Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.
The draft budget for the year starting in April envisages s
Saudia Arabia's new King Salman pledged continuity in energy and foreign policies on Friday and moved quickly to appoint younger men as his heirs, settling the succession for years to come by naming a deputy crown prince from his dynasty'
Oil prices dipped early on Thursday ahead of the expected announcement of a bond-buying programme by the European Central Bank (ECB) later in the day that could push the dollar to new highs and put downward pressure on commodities.
Plunging oil prices could prompt Gulf Arab sovereign wealth funds to pull tens of billions of dollars out of global markets this year, with much of the money expected to come out of US dollar debt and deposits with banks abroad.
The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices.
Global oil prices extended their slide on Monday weighed by weakening demand in Europe and Asia, while refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing demand for crude in the US.
The euro hit a nine-year trough on Wednesday as collapsing oil prices and worries about the world economy drove skittish investors into the arms of safe-haven sovereign debt.
From Japan to Germany to Australia, government borrowin
Saudi Arabia made deep cuts to its monthly oil prices for European buyers on Monday, a move some analysts said reflects the kingdom's deepening defence of market share, although it also hiked prices in Asia from record lows.
US crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets.
Opec's decision in November to maintain output had accelera
Billionaire Prince Alwaleed bin Talal has lashed out at the Saudi fiscal policy after projecting the largest-ever budget deficit for 2015 following the slump in oil prices.
"We have reached the danger point... after starting