Business Saudi Arabia

  • An Indian foreign 'guest worker' walks on a ramp in the technical zone of the gas and petrol separation at the Aramco (Saudi national oil company) offshore oil rig 'Marjan 2' in the Persian Gulf.

    The slump in energy prices means oil-producing countries face a “clear need” to diversify their economies and improve competitiveness, WEF says.

  • *Iran, Libya, Nigeria should maximize output- Saudi Arabia. NEW YORK, Sept 27- Oil fell about 3 percent on Tuesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise this week at meeting in Algiers to help ease a global glut of crude. Saudi Energy Minister Khalid al-Falih told reporters in the Algerian capital,...

  • BAGHDAD, Sept 27- Iraq is carrying out a mediation between Saudi Arabia and Iran to bring about an agreement that would lift crude prices, at a meeting of crude-producing nations in Algiers, Iraqi Oil Minister Jabar Ali al-Luaibi said on Tuesday. Iran on Tuesday rejected a proposal from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supplies,...

  • *Iran, Libya, Nigeria should maximize output- Saudi Arabia. NEW YORK, Sept 27- Oil fell about 3 percent on Tuesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise this week at meeting in Algiers to help ease a global glut of crude. Saudi Energy Minister Khalid al-Falih told reporters in the Algerian capital,...

  • ALGIERS, Sept 27- Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude. "The gap between OPEC countries is narrowing. Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "...

  • *Iran insists on much higher output targets. *Gulf OPEC members, Russia trying to persuade Iran. ALGIERS, Sept 27- Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.

  • *Iran insists on much higher output targets. *Gulf OPEC members, Russia still trying to persuade Iran. ALGIERS, Sept 27- Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and...

  • *Kuwait banks gain after cbank says financial system stable. DUBAI, Sept 27- Saudi Arabia's stock index slumped 3.8 percent on Tuesday after the government said it would cut ministers' salaries by 20 percent and scale back financial bonuses and perks for public sector workers under an austerity drive. NCB Capital estimated allowances accounted for about a...

  • ALGIERS, Sept 27- Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and...

  • OPEC freeze unlikely: Minister

    Nigerian Oil Minister Emmanuel Ibe Kachikwu, says that an OPEC freeze is not likely, but "honesty" is the real progress at the meeting in Algeria.

  • OPEC to release plan for possible cuts: Report

    CNBC's Hadley Gamble has the update from OPEC leaders meeting in Algeria to dicuss oil production.

  • ALGIERS, Sept 27- Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and Tehran remained too wide. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear...

  • The oil-rich kingdom will lower ministers' salaries and cut back financial perks for public sector workers.

  • ALGIERS, Sept 27- Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and Tehran remained too wide. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear...

  • Hopes fade for OPEC oil freeze deal

    Saudi Arabia needs to cut rather than freeze, says Barclays' Miswin Mahesh providing his outlook on oil as OPEC and non-OPEC producers fail to agree on oil production.

  • ALGIERS, Sept 27- Saudi Arabia on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and rival Iran remained too wide. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from...

  • Algiers just a teaser to future OPEC meeting

    CNBC's Hadley Gamble discusses potential outcomes of this week's oil producer meeting in Algiers.

  • Saudi women leave mall in Riyadh before taking taxi as elsewhere a grassroots campaign planned to call for an end to the driving ban for women in Saudi Arabia.

    The plunge in oil prices since mid-2014 has pushed energy-rich Gulf Arab states to rein in lavish public spending.

  • Major oil producers are gathering in Algeria for a three-day meeting that could see moves to cut or freeze oil output in an effort to support oil prices. The Organization of the Petroleum Exporting Countries and other oil producers led by Russia are meeting informally on the sidelines of the International Energy Forum in Algeria from Sept. 26-28.

  • OPEC Deal

    It is unlikely that Saudi Arabia will be giving up market share without any compromise from Iran, says The Schork Report Editor Stephen Schork.