuts oil prices for main market as demand slows

High-interest rates and a strong dollar have hit demand in the US, Europe and China

Oil extends drop in thin trading as fears over Covid wave mount

Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year

OPEC+ says growing risk of global recession justifies oil cuts

OPEC+ says growing risk of global recession justifies oil cuts

The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels

Oil prices

Oil prices are ‘nowhere near’ peak yet, says UAE minister

The UAE is the third largest producer in OPEC

Oman posts $927m quarterly surplus after oil prices rose

The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions

Vitol CEO sees oil above $100 for a ‘prolonged period’ this year

Energy supplies are struggling to keep up with a robust economic recovery


Saudi Arabia’s economic growth stays near decade-high as oil powers rebound

The kingdom’s economy expanded 6.8 per cent in the fourth quarter of 2021

Saudi Arabia plans to keep debt stable as oil income surges

Euro-denominated outstanding debt is currently around 2 per cent of the kingdom’s overall portfolio


Saudi Arabia warns traders against shorting oil prices

While oil has soared about 45 per cent this year, it slumped more than 10 per cent on November 26, the day after Thanksgiving

Saudi Aramco raises oil prices sharply after OPEC+ sticks to output plan

Saudi Arabia sends more than 60 per cent of its crude exports to Asia

Saudi Aramco earnings surge on higher oil output and prices

The world’s biggest crude producer’s third-quarter profit climbed to $30.4bn

Qatar says rejoining OPEC would not fit with its strategy

Qatar decided to leave the cartel in late 2018

Will higher oil prices help GCC economies surge into the post-Covid era?

The recovery in oil prices presents an opportunity for Gulf economies to accelerate the recovery from the pandemic and strengthen diversification

Saudi Arabia vows to protect oil facilities after drone attack

The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices

One of world’s richest nations taps wealth fund as cash dries up

To generate liquidity, the government began last year swapping its best assets for cash with the $600bn Future Generations Fund

Saudi Arabia aims to raise over $5bn in bond-market return

No final decision on the timing has been made

Bahrain puts economic recovery ahead of boosting budget revenue

Bahrain’s public finances have been under strain from the twin shock of the pandemic and lower oil prices


US elections: Gold drops, oil rises as results show tight race

Markets have been volatile during the final weeks of the campaign as investors fretted over the potential for a contested outcome

Saudi Aramco maintains dividend despite 45% slump in profit

Income still increased for the first time in five quarters as oil prices steadied

UAE announces fuel prices for August 2020

Petrol prices will stay the same for the fifth consecutive month

saudi arabia riyadh

Saudi net foreign assets rise for first time since January

The stockpile climbed by about SAR3bn ($800m) to reach $445bn

Saudi Binladin Construction group misses salary payments

Most of the affected employees are based at Binladin’s headquarters in Jeddah and work in its construction unit

Second wave virus concerns loom large over crude oil market

While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week

Covid-19 impact on the GCC’s energy sector: Switching on or off?

The energy sector continues to be the biggest pillar powering the growth of GCC economies. But as it reels with the impact of the historic oil price drop and the Covid-19 pandemic, is the outlook for the future brighter?

Saudi suspends two mortgage-support programmes amid crisis

An interest-free loan programme for military personnel which covers 20 per cent of a property will be suspended from May 31


Expat population in some GCC states may drop by up to 10% – report

Employment across the GCC could fall by around 13 per cent due to the impact of the coronavirus

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

Saudi Aramco seeks to restructure $69.1bn SABIC deal

Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF

Saudi Arabia triples VAT, cuts cost of living allowances

The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total

Saudi Aramco reports 21% profit drop for 2019 on lower oil prices

Brent crude averaged $64.12 a barrel in 2019 compared with $71.67 the previous year