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  • Saudi to dig into reserves for 2015 budget Thursday, 25 Dec 2014 | 8:48 AM ET

    RIYADH, Saudi Arabia— Saudi Arabia's Cabinet on Thursday endorsed a 2015 budget that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a nearly $39 billion deficit. In a sign of mounting financial pressure, the Finance Ministry said the government would try to cut back on salaries, wages and...

  • DUBAI, Dec 25- Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. But the budget, released by the Finance Ministry on Thursday, suggests authorities are confident of...

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non- OPEC nations.

  • COLUMN-Oil prices and Saudi diplomacy: Kemp Monday, 22 Dec 2014 | 9:26 AM ET

    LONDON, Dec 22- Saudi Arabia sets oil market policy purely on an economic basis, no less and no more, the kingdom's oil minister reiterated in a broad-ranging interview with the newspaper Al-Hayat. Ali al-Naimi rejected "conspiracy theories" that Saudi Arabia was using oil as a diplomatic weapon against Iran, Russia or any other country, calling such beliefs a...

  • ABU DHABI, Dec 21- Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non- OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years. "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut."

  • At a meeting in November, OPEC kept its target output of 30 million barrels per day unchanged, leaving the market to balance itself without the group's intervention. That stance was seen as a shift from a longstanding policy in which OPEC powerhouse Saudi Arabia acts as a swing supplier. Speaking in Abu Dhabi, the capital of the United Arab Emirates, he said: "The talk...

  • CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil tried to stabilize today on short covering heading into the weekend.

  • Howard Marks: Oil prices expose 'debt's weaknesses' Friday, 19 Dec 2014 | 11:36 AM ET
    Oaktree Capital Management co-founder and Chairman Howard Marks speaks during an interview in New York, Sept. 5, 2014.

    Howard Marks thinks that the drop in oil prices could finally expose low lending standards and provide better value in the markets.

  • Sunni Arabs 'freaked out' about Iran: Friedman  Friday, 19 Dec 2014 | 8:13 AM ET

    Thomas L. Friedman, The New York Times, discusses how oil is prompting a geopolitical shift in Middle East power structures.

  • The price of cheap oil: Friedman  Friday, 19 Dec 2014 | 8:09 AM ET

    Thomas L. Friedman, The New York Times, weighs in on the global impact of falling crude prices.

  • Oil technology's hope for the future  Friday, 19 Dec 2014 | 7:34 AM ET

    Former Shell President John Hofmeister, shares his thoughts on New York's fracking ban, and natural gas as a transportation fuel.

  • Saudi says oil decisions not linked to politics Thursday, 18 Dec 2014 | 10:08 AM ET

    RIYADH, Saudi Arabia— Saudi Arabia's oil chief said in comments published Thursday that there are no links between the kingdom's decision to oppose production cuts and political objectives— an apparent response to accusations last week from Shiite powerhouse Iran. Petroleum Minister Ali Naimi was quoted by the official Saudi Press Agency as saying that...

  • DUBAI, Dec 18- Saudi Arabia's powerful oil minister said on Thursday that OPEC could not cut output without the support of other big producers and attempts to get them on board had not worked. Ali al-Naimi said it was impossible for OPEC to cut alone to reverse the oil price slump-- which he called temporary-- when others were pumping more, saying that could lead to...

  • MIDEAST STOCKS-Gulf markets surge on stronger oil Thursday, 18 Dec 2014 | 8:25 AM ET

    *Saudi Arabia's finance minister says state to keep spending. *UAE companies buy back cheap shares. DUBAI, Dec 18- Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development.

  • US and Iran could become, well, BFFs...really Wednesday, 17 Dec 2014 | 2:52 PM ET
    Robotic arms weld car bodies at the automated Khodro auto plant in Tehran, Iran, Dec. 9, 2013.

    Some observers say a less acrimonious future between the United States and Iran makes economic sense.

  • Ticking time bombs: Where oil's fall is dangerous Tuesday, 16 Dec 2014 | 10:13 AM ET
    Venezuela is one of the nations most threatened by civil unrest resulting from low oil prices. The Latin American nation has already experienced discord this year, as shown in this image of protesters in Caracas in February.

    Lower oil prices are good for some countries and bad for others. In a few, things could get ugly.

  • *Panic returns; UAE minister tries to reassure investors. *UAE markets hit 1- year lows, Oman at 2-1/ 2- year low. DUBAI, Dec 16- A fresh wave of panic selling wiped out $49 billion of stock market value across the Gulf Arab economies on Tuesday as the price of Brent crude oil dropped below $60 a barrel for the first time since 2009..

  • Saudi Arabia is playing chicken with its oil Tuesday, 16 Dec 2014 | 7:01 AM ET
    Employees work on an offshore oil platform in the Persian Gulf, off of Saudi Arabia.

    Today, Saudi Arabia is using its "oil weapon," but instead of driving up prices and cutting supply, it's doing the reverse.

  • Online ventures target global Muslim consumer market Tuesday, 16 Dec 2014 | 12:04 AM ET

    A growing minority, however, want to certify more areas of their consumption as religiously permissible- a trend that appears partly due to rising incomes in majority-Muslim areas of the Gulf and southeast Asia, as well as to expanding choices for consumers. One is Singapore- based CrescentRating, a firm which focuses on the halal travel market.

  • Cramer Remix: How you'll know when oil's bottomed Friday, 12 Dec 2014 | 7:15 PM ET
    Jim Cramer on Mad Money.

    "Mad Money" host Jim Cramer is looking for some specific signals to spot the end of the slide.