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GCC: Positive outlook despite oil price dipThe fall in oil prices to below $100 per barrel over the past few weeks has triggered some concerns over the potential impact on the Gulf region’s economy. Brent crude prices fell by some 19 per cent from their peak of $119 More… |
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Oil jumps in thin tradeOil prices jumped unexpectedly on Wednesday, with US crude reaching its highest in more than two months as technical buying and hopes for a last-minute deal to avert a US fiscal crisis fuelled an abrupt year-end rally. More… |
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Kuwait Q2 trade surplus narrows on oil pricesAfter soaring to a record-high of KD7.3 billion ($25.8 billion) in the first quarter of the year, Kuwait’s trade surplus narrowed to KD 6.6 billion in the second quarter on lower oil export receipts and a rising imports bill, a report said More… |
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GCC economic growth 'to slow next year'Economic growth in the Gulf Cooperation Council (GCC) will slow in 2013 owing to a moderation in oil production growth, but high oil prices will provide a supportive backdrop for another year of solid non-oil growth, rating age More… |
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Gulf wins IMF praise for oil price managementInternational Monetary Fund (IMF) managing director Christine Lagarde on Saturday praised Gulf oil exporters for their help in stabilising the global economy by managing oil prices, despite complaints by some Western countries that energy More… |
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Oil rises on Norwegian lock out moveOil prices rose towards $102 a barrel on Thursday on fears Norway's oil output could be sharply cut after oil major Statoil called a lockout in a bid to end the workers' strike. A lockout means a complete shutdown of Norwegian oil and gas More… |
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Oman expects oil prices to erase budget gapOman expects to erase its RO1.2 billion ($3.1 billion) budget deficit projected for 2012 as oil prices have been higher than forecast, a finance ministry official said on Wednesday. "Up to May, we have sold our oil 50 per cent above the pr More… |
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Saudi tumbles after biggest one-day gainSaudi Arabia's index fell in early trade on Sunday after notching up its largest one-day gain in 10 weeks yesterday as investors waited for new catalysts to justify further buying. The index slipped 0.4 per cent to 6,681 points. It slu More… |
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Big powers seek progress on day 2 of Iran talksRussia said it expected a 'reasonable outcome' on Tuesday from talks between world powers and Iran on Tehran's nuclear programme, after a first day of 'intense and tough' talks failed to make headway towards ending a decade-lon More… |
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Oil prices will ease further this year: Shell CEOOil prices will weaken further in the second half of this year as demand reacts to a slowing global economy, while international political tensions ease, Royal Dutch Shell CEO Peter Voser said on Tuesday. Brent crude this week dropped to a More… |
