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  • *Powerful Saudi prince toured Silicon Valley this week. DUBAI/ RIYADH, June 23- The powerful young prince behind modernising reforms in Saudi Arabia presents himself as the champion of his nation's plugged-in youth, and his visit to Silicon Valley this week sought to bolster that image. Pictures of the denim-clad prince in Silicon Valley served both purposes.

  • *OPEC, non- OPEC producers may consult at Sept forum. Despite the collapse of talks on restraining production among OPEC and non- OPEC members earlier this year, he thinks the discussions were a success that might soon be repeated. "It paved the way for a reversal of negative trends in the oil markets," Novak told reporters last week after meeting OPEC member...

  • Oil production

    Oil prices reversed their losses in post-settlement trade after API data showed a bigger-than-expected draw on inventory.

  • With Saudi Arabia being the biggest market for booking app Careem, CNBC catches up with its co-founder Abdulla Elyas, to talk about the region.

  • WASHINGTON, June 17- President Barack Obama and the deputy crown prince of Saudi Arabia on Friday discussed ways to support Iraqis in their fight against Islamic State militants and the importance of a political transition in war-torn Syria, the White House said. "The President expressed appreciation for Saudi Arabia's contributions to the campaign against...

  • What to expect: Saudi deputy crown prince visits US

    Discussing the upcoming meeting between President Obama and the Saudi Deputy Crown Prince with James Smith, Former United States Ambassador to Saudi Arabia, and Stephen Seche, Former Chargé d'Affaires at the U.S. Embassy in Damascus, Syria and Arab Gulf States Institute in Washington Executive Vice President.

  • “I can confirm that Saudi Arabia has started to invest. I cannot disclose exact amount, but we are very impressed with what that fund is doing,” RDIF’s CEO, Kirill Dmitriev told CNBC.

  • President Barack Obama will meet with Saudi Arabia's powerful deputy crown prince on Friday and the two are expected to discuss conflicts in the Middle East including the campaign against Islamic State, a White House spokesman said on Thursday. White House spokesman Eric Schultz said the meeting would provide an opportunity to discuss issues including the...

  • President Barack Obama will meet with Saudi Arabia's powerful deputy crown prince on Friday and the two are expected to discuss conflicts in the Middle East including the campaign against Islamic State, a White House spokesman said on Thursday. Friday's meeting will take place at the White House. White House spokesman Eric Schultz said the meeting would...

  • *Saudi GDP growth by sector: http://link.reuters.com/tef52w. *Low oil prices prompt Thatcher-style policy change. JEDDAH, Saudi Arabia, June 16- After decades of government-led growth, Saudi Arabia is handing over much of the responsibility for the economy to private firms- a prospect which both pleases and worries businessmen, who wonder how they can finance...

  • DUBAI, June 16- Saudi Arabia's main state grain agency, the Saudi Grains Organization said on Thursday it was seeking to buy 300,000 tonnes of hard wheat in a tender. Of the total, 180,000 tonnes will be for shipment to the port of Jeddah and 120,000 tonnes to the port of Dammam. Saudi Arabia has become a major importer of hard and soft wheat since abandoning plans for...

  • A floorhand works on an oil rig in the Bakken shale formation outside Watford City, North Dakota.

    The collapse in crude prices is turning into a trillion-dollar retrenchment for the global oil industry.

  • *Egypt plans jail terms for black market trading. CAIRO/ RIYADH, June 15- Egypt's efforts to stamp out illicit currency trading is pushing black market dealers to carry out transactions abroad, beyond the reach of the law, robbing the economy of its last vital source of foreign currency. Dealers say they are scooping up dollars held by expatriate workers and...

  • John Kilduff

    The oil market's "real Achilles heel" is slowing economies in this region, says John Kilduff.

  • *Oil exports to Europe recover to near pre-sanctions level. TOKYO, June 14- Iran's oil exports are on track to hit the highest in almost 4 1/ 2 years in June, as shipments to Europe recover to near pre-sanctions level, according to a source with knowledge of the country's crude lifting plans. Before sanctions were enforced in mid-2012, Iran was exporting about 2.2...

  • Oil fracking

    Oil prices need to recover to roughly $70 a barrel — and stay there — before U.S. shale drillers invest in new production, Tom Petrie said.

  • Some of the factors driving oil higher may be fleeting, and crude is widely expected to come off current levels. But strategists say the charts are telling another story.

  • MOSCOW, June 8- Royal Dutch Shell has resumed purchases of Iranian crude, becoming the second major oil firm after Total to restart trade with Tehran after the lifting of sanctions, trading sources said and ship tracking data showed. Tehran's re-entry to the oil market has heightened tensions with arch-rival Saudi Arabia and attempts by OPEC to concoct a...

  • *Saudi reform plan proposes income tax on expats. JEDDAH/ DUBAI, June 8- Expatriates in Saudi Arabia and their Saudi employers alike voiced unease about a proposal the government is studying to impose income tax on foreign workers to make up for falling oil revenues. A National Transformation Plan of economic reforms, released on Monday, said 150 million riyals...

  • By Anjuli Davies, David French and Sophie Sassard. LONDON/ DUBAI, June 8- Investment banks are jostling to take part in the listing of a chunk of Saudi Arabia's state-owned oil giant Aramco as a portal to the lucrative deals they expect to flow from the kingdom's plan to revamp its economy. "For banks, being on this deal is a game-changer for the league tables," said one...