With oil's price collapse, we can now declare that OPEC's reign as king of the market is over.» Read More
Saudi Arabia is in “active talks” with European oil companies to meet the production shortfall left by Libya, the clearest indication to date that the leader of the Opec oil cartel is about to boost supplies to stop further rises in the oil price.
World leaders condemned Muammar Gaddafi's bloody crackdown on a revolt that has split Libya, but took little action to halt the bloodshed from the latest upheaval reshaping the Arab world.
Oil traders fearing Saudi spillover should have been with me tonight trying to get back to my hotel after dinner in Riyadh.
Muammer Gaddafi’s family has built up vast business interests in sectors ranging from oil to hotels during his 41-year rule, giving it a hold over large swathes of Libya’s economy, according to US diplomatic cables and governance groups, reports the Financial Times.
As oil prices race toward $100 a barrel, the expectations that gasoline prices will catch fire are running high.
Saudi Arabia will not allow any supply disruptions from the Middle East to impact global supplies of oil, the oil-rich country's deputy oil minister told CNBC Tuesday.
With the recent turmoil across North Africa and the Gulf, investors are now becoming increasingly concerned that the ‘political contagion,’ as the wave of upheaval has come to be known, may flow over into Saudi Arabia as well.
A little over nine years ago, one of the biggest stories in international affairs was Thomas E. Ricks’ Page One story in the Washington Post a briefing given to a Pentagon advisory group that characterized the Saudi ruling family as enemies of the United States.
The Egyptian stock market will likely tumble another 10 percent before investors put some cash in and try to stage a rally, after which the benchmark index could regain a third of its losses, according to historical trends, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
Saudi billionaire Prince Alwaleed bin Talal says he has invested $500 million in General Motors, the U.S. auto giant whose shares returned to trading last week after its bankruptcy and bailout by Washington.
Prince Alwaleed bin Talal al Saud, the chairman of Kingdom Holding Company, told CNBC Wednesday that he’s against building a mosque near the ground zero site in New York City.
The Arab states of the Gulf have embarked on one of the largest re-armament exercises in peacetime history, ordering US weapons worth some $123bn as they seek to counter Iran’s military power.
Fossil fuels will continue to be a vital component of the world's energy mix for many years, and natural gas will increasingly play a more prominent role, according to global energy leaders speaking today at the World Energy Congress in Montreal.
Some Saudis were trying to sell their BlackBerrys ahead of a ban on the smart phone's messenger service in the kingdom — but with few willing to buy, they're having to slash prices.
This is a jobless recovery. That's the consensus among the executives and entrepreneurs here, who say improving employment is their #1 priority.
Schmidt says job creation is the most important thing the economy needs right now, particularly in the manufacturing sector. He's very frustrated at the government's slow pace in boosting employment—effectively saying it's ridculous that so much proposed legislation has to wait until after the November elections.
A top executive of Research In Motion, the Canadian company that makes BlackBerry smartphones, said on Tuesday that his company would not give in to pressure from foreign governments to provide access to its customers’ messages.
Canada has proven oil reserves of more than 170 billion barrels—second only to Saudi Arabia. Much of that crude lies beneath the tundra of Alberta in a thick oil, sand and water mixture called bitumen, more commonly called oil sand.
Saudi Arabia, the world’s fourth-largest holder of foreign exchange reserves, is sitting on more than twice as much gold as previously thought, according to new estimates.
Israel perhaps has more to gain than anyone else from going clean and green. Right now, Israel is almost fully dependent on fossil fuels that pollute the country. Israel still gets its oil from secondary sources, because Arab nations won't sell to Israel directly.