Business Saudi Arabia


  • Saudis 'ready to cooperate' on crude output: Report Thursday, 28 Jan 2016 | 12:54 PM ET
    An oil site in the middle of the Rub Al Khali ("the empty quarter") desert, Saudi Arabia.

    But the report denied that Saudi Arabia had proposed a 5 percent production cut to bolster weak crude prices.

  • Gulf airlines squeezed by Iran tensions Thursday, 28 Jan 2016 | 7:29 AM ET

    *Gulf Air has cancelled 16 Iran flights a week. DUBAI, Jan 28- Diplomatic tensions are causing airlines in Saudi Arabia, Iran and Bahrain to lose millions of dollars in revenue at a time when all three countries are grappling with the economic impact of lower oil prices. Lucrative flights that carry pilgrims to Islam's holiest sites in Saudi Arabia are among the...

  • *Government plans privatisations, move into new industries. RIYADH, Jan 28- At a three-day conference in Riyadh this week, hundreds of Saudi Arabian officials and businessmen discussed ways to rescue the economy from low oil prices, by developing new industries and giving opportunities to the private sector. As cheap oil pressures its currency and opens up a...

  • Early signs of oil bottoming: Tom Petrie Thursday, 28 Jan 2016 | 6:53 AM ET
    Early signs of oil bottoming: Tom Petrie

    Tom Petrie, Petrie Partners chairman, weighs in on the possibility of a Russia/Saudi relationship and shares his expectation for crude prices.

  • DUBAI, Jan 28- Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes. Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices. "In the near future the strong...

  • Russia's oil boss: We'll talk to OPEC on output Wednesday, 27 Jan 2016 | 10:27 PM ET
    An oil pump jack in Russia

    Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts, Russia's pipeline head said.

  • Fed dithering will destabilize markets Wednesday, 27 Jan 2016 | 3:08 PM ET
    Traders work on the floor of the New York Stock Exchange (NYSE) following an announcement that the Federal Reserve will raise interest rates for the first time in nearly a decade on December 16, 2015 in New York.

    The Fed needs to continue tightening, says a former Fed official. Delaying decisions will not make the path any easier.

  • Why oil glut not going away soon Wednesday, 27 Jan 2016 | 1:35 PM ET
    Oil barrels over supply

    U.S. oil production continues to defy forecasts that it's slowing, and with refiners processing as much as they can, the glut keeps growing.

  • Saudi Arabia's King Abdullah authorized payment to Malaysian Prime Minister

    Saudi Arabia's late King Abdullah issued the $681 million payment to Najib Razak.

  • 'Must Read': China's short-term pain for gain plan Wednesday, 27 Jan 2016 | 5:47 AM ET
    'Must Read': China's short-term pain for gain plan

    The "Worldwide Exchange" crew discusses the morning's top attention-grabbing headlines, including China adopting supply side structural reforms and economic challenges ahead for Saudi Arabia as sanctions are lifted in Iran.

  • DUBAI, Jan 27- Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year. Many traders and fund managers believe that if Brent trades above $30- a level investors are keeping a close eye on- then the...

  • King Abdullah OK'd $681M gift for Malaysian PM: BBC Wednesday, 27 Jan 2016 | 12:23 AM ET
    Saudi King Salman bin Abdulaziz in the Oval Office of the White House September 4, 2015.

    Saudi Arabia's late King Abdullah paid some of the money out of his private funds, the BBC reported.

  • RIYADH, Saudi Arabia— Saudi Arabia is racing to attract more investment and overhaul its economy as low oil prices expose it to urgent domestic challenges. "All the consulting houses are here in Saudi Arabia. The who's who of Saudis are working on it, "Deputy Governor of the Saudi Arabian General Investment Authority, Prince Saud al-Faisal, told The Associated...

  • Saudi Aramco expects oil prices to rise by end of 2016 Tuesday, 26 Jan 2016 | 8:54 AM ET

    RIYADH, Saudi Arabia— Saudi Arabia's state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco's CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the gap between...

  • Saudi royal family donated $681M to Malaysian Prime Minister

    Malaysia's attorney general revealed that Saudi Arabia's royal family gave Prime Minister Najib Razak a $681 million gift.

  • Saudi Arabia to move beyond oil Tuesday, 26 Jan 2016 | 6:00 AM ET
    Saudi Arabia to move beyond oil

    The country revealed plans to move into industries including information technology, health care and tourism.

  • DUBAI, Jan 26- Bourses in Saudi Arabia and Egypt fell in early trade on Tuesday as investors cashed out following a resumption in declines of global stocks and worries over further weakness in oil markets. Brent broke below $30 a barrel in Asian trade, as fresh worries about oversupply from top producers Saudi Arabia and Iraq spooked the market.

  • Saudi Arabia: Here's how we'll cope in cheap oil era Tuesday, 26 Jan 2016 | 2:02 AM ET
    Saudi Arabia's King Abdullah

    Saudi Arabia outlined ambitious plans to move into non-oil-related industries ranging from information technology to health care and tourism.

  • Why Iran is a problem for the oil market Monday, 25 Jan 2016 | 5:19 PM ET
    An Iranian oil tanker is seen floating on the Caspian Sea.

    An Iranian oil tanker set sail for South Korea last week, heralding a new period of uncertainty for world crude prices.

  • Saudi Arabia presents plan to move beyond oil Monday, 25 Jan 2016 | 1:28 PM ET

    *Riyadh investment conference draws officials, businessmen. RIYADH, Jan 25- Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh hotel was held...