oil prices

Saudi Arabia: The End of Oil

Austerity has hit the Saudi street. But this may kickstart a new, innovative economy By Khadeeja Balkhi “The wake-up call has arrived. The politics of waste must end,” Khaled Al Maeena says in his 27th floor office in the Saudi city of Jeddah. He was referring to a transformation plan that has shaken Saudi Arabia—the

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Tehran Targets Foreign Investors

Iran’s first roadshow after sanctions promises abundant investments By Leila Hatoum MUSCAT Feb 29 Iran is targeting over $100 billion in foreign investments after being isolated from the global market for nearly a decade due to international economic sanctions for its nuclear program, Iranian officials told Newsweek Middle East. During its first roadshow since the

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Gulf Arabs Race to Release Youth Potential in Age of Cheap Oil

By Noah Browning DUBAI, Feb 18 – Like the prototype drone of Emirati student Talib Alhinai, the ambitions of young people across the Gulf Arab states need to soar if they – and their economies – are to prosper in the age of cheap oil. The 23-year-old now researching for his Ph.D is just the

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Saudis, Russia Agree Oil Output Freeze, Iran Still Obstacle

By Rania El Gamal and Tom Finn DOHA, Feb 16  – Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in—a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and

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Oil Powers Fly to Doha for Private Pow-Wow as $30 Crude Woes Mount

Feb 16 – Top oil officials from Saudi Arabia, Russia and several key OPEC members will meet on Tuesday for their highest-level discussion in months, a potentially pivotal sign that producers are at last preparing to tackle a devastating supply glut. The talks in the Qatari capital Doha, which had been kept under wraps until

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Russia Says Improved Iran-Saudi Ties Would Help Oil Prices

MOSCOW, Feb 15 – Russia wants to see improved relations between Iran and Saudi Arabia at a time when joint action is needed to influence global oil prices, the RIA news agency on Monday quoted Zamir Kabulov, a senior official at Russia’s Foreign Ministry, as saying. Russia, one of the world’s top oil producers, has

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Beyond Iran: Time To Focus on the Economy

By Dr. Habib Al Mulla Iran is not unique among the diverse nation states of the Middle East in terms of the pressures influencing its actions on the global stage. However, it is a particularly dramatic example of just how compelling those pressures can be. One can argue that based on past actions, such as

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As Big Oil Shrinks, Boards Plot Different Paths Out of Crisis

By Ron Bousso and Terry Wade LONDON/HOUSTON, Feb 7 – As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis. Crude prices have tumbled around 70 percent over the past 18 months to around $35 a

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Business Outlook: Low Oil Prices, Stretched Finances

BY Leila Hatoum Oman plans to issue international sovereign bonds this year as a way to address its budget deficit, the country’s Undersecretary Minister of Finance Nasser Al Jashmi told Newsweek Middle East in an interview in Abu Dhabi. Lazard, a well-known international financial advisory and asset management firm, has been appointed by Oman to advise

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