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  • *Says oil price drop driven by OPEC decision. Oil prices have slumped more than 70 percent to near $30 a barrel over the past 18 months as supply exceeded demand by up to 2 million bpd after OPEC, seeking to drive higher-cost producers out of the market, decided not to cut production. Struggling oil-producing countries have urged OPEC leader Saudi Arabia in recent...

  • We must all get used to a certain type of lifestyle that does not rely entirely on the state, " Saudi Arabia's ruler warned. In fact they were spoken almost two decades earlier by Crown Prince Abdullah, the kingdom's de facto regent, at the Gulf Cooperation Council summit held in Abu Dhabi on Dec. 8, 1998. Oil revenues have been fundamental in shaping the modern state...

  • DUBAI, Feb 7- Stock markets in Saudi Arabia and Egypt slipped in early trade on Sunday, erasing some of their gains in the previous session after oil prices reversed and global markets sold off at the end of last week. Saudi Cement rose 2.0 percent after the company recommended a dividend distribution of 3.00 riyals per share for the second half of 2015, versus a...

  • Syria: Foreign aggressors will go home 'in coffins' Saturday, 6 Feb 2016 | 9:00 AM ET
    Syrians walk on debris of collapsed buildings after the war-crafts belonging to the Russian army carried out airstrikes on the opposition-controlled neighborhoods in Aleppo, Syria on December 11, 2015.

    Syria will resist any incursion and send the aggressors home "in coffins," its foreign minister said, in comments aimed at Sunni Arab countries.

  • Day of reckoning here for oil producers: Yergin Friday, 5 Feb 2016 | 5:36 PM ET
    A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016.

    Saudi Arabia, Russia and other countries that heavily rely on oil revenues are getting more desperate, oil expert Daniel Yergin tells CNBC.

  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • NEW YORK, Feb 5- Oil prices were little changed in choppy trading on Friday, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi counterpart Ali al-Naimi in...

  • LONDON, Feb 5- Oil is on track to end the week lower after two consecutive weeks of gains in a volatile Friday session, as bearish fundamentals pressure prices despite bullish indications earlier in the week. International benchmark Brent crude futures were 53 cents lower at $33.93 per barrel at 1454 GMT, and down from an intraday high of $35.14.

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Del Pino later met Oman's Oil Minister Mohammad bin Hamad al-Rumhy, who "reiterated his support of the actions Venezuela has taken to stabilize the market," according to statements from the Oil Minister and state oil company PDVSA, over which Del Pino presides.

  • RIYADH, Feb 4- A devaluation of Saudi Arabia's currency could cause such political instability that Riyadh has little choice but to stick to its promise to use vast foreign exchange reserves to defend the riyal's 30- year-old peg to the U.S. dollar. It would be catastrophic, "said John Sfakianakis, a Riyadh- based economist. Some diplomats living in Saudi Arabia say...

  • These are early signs of capitulation for oil Thursday, 4 Feb 2016 | 1:07 PM ET
    A worker checks a valve at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia.

    Early signs of capitulation by oil producers could mean a bottom is getting closer.

  • *OPEC's Venezuela lobbies for producer meet to cut output. Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers- raising hopes they could take action to support prices despite widespread scepticism in the market. "Headlines continue to fly about an OPEC/ non- OPEC...

  • Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency. Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.. On Wednesday, Iranian news agency Shana quoted Del Pino as saying six producing countries,...

  • *OPEC's Venezuela lobbies for producer meet to cut output. LONDON, Feb 4- Oil slipped below $35 a barrel on Thursday after the previous session's 7 percent jump, pressured by oversupply and scepticism that Venezuela's effort to lobby crude producers for output cuts would succeed. Brent crude was down 39 cents at $34.65 a barrel at 1332 GMT.

  • Spain: Jet evacuated in Madrid after hoax threat Thursday, 4 Feb 2016 | 7:36 AM ET

    MADRID— Passengers on a jet set to leave Madrid for Saudi Arabia were evacuated Thursday after the pilot reported an unspecified threat that authorities later determined was a hoax. The Saudi Arabian Airlines jet taxied to a remote part of Madrid's airport Thursday after the threat was reported and all passengers safely disembarked, a spokeswoman for...

  • The MSCI emerging market benchmark was lifted by stellar gains in Asia as well as an oil-fuelled rise in Russia as crude prices jumped above $35 a barrel, adding to a 7 percent rise on Wednesday. Dollar-denominated stocks in Moscow rose as much as 6 percent while bourses in South Africa, Turkey and Poland all firmed around 1.5 percent. In Asia, Chinese mainland...

  • DUBAI, Feb 4- Stock markets in Saudi Arabia and Egypt rose in early trade on Thursday as a second day of rising oil prices helped to revive risk appetite. Saudi Basic Industries, the largest petchem by market value, jumped 3.0 percent. However, strength in Saudi stocks late on Wednesday was accompanied by lower trading volumes, suggesting the index is still in an...

  • A new global oil deal could draw lessons from 1998 Tuesday, 2 Feb 2016 | 1:00 AM ET

    *OPEC rifts and pact with Russia under scrutiny. Now, with oil prices touching their lowest level since 2003, OPEC officials and deal brokers are looking back nearly two decades and asking whether a behind-the-scenes deal to curb oil output between OPEC and non-OPEC Russia could be struck. Some see OPEC rifts as insurmountable and Russia as a wild card that...

  • Have oil prices hit the bottom? Monday, 1 Feb 2016 | 1:15 AM ET
    Have oil prices hit the bottom?

    Seth Kleinman, head of energy strategy at Citi, says Iran is a bearish risk to the oil market, but it depends on how much it produces.