SINGAPORE: Oil prices fell by more than 1 percent on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel’s apparently small strike on Iran, according to Reuters. Brent futures fell $1.21, or 1.4 percent, to $86.08 a barrel by 9:55 a.m. … Read more
Baghdad: Turkish President Recep Tayyip Erdogan is due Monday in neighboring Iraq for his first state visit there in years, with water, oil and regional security issues expected to top the agenda. Erdogan is scheduled to meet with Iraqi Prime Minister Mohamed Shia Al-Sudani and President Abdel Latif Rashid in Baghdad before visiting officials in … Read more
LONDON: Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted. The benchmark contracts surged more than $3 then eased slightly. At 5:00 a.m. Saudi time, Brent futures were up $2.63, or 3 percent, … Read more
RIYADH: Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed. This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month. Furthermore, the data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting … Read more
Pakistan pushes to forge strategic, economic partnership as Saudi FM visits Islamabad ISLAMABAD: Pakistani top leaders, including the prime minister, president and foreign minister, said on Tuesday the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would help transform a longstanding friendship between the two nations into a strategic and commercial … Read more
RIYADH: Egypt’s new economic path, focused on structural reforms empowering the private sector to lead growth and attracting investment, has begun to yield positive results, said the country’s finance minister. Mohamed Maait highlighted that despite the harsh impacts of global and regional economic crises, Egypt has seen financial indicators surpass budget estimates and targets over the … Read more
RIYADH: The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January. In its latest report the bank, however, revised its 2024 forecast for the Kingdom’s gross domestic product growth downward to 2.5 percent from an earlier forecast of 4.1 percent. Concurrently, … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 38.52 points, or 0.30 percent, to close at 12,666.90. The total trading turnover of the benchmark index was SR6.28 billion ($1.67 billion) as 103 of the stocks advanced, while 122 retreated. On the other hand, the Kingdom’s parallel market Nomu gained 137.34 points, or … Read more
SINGAPORE: Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer US interest rate cuts this year, according to Reuters. Brent crude futures climbed 75 cents, or 0.84 percent, to $90.49 a barrel … Read more
LONDON: The Organization of the Petroleum Exporting Countries on Thursday predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, while saying there was a chance the world economy could do better than expected this year, according to Reuters. OPEC, in a … Read more