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Uae Latest News

UAE: The royal family’s fortune is about more than oil, report

January 4, 2023 MEO Staff

The secretive Al Nahyan family’s fortune, estimated at approximately $300 billion is about more than oil, says Bloomberg The Al Nahyan family owns Manchester City Football Club, a dozen or so palaces and invested big [ More … ]

Syria Latest News

Syrian regime accuses US of stealing its oil

December 14, 2022 MEO Staff

The Bashar Al-Assad Syrian regime has once again renewed its accusation of “stealing oil” from fields in the north-east of the country by the United States, state-run SANA news agency reports. “The American forces brought [ More … ]

Egypt Latest News

Egypt: High oil and wheat prices to burden budget with over $10 bln, says minister

June 13, 2022 MEO Staff

Oil prices staying at $122 per barrel will cost the Egyptian budget $7.2 billion, Egyptian Finance Minister has told CNBC Arabia. Egypt’s Finance Minister Mohamed Maait said Sunday that higher global wheat prices and pressure [ More … ]

Saudi Arabia News

Saudi Arabia to triple VAT among other ‘painful’ austerity measures

May 11, 2020 MEO Staff

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 News

Riyadh to take ‘strict, painful’ measures to deal with coronavirus impact

May 3, 2020 MEO Staff

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 … ]

Analysis

U.S. Oil Drops Below 1 cent Per Barrel As Demand Disappears!

April 20, 2020 MEO Staff

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 … ]

Iran Latest News

Biggest oil price surge since 1991 as US Blames Iran for Attack on Aramco Facilities

September 16, 2019 MEO Staff

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 … ]

Analysis

Houthis drone attacks in Saudi ‘show new level of sophistication’

May 16, 2019 Ahmed Rashed

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 … ]

Egypt Latest News

Hiking Oil Prices May Threat Egypt’s Savings from Gas Milestone

October 9, 2018 Ahmed Rashed

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 … ]

Libya Latest News

Attack on Libya’s national oil firm leaves several dead

September 11, 2018 MEO Staff

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 … ]

Column

Reduction of Subsidy and Egypt’s Financial Situation

August 9, 2018 MEO Staff

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 … ]

Iran Latest News

Trump: We’ll ban companies who do business with Iran

August 8, 2018 MEO Staff

‘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 … ]

Iran: Trump administration to review the Nuclear Deal terms
Iran Latest News

Trump warns European companies against business with Iran

July 2, 2018 MEO Staff

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 … ]

Libya Latest News

Libya’s National Oil Company may halt operations at two major terminals

July 1, 2018 MEO Staff

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 … ]

Libya Latest News

Battle for Libyan oil ports intensifies as Haftar forces strike back

June 22, 2018 MEO Staff

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 … ]

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March 24, 2023
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