Business Saudi Arabia


  • 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...

  • RIYADH, Jan 25- Growth in Saudi Arabia's consumer spending is slowing as low oil prices hit households' disposable income and geopolitical tensions make shoppers more cautious, the chairman of one of the kingdom's top retailing chains said. The slide in the oil price from over $100 a barrel in mid-2014 to just over $30 has forced Saudi Arabia, the world's biggest...

  • DUBAI, Jan 25- Saudi Arabia's bourse slid in early trade on Monday, erasing some of the previous session's rebound as day traders booked quick profits and long-term investors awaited more market stability. Riyadh's index dropped 0.8 percent. "The trend remains bearish, trading below the 14- day simple moving average," said Shiv Prakash, senior research analyst at...

  • China's tilt toward Iran risks infuriating Saudis Monday, 25 Jan 2016 | 2:05 AM ET
    TEHRAN, IRAN - JANUARY 23: Chinese President Xi Jinping (C) meets with Supreme Leader of Iran Sayyed Ali Khamenei (R) in Tehran, Iran on January 23, 2016.

    China is deepening engagements with Iran after western sanctions against the country were lifted but the closer ties risk infuriating Saudi.

  • How will Iranian oil impact the market? Monday, 25 Jan 2016 | 1:00 AM ET
    How will Iranian oil impact the market?

    Richard Mallinson, geopolitical analyst at Energy Aspects, says the big questions are how much oil will come out of Iran and how quickly it enters the market.

  • This is a worry for Iran Sunday, 24 Jan 2016 | 7:33 PM ET
    This is a worry for Iran

    Extreme tensions with Saudi Arabia could potentially derail Iran's progress, according to Jean-Francois Seznec, non-resident senior fellow at the Atlantic Council.

  • Here's why China is so fond of Iran Sunday, 24 Jan 2016 | 5:32 PM ET
    Here's why China is so fond of Iran

    Chinese foreign policy in the Middle East is titled towards Iran to counter Saudi Arabia's ties with the U.S., explains James Dorsey, senior fellow at RSIS.

  • *Low oil prices call traditional strategy into question. RIYADH, Jan 24- Saudi Arabia aims to at least double annual inflows of foreign direct investment over the next 10 years by focusing on new sectors such as mining, health care and information technology, the head of its investment agency said on Sunday. The plan outlined by Abdullatif al-Othman, governor of...

  • Will the election make oil credit crisis worse? Friday, 22 Jan 2016 | 7:00 AM ET
    Donald Trump and Hillary Clinton

    The election is likely to exacerbate the credit crunch hitting the oil industry, says oil consultant Mark Harrington.

  • Is OPEC still relevant? Friday, 22 Jan 2016 | 1:00 AM ET
    Is OPEC still relevant?

    Majid Jafar, CEO of Crescent Petroleum, tells CNBC's Hadley Gamble that OPEC is not as relevant as it used to be.

  • Here's one upside from the oil rout Friday, 22 Jan 2016 | 12:17 AM ET
    The exterior of a Schlumberger Corporation building in West Houston, Texas.

    The oil price slump is hitting home but there might be some positives amid the bad news, analysts reckon.

  • Saudi Arabia says $30 oil is ‘irrational’ Thursday, 21 Jan 2016 | 7:39 PM ET

    Saudi Arabia expects the market to recover in 2016 even as the country continues to keep production high, reports the Financial Times.

  • Cramer: Oil could go to $10 Thursday, 21 Jan 2016 | 6:34 PM ET
    Traders work on the floor of the New York Stock Exchange Feb. 18, 2015.

    Jim Cramer explained why the rocky history of black gold could make it more likely that it heads to $10 very soon.

  • Oil rallies hard, but this is not the bottom Thursday, 21 Jan 2016 | 2:35 PM ET
    Oil workers make a pipe connection on a drilling rig near Encinal, Texas.

    Oil briefly rose above $30 per barrel in a short-covering relief rally, but crude has still not found a floor.

  • No sign Saudi Arabia will ride to oil market rescue Thursday, 21 Jan 2016 | 10:52 AM ET

    RIYADH/ DUBAI, Jan 21- Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy to defend its market share- no matter how low prices sink. A return of Iranian crude to the market after sanctions were lifted may now plunge prices to new lows...

  • This analyst thinks oil prices may not have hit bottom Thursday, 21 Jan 2016 | 3:39 AM ET
    Oil workers weld a new pipeline at PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui, Venezuela.

    Oil prices are likely to sink further from the 12-year trough reached this week and the clue might be in futures contracts.

  • Cramer: Oil's ugly price war just got worse Wednesday, 20 Jan 2016 | 6:57 PM ET
    Unused tanks for the oil industry pile-up in a shop yard in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas.

    Jim Cramer thinks the real war on oil prices has officially been launched, and U.S. oil companies are the biggest loser of all.

  • LONDON, Jan 20- United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders. Kuwait- headquartered UASC told Reuters on Wednesday it had "started accepting shipments to and from...

  • LONDON, Jan 20- United Arab Shipping Company, in which Saudi Arabia holds a stake, is resuming business to Iran, becoming the latest shipping line to re-establish ties after the lifting of Western sanctions, the group told Reuters on Wednesday. Kuwait- headquartered UASC, founded in 1976, said "the carrier started accepting shipments to and from Iran".