Business Saudi Arabia

  • Participants gather in the lobby ahead of an informal meeting between members of the Organization of Petroleum Exporting Countries, OPEC, in the Algerian capital Algiers, on September 28, 2016.

    Oil prices were flat in Asian trade after a surprise OPEC deal to limit output, as skepticism mounted over enforcement of the deal.

  • WASHINGTON, Sept 28- Congress on Wednesday overwhelmingly rejected President Barack Obama's veto of legislation allowing relatives of the victims of the Sept. 11 attacks to sue Saudi Arabia, the first veto override of his presidency, just four months before it ends. The House of Representatives voted 348-77 against the veto, hours after the Senate rejected it...

  • OPEC Meeting

    It is questionable whether the deal will hold because the various OPEC members are in different circumstances, says Intelligent Investor's Gaurav Sodhi.

  • White House blasts "embarrassing" Senate vote. WASHINGTON, Sept 28- Congress on Wednesday overwhelmingly rejected President Barack Obama's veto of legislation allowing relatives of the victims of the Sept. 11 attacks to sue Saudi Arabia, the first veto override of his presidency, just four months before it ends. The House of Representatives voted 348-77...

  • *OPEC will limit output at 32.5-33.0 million bpd. *To seek non- OPEC support once output reduced. ALGIERS, Sept 28- OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

  • A gas flame is seen in the desert near the Khurais oilfield, near Riyadh, Saudi Arabia.

    A reported agreement by OPEC to work toward a production cut could put a floor under oil and points to the strain low crude prices have had on producers.

  • *OPEC will limit output at 32.5 million bpd- sources. ALGIERS, Sept 28- OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. How much each country will produce is to be decided at the next formal meeting of OPEC in November,...

  • U.S. President Barack Obama

    The Senate overrode Obama's veto of Sept. 11 legislation, despite warnings that the measure could put U.S. troops and interests at risk.

  • Saudi Arabia's Energy Minister Khalid al-Falih arrives for an informal meeting between members of the Organization of Petroleum Exporting Countries, OPEC, in the Algerian capital Algiers, on September 28, 2016.

    Concessions offered by Saudi Arabia to lock down a deal to limit oil supply show Riyadh is getting pinched by its own policy, John Kilduff said.

  • *OPEC will limit output at 32.5 million bpd- sources. ALGIERS, Sept 28- OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. How much each country will produce is to be decided at the next formal meeting of OPEC in November,...

  • *Iran wants much higher share of OPEC production. ALGIERS, Sept 28- OPEC might still agree an oil output-limiting deal later this year as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. That represents a strategy shift for Riyadh, which has said it would reduce output to ease the global glut only if...

  • *Iran wants much higher share of OPEC production. ALGIERS, Sept 28- OPEC might still agree an oil output-limiting deal later this year as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. That represents a strategy shift for Riyadh, which has previously said it would reduce output only if every other...

  • *Iran wants much higher share of OPEC production. ALGIERS, Sept 28- OPEC might still agree an oil output-limiting deal later this year as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. That represents a strategy shift for Riyadh, which has previously said it would reduce output only if every other...

  • RBC Capital Markets says oil prices may slip to $40 or lower if OPEC members leave Algeria without any promise of a deal.

  • *Iran wants much higher share of OPEC production. ALGIERS, Sept 28- OPEC might still agree an oil output-limiting deal later this year after failing to do so in Algeria this week as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. That represents a strategy shift for Riyadh, which has previously said it...

  • CNBC's Hadley Gamble discusses the latest lines to come out of this week's oil producer meeting in Algiers.

  • Longstanding tensions between Saudi Arabia and Iran will hold OPEC back from an oil production freeze in the near term, analysts said.

  • OPEC Meet

    OPEC members have disparate agendas and will unlikely reach an agreement on anything, says Martin Place Securities' Barry Dawes.

  • 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,...