Saudi Arabia’s spending cuts come amid a plunge in oil prices, hurting the government’s finances. Saudi Arabia will triple its value added tax rate and suspend a cost-of-living allowance for state employees, the kingdom’s finance [ More … ]
Saudi Arabia will take strict and painful measures to deal with the economic impact of the coronavirus pandemic, the finance minister said on Saturday, adding that “all options for dealing with the crisis are open”, [ 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 … ]
An attack on Saudi Arabia that shut 5% of global crude output triggered the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and [ More … ]
Aerial attacks on oil pipeline deep inside Saudi Arabia suggest significant leap in Houthi drone capabilities. Drone attacks on a Saudi oil pipeline west of Riyadh on Tuesday have revealed an apparent significant leap in [ More … ]
Another corner of the energy market threatens to deal a new blow to Egypt’s fragile government finances although its milestone of regaining self-sufficiency in natural gas. A six-fold increase in production at the giant offshore Zohr [ More … ]
Two employees of the National Oil Corporation and two attackers reported dead after several blasts heard in Tripoli An assault on the headquarters of Libya’s state oil firm, the National Oil Corporation (NOC), has left [ More … ]
By: Abdel-Hafez Al-Sawi* Subsidy in Egypt, a thorny issue, is usually addressed in light of government decisions to reduce it, which accordingly leads to raising the prices of goods and services. But subsidy is not [ More … ]
‘Anyone doing business with Iran will NOT be doing business with the United States,’ US president says Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, [ More … ]
Tehran says it has a plan to defeat any US efforts to block its oil exports and issues warning to Saudis US President Donald Trump has lashed out at OPEC, the 15-nation oil cartel, with [ More … ]
Libyan oil ports likely to shut down, meaning a total reduction of about 800,000 barrels per day Libya’s National Oil Company said on Friday it expected to halt operations at two key export terminals this [ More … ]
After a week of fighting, forces loyal to Khalifa Haftar say they have retaken As Sidra oil port and and airstrip at Ras Lanuf East Libyan forces said on Thursday they had rapidly retaken control [ More … ]
The deal with China, the biggest buyer of Saudi oil, could be worth as much as $100bn, industry sources say China is offering to buy up to 5 percent of Saudi Aramco directly, according to [ More … ]
Iraqi forces seized the Kirkuk governor’s office – along with key infrastructure – on Monday, as pro-Baghdad troops and militias swooped on the disputed Kurdish-held city. Iraqi forces have entered the Kirkuk and appear set [ More … ]
BY: HILAL KAPLAN* Every crisis and intervention instigated by the U.S.-Israel partnership in our region has been conducted through a chain of lies and manipulation As the Berlin Wall fell and the Cold War was about [ More … ]
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