Banks are tightening lending conditions for small, private companies in the Gulf - a sign that the region's economies are not escaping damage from the plunge of oil prices.
Mostly, the six rich nations of the Gulf Co-operation
Oil fell more than 1 per cent on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.
US commercial crude stockpiles were expected
Saudi Arabia's high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom's deputy oil minister said.
Saudi Arabia's high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom's deputy oil minister said on Monday.
Speaking to reporters
Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline.
The number of
The world's biggest oil exporters in Opec are pumping almost two million barrels per day (bpd) more crude than required, the highest surplus for at least a decade, data from Reuters, top forecasters and energy agencies shows.
Oil prices have edged back from 2015-highs reached the session before, but remain on course for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments.
Crude prices have surged
Oil prices jumped three per cent on Thursday to their highest levels of this year, after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies.
Libya's eastern port of Hariga reopened after security guards ended a strike over salary payments, and a tanker has started lifting about 700,000 barrels of crude, an oil official said.
The guards had stage
Iraq's oil output in 2015 is likely to remain flat as Baghdad struggles to cope with a slump in crude prices that has slashed government revenue and forced the Opec producer to renegotiate its service contracts with oil majors.