Saudi Arabia derives 80 percent of its revenue from oil and has a budgetary "break-even" point almost double the current per-barrel price of $40.» Read More
VIENNA, June 4- To hear the oil ministers of Saudi Arabia and Kuwait talk about it this week, the race to develop massive solar power arrays in the world's sunniest nations is nearly as important as the current battle for oil market share. At a major conference in Vienna attended by the world's most influential oil officials and executives, the two OPEC powerhouses...
Lower oil prices are good for some countries and bad for others. In a few, things could get ugly.
This is not a great time to be an oil producer, but some countries are hurting more than others.
The minister said he is confident the group will reach a unified decision, and that the meeting will last only one day.
Traders are concerned that longer-term global growth will impact demand for crude oil. So will producers scale back?
KIPCO Vice Chairman Faisal Al Ayyar looks back at the day when Iraqi soldiers marched into the capital in 1990, and how it affected the business. Plus, why opportunities for foreign investors in the oil-rich nation remain limited.
Kuwait Projects Co (KIPCO) is one of the biggest diversified holding companies in the MENA region. Faisal Al Ayyar, the firm's Vice Chairman, criticizes Kuwait's low productivity, and says its oil wealth turned into a curse.
In exclusive interview with CNBC, Faisal Al Ayyar, Vice Chairman of KIPCO, reflects on the firm's core subsidiaries, expansion plans and the situation in Iraq.
Oil traders should not lose too much sleep worrying about what OPEC, often unpredictable and quarrelsome in the past, will do when it meets next week.
GREEN BAY, Wisconsin- President Barack Obama and Republican Mitt Romney were back on the attack on Thursday, breaking a storm-induced campaign truce to hit the road and pound home their closing messages in the final stretch of a tight battle for the White House.
LONDON- Britain threatened on Thursday to veto any deal on the European Union budget that is not good for the British taxpayer, a day after a humiliating defeat in parliament undermined Prime Minister David Cameron's authority.
When plans for Qatar to create a €50 m euro fund to invest in some of Paris's poorest suburbs emerged last month, the French political right and left united in disapproval. Yet the reaction shows a fundamental misunderstanding of the way Qatar operates globally and what it is trying to achieve.
*Dana Gas' $920 mln convertible Islamic bond matures Oct. 31. DUBAI, Oct 30- Dana Gas is set to become the first United Arab Emirates company to fail to pay an Islamic bond on maturity, three sources familiar with the matter said on Tuesday, sending its stock and bond prices sharply lower.
*Most states have enough savings, $1.6 trillion in 2011. DUBAI, Oct 29- Most Arab oil exporting countries in the Gulf should plan to reduce growth in government spending to make their budgets more sustainable, as their combined surplus could turn into a deficit around 2017, the International Monetary Fund said on Monday.
WASHINGTON, Oct 25- Raytheon Co, maker of Patriot missiles, radar and other military equipment, reported higher-than-expected quarterly earnings on Thursday despite a 1 percent drop in revenues, and it raised its forecast for 2012 earnings.
DUBAI, United Arab Emirates-- In back-to-back Asian summits this month, Iran's president made sure to carve out special time to look east. At one gathering in Azerbaijan, Mahmoud Ahmadinejad reminded the president of Kazakhstan about the vision of a railway linking the heart of Central Asia with Iran's warm ports.
A four-year boom in U.S. oil production is accelerating so fast it could help soon make the U.S. the world's top producer of oil and liquid hydrocarbons. The U.S. passed Russia this year, and is now second behind Saudi Arabia. Source: U.S. Energy Information Administration.
Protests in Kuwait, a country with the world's sixth largest oil reserves has been hit by protests and a sell-off in the stock market.
BEIRUT-- Syrian warplanes hammered a strategic city captured by rebels, leaving behind scenes of carnage captured Thursday on amateur videos that showed a man holding up two child-sized legs not connected to a body and another carrying a dismembered arm.
The money came on the initiative of the " Deauville Partnership," which was formed after uprisings last year in Tunisia, Egypt and Libya ended decades-long dictatorships. The partnership includes the Group of Eight major nations as well as oil producers from the Middle East, including Saudi Arabia and Kuwait.