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Business Saudi Arabia


  • Fire at Saudi oil company residence kills 11 Sunday, 30 Aug 2015 | 2:53 AM ET

    DUBAI, United Arab Emirates— A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia's oil-rich east, killing at least 11 people and injuring more than 200, officials in the kingdom said. The Interior Ministry's General Directorate of Civil Defense said victims were of various nationalities, without elaborating.

  • 7 stocks to play oil selloff: Lipow Monday, 24 Aug 2015 | 11:47 AM ET

    Oil prices may not recover until after Q1 2016 but it’s not all bad news for the sector, says oil analyst Andy Lipow. Here's how to play it.

  • Middle East hit by market slump Monday, 24 Aug 2015 | 2:20 AM ET
    Middle East hit by market slump

    CNBC’s Hadley Gamble comments on the slump in Middle East markets.

  • Mood sours among Saudi businessmen as oil slides Sunday, 23 Aug 2015 | 7:36 AM ET

    *Economy still growing, state has big fiscal reserves. RIYADH/ KHOBAR, Saudi Arabia, Aug 23- Saudi Arabian entrepreneur Essam al-Zamel has overcome many obstacles to found a string of technology companies in the past decade, but he thinks sliding oil prices will be hard to handle. "A black economic cloud is covering the skies of Saudi Arabia," Zamel tweeted last week,...

  • Commodities next week: China data hits oil Friday, 21 Aug 2015 | 4:00 PM ET
    Commodities next week: China data hits oil

    CNBC's Courtney Reagan discusses the day's activity in the commodities markets and looks ahead at where oil and precious metals are likely headed next week.

  • Saudi stock index hits 7-month low Friday, 21 Aug 2015 | 2:00 AM ET
    Saudi stock index hits 7-month low

    CNBC’s Hadley Gamble comments on the market pain in Saudi Arabia.

  • Cramer: Fed, China, oil—Will the market gloom end? Thursday, 20 Aug 2015 | 6:35 PM ET
    A pump jack and pipes at an oil field near Bakersfield, California.

    Jim Cramer goes over the three things that must happen in order for this market to end its gloom and resume its sunny rally days.

  • OPEC pumping game; Who blinks? Thursday, 20 Aug 2015 | 3:17 PM ET
    The oil ministers of Qatar, Saudi Arabia and the United Arab Emirates attend the opening session of the Arab Energy Conference in Abu Dhabi.

    Discussing factors moving oil price, with Gillian Tett, Financial Times, and Kent Moors, Money Map Press

  • Oil could drop into the $20s: Kilduff Thursday, 20 Aug 2015 | 1:08 PM ET
    Oil rig workers crude oil

    John Kilduff explains how oil, already in a bear market, could drop to the mid-$20s per barrel.

  • *Qatar, Kuwait join regional sell-off. DUBAI, Aug 20- Most Middle East stock markets fell on Thursday as oil prices and global emerging market equities extended their slump, but Saudi Arabia bounced off an eight-month low and edged up after dropping for seven sessions in a row. In a Reuters poll at the end of July, Middle East asset managers were most bearish on the...

  • DUBAI, Aug 20- Saudi Arabia's riyal fell in the forwards market on Thursday as oil prices dropped and Saudi equities fell, prompting some traders to hedge against the risk of the riyal's peg to the U.S. dollar eventually coming under pressure. One-year dollar/Saudi riyal forwards jumped as high as 305 points, their highest level since March 2003, from Wednesday's...

  • World drowns in oil as producers slug it out Wednesday, 19 Aug 2015 | 4:46 PM ET
    A worker walks at Nahr Bin Umar oil field, Iraq, Nov. 23, 2014.

    Oil prices continue to crater, and the bottom remains elusive because not one of the world's three largest producers shows any sign of blinking.

  • Order vs. disorder in Mideast: Tom Friedman Wednesday, 19 Aug 2015 | 7:52 AM ET
    Order vs. disorder in Mideast: Tom Friedman

    Thomas Friedman, New York Times columnist, shares his thoughts on establishing order in the Middle East amid chaos and dealing with ISIS.

  • *Longer-term money rates, dollar/riyal forwards surge. DUBAI, Aug 16- Turmoil in the Saudi Arabian money markets suggests that financing the government's budget deficit in an era of cheap oil may not be smooth as banks worry about the risk of a liquidity squeeze. The government sold 20 billion riyals of riyal bonds to banks last Tuesday to help to cover a huge...

  • This is what could break the back of oil Friday, 14 Aug 2015 | 10:55 AM ET
    A worker walks at Nahr Bin Umar oil field, Iraq, Nov. 23, 2014.

    A seasonal event that happens every year may be what finally pushes oil prices to rock bottom.

  • *Foreign reserves drop as finance ministry covers deficit. DUBAI, Aug 12- A former senior official at Saudi Arabia's central bank says he believes the kingdom may soon. The Saudi Arabian Monetary Agency manages the vast bulk of petrodollars earned by the world's top oil exporting country; net foreign assets at the central bank totalled $664.5 billion in June.

  • Could $30 oil be on the cards? Wednesday, 12 Aug 2015 | 12:46 AM ET
    Could $30 oil be on the cards?

    David Hewitt, co-head of global oil & gas equity research at Credit Suisse, discusses the possibility of oil prices falling to $30 a barrel.

  • OPEC just kicked oil into the $30s Tuesday, 11 Aug 2015 | 12:23 PM ET
    A worker walks at Nahr Bin Umar oil field, Iraq, Nov. 23, 2014.

    Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.

  • Saudi's cash deficit Monday, 10 Aug 2015 | 8:32 AM ET
    Saudi's cash deficit

    Insight to the stability of Saudi Arabia's economy, with Greg Priddy, Eurasia Group.

  • Saudi, Russia: Expect closer relationship Monday, 10 Aug 2015 | 4:30 AM ET
    Saudi, Russia: Expect closer relationship

    Russian foreign minister, Sergey Lavrov, is to meet Saudi Arabian counterpart on Tuesday, with talks expected to be based on energy and the Middle East.