Saudi Arabia plans to raise government spending by 0.6 per cent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday.
Brent futures fell toward $61 per barrel on Wednesday, giving up some of the previous session's gains, as the US dollar held near its highest level in nearly nine years on strong data.
The dollar index stayed close to its high
Syrian businessmen and trade officials say they are worried the economic lifeline provided by Iran is under strain from plunging oil prices, despite public messages of support from Syria's strongest regional ally.
Oman's State General Reserve Fund (SGRF) has boosted its buying of shares in the local stock market as prices have slid to attractive levels, the fund's executive president said.
The Muscat Securities Market's (MSM) ma
Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.
A sharp bout of short-covering prior to expiry
Opec members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to de
Unconventional oil and gas resources will play an important role in the global fuel mix with technological advancement across the entire value chain shaping the profitability of the industry in the long term, a report said.
Slumping oil prices will not halt a massive ramp-up in Gulf infrastructure spending, as rich nations deploy huge reserves to maintain a breakneck development pace and the rest turn to buoyant funding markets.
However, states are b