Saudi plans spending cuts, reforms to shrink budget deficit
Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy...
S. Africa looks to buy Iraqi crude to boost supply security
South Africa's Strategic Fuel Fund (SFF) is seeking to import 24 million barrels of oil a year from Iraq to boost its reserves in...
Saudi Arabia plans new sovereign wealth fund
Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment...
Tadawul: Insurance stocks among the top gainers
Middle East stock markets moved little in modest trading volumes on Sunday as uncertainty over oil prices and the global market environment kept many...
Saudi and UAE shares rise on interest rate hike
Markets in Saudi Arabia and the United Arab Emirates rallied Thursday after their countries followed the US Federal Reserve by hiking interest rates, but...
Oil bounces after producers fail to agree on freezing output
Crude oil prices tumbled but then regained some lost ground on Monday after oil-rich countries failed to reach an agreement Sunday on freezing production.
U.S....
Oil market is increasingly improving, Saudi oil minister says
BAGHDAD (Reuters) - The global oil market is improving and stabilizing, Saudi Oil Minister Khalid al-Falih said in Baghdad on Saturday.
In a speech at...
Mobile firm Zain Saudi appoints new chairman
Zain Saudi, the kingdom's third-biggest telecommunications operator, has appointed Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer as chairman.
The prince will replace...
Oil rises, but oversupply hobbles gains
Global oil prices rebounded Wednesday but buying sentiment remains sluggish owing to supply glut woes and a strong dollar.
At about 1245 GMT, U.S. benchmark...
Nasser Confirmed as New Saudi Aramco President
A veteran executive with oil giant Saudi Aramco, Amin Nasser, has been confirmed as the company's president, the Dhahran-based firm said Thursday.
Nasser had been...
