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  • *Falih first in Vienna, visits OPEC headquarters. *Many fellow OPEC ministers to arrive much later. For veteran OPEC watcher Gary Ross, founder of New York- based consultancy PIRA, that signals expectations should be low as far as OPEC policy is concerned.

  • *Falih first in Vienna, visits OPEC headquarters. *Many fellow OPEC ministers to arrive much later. For veteran OPEC watcher Gary Ross, founder of New York- based consultancy PIRA, that signals expectations should be low as far as OPEC policy is concerned.

  • Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030," a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse...

  • Oil prices at 'critical juncture': Pro

    Technically, I think oil prices could go back down, says John Kilduff, Again Capital Partners sharing his outlook on crude. Oil has had a "heck of a fall," says Kilduff discussing how a glut in oil pressed prices down.

  • Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030," a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse...

  • OPEC meets next week, June 2, to decide on production policy. Indonesia reactivated its OPEC membership at the same December 2015 meeting. *benchmark for OPEC 10 output- all the then members except Iraq- as basis for Riyadh cuts. ceiling. 7/ 8 Angola and Ecuador joined OPEC in 2007 and became included in the output ceiling as of January 2008, bringing the production...

  • *Huge portfolio means Falih may have less time for OPEC. DUBAI/ LONDON, May 26- For those seeking guidance on Saudi Arabia's thinking regarding the future of OPEC, the last few weeks' agenda of the new Saudi energy minister, Khalid al-Falih, might offer a few clues. "Saudi Arabia killed OPEC and buried it," a senior OPEC source from a non-Gulf producer said.

  • DUBAI, May 25- A $16.5 billion metro railway project planned for Saudi Arabia's holy city of Mecca has been delayed so that its financing can be restructured, an official said on Wednesday, but he later retracted the statement. New budgeting constraints have caused changes to the Mecca plan such as modifications to the design of the metro stations, Abdelfattah...

  • DUBAI, May 25- Saudi Arabia may need to change its currency's peg to the U.S. dollar if economic conditions shift, researchers at the Saudi central bank suggested in a paper that could shape debate among policymakers as the kingdom grapples with low oil prices. But the collapse of oil prices since 2014, which created a $100 billion state budget deficit, has fueled...

  • *Saudi-Iran split on OPEC role, wider political issues. But the development will do little to repair dialogue, let alone help clinch a production deal, when OPEC meets next week amid rising political tensions between arch-rivals Iran and oil superpower Saudi Arabia, OPEC sources and delegates say. OPEC has no supply limit, having at its last meeting in December...

  • Flames rise from a storage tank filled with crude oil at an oil facility in northern Libya's Ras Lanouf region after it was set ablaze following fresh attacks launched by Islamic State (IS) group jihadists to seize key port terminals, on January 21, 2016.

    More than two-thirds of Gulf banks reported an increase in unpaid loans in the first three months of the year and more defaults are likely.

  • *Mass transit scheme was to cost $16.5 billion. DUBAI, May 25- A $16.5 billion mass transit project planned for Saudi Arabia's holy city of Mecca has been delayed so that its financing can be restructured, the head of the implementing body said on Wednesday. The Mecca plan includes building a metro rail system with 182 kilometers of track and 88 stations, according...

  • DUBAI, May 25- More than two-thirds of Gulf banks reported an increase in unpaid loans in the first three months of the year and more defaults are likely as oil-dependent governments slash spending to adjust to lower crude prices. "The days of double-digit profits and expansion plans are gone," said one United Arab Emirates- based banker. National Commercial Bank,...

  • DUBAI, United Arab Emirates— General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom's ambitious plan to wean itself off crude oil. GE's chairman and CEO Jeffrey Immelt said the project showed the company wanted to expand its long-time presence in Saudi Arabia in "a new and visionary way."

  • Indian Prime Minister Narendra Modi greets Crown Prince of Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan after the prince arrived at an air force base in New Delhi on February 10, 2016. The UAE was the first Middle Eastern country Modi visited as Prime Minister.

    India's Prime Minister will embark on a two-day visit to long-time partner Iran, close on the heels of a trip to Saudi Arabia.

  • DUBAI, May 19- The International Monetary Fund backed Saudi Arabia's sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices. The IMF had for years been urging Saudi Arabia to adopt many of those measures, and in a statement on Thursday it said the reform...

  • Oil Markets

    Richard Mallison from Energy Aspects argues that there is no evidence to show Saudi Arabia's new strategy is to raise oil output again to push prices lower.

  • John Kilduff

    Goldman turned bullish on oil recently but John Kilduff says he thinks oil is more likely to fall back to $35 a barrel.

  • RIYADH/ DUBAI, May 18- Construction firm Saudi Binladin Group has secured a 2.5 billion riyal loan from local banks to ease its financial pressures, banking sources aware of the matter said on Wednesday. Arab National Bank and Saudi British Bank are providing the loan, which Binladin is using to cover redundancy costs for workers it is laying off, back salaries and...

  • *To help Russian exporters in markets including China. LONDON, May 18- Russia's second largest bank, state-controlled VTB, is growing its commodities trading business to help the country's oil, coal and metals producers expand in new markets from China to Africa. "We aim to enter the top ten of leading banks working with commodities markets," said Djumaliev, who...