As traffic resumed in the Suez canal after the MV Ever Given, that was blocking it since Tuesday, was freed, global oil prices eased. World oil prices eased on Monday as traffic resumed on the Suez Canal [ More … ]
One of the largest cargo container ships in the world has turned sideways and blocked all traffic in Egypt’s Suez Canal, threatening to disrupt a global shipping system already strained by the coronavirus pandemic. The MV [ More … ]
Saudi finance minister says kingdom will also draw down up to $32bn from its reserves to finance deficit caused by twin crises Kingdom of Saudi Arabia (KSA) could be forced to borrow around $26bn more [ More … ]
Coronavirus lockdowns have destroyed demand for oil but countries continue to produce, overwhelming storage facilities. A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue [ More … ]
Saudi Arabia said the government will cut spending by 5%, or about $13.3 billion, to offset the impact of plunging oil prices and the effects of the new coronavirus on its economic outlook and deficit. [ More … ]
Since the end of the 1990s, Egypt has dreamt of becoming an East Mediterranean gas and energy hub. Column By Cyril Widdershoven – Feb 01, 2020, 12:00 PM CST, Published first by oilprice.com The discoveries offshore in [ More … ]
Ten Protests have been killed in clashes with armed police in northern and eastern Sudan. At least 10 people have been killed in protests that have swept across Sudan this week amid rising public anger over soaring [ More … ]
Egypt has raised the prices of fuel by up to 55 percent, the second such increase since the local currency was floated seven months ago. Egypt has raised the prices of fuel by up more [ More … ]
Abdelaziz Bouteflika on Wednesday appointed a new head of government, replacing Abdelmalek Sellal in the wake of parliamentary polls Algerian President Abdelaziz Bouteflika on Wednesday appointed a new prime minister to replace his confidant Abdelmalek [ More … ]
US President-elect Donald Trump’s future policy will deliver a boost to the world’s largest economy, but his promises over trade barriers could be the largest risk to global trade in 2017. According to a [ More … ]
In a surprise move, Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, adding that keeping output at [ More … ]
Egypt eyes to secure a new deposit from Saudi Arabia worth $2-3 billion as part of about $6 billion in bilateral financing required to secure an IMF loan, the finance minister said in comments published [ More … ]
Egypt’s Suez Canal Authority has announced on its website new toll rates for oil tankers that have gone into effect and will last for a six-month experiment. Very large crude carriers (VLCCs) crossing the canal from [ More … ]
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