High-interest rates and a strong dollar have hit demand in the US, Europe and China
Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
The UAE is the third largest producer in OPEC
The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions
Energy supplies are struggling to keep up with a robust economic recovery
The kingdom’s economy expanded 6.8 per cent in the fourth quarter of 2021
Euro-denominated outstanding debt is currently around 2 per cent of the kingdom’s overall portfolio
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 Arabia sends more than 60 per cent of its crude exports to Asia
The world’s biggest crude producer’s third-quarter profit climbed to $30.4bn
Qatar decided to leave the cartel in late 2018
The recovery in oil prices presents an opportunity for Gulf economies to accelerate the recovery from the pandemic and strengthen diversification
The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices
To generate liquidity, the government began last year swapping its best assets for cash with the $600bn Future Generations Fund
No final decision on the timing has been made
Bahrain’s public finances have been under strain from the twin shock of the pandemic and lower oil prices
Markets have been volatile during the final weeks of the campaign as investors fretted over the potential for a contested outcome
Income still increased for the first time in five quarters as oil prices steadied
Petrol prices will stay the same for the fifth consecutive month
The stockpile climbed by about SAR3bn ($800m) to reach $445bn
Most of the affected employees are based at Binladin’s headquarters in Jeddah and work in its construction unit
While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week
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?
An interest-free loan programme for military personnel which covers 20 per cent of a property will be suspended from May 31
Employment across the GCC could fall by around 13 per cent due to the impact of the coronavirus
The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1
Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF
The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total
Brent crude averaged $64.12 a barrel in 2019 compared with $71.67 the previous year