CAIRO/ABU DHABI, Nov 7 – Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal would be halted indefinitely, suggesting a deepening rift between the Arab world’s richest country and its most populous. Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month
DUBAI, Sept 18 – Iran’s President Hassan Rouhani said Tehran supports any move to stabilise the global oil market and lift prices, the Iranian oil ministry news agency SHANA quoted him as saying on Sunday. “Instability and falling oil prices are harmful to all countries, especially oil producers,” Rouhani was quoted as saying by SHANA.
BY Noureldeen Al Hammoury Crude Oil Rally Fades Since the beginning of the year, when oil producers decided to discuss the intention to freeze their oil production, crude oil prices recovered dramatically, moving from as low as $26 per barrel during January trading sessions to crossing the $50 threshold towards the end of May. However, the
By Ole Hansen It is said that the best cure for a low price is a low price. This is an apt description for what’s happened in global oil markets these past couple of years. The raised risk of supply disruptions following the Arab Spring in 2011 triggered a three-year period where high but also relatively
By Reem Shamseddine, Rania El Gamal and Alex Lawler VIENNA, June 2 – Saudi Arabia promised on Thursday not to flood the oil market with extra barrels as OPEC entered a heated debate about production policy, with Iran insisting on the right to raise output steeply. Tensions between the Sunni-led kingdom and the Shi’ite Islamic
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
Saudi Arabia’s refusal to budge on oil prices has won it few friends BY Omar Al Ubaydli “You can’t run a business based on sympathies,” the controversial billionaire oil broker, Marc Rich once said. The business of oil is no different; it lubricates the region. And as the price of oil has taken a hit