Business Saudi Arabia

  • RIYADH, Dec 22- Saudi Arabia said on Thursday it had successfully cut into its huge state budget deficit this year and will increase government spending in 2017 to boost flagging economic growth. The financial challenges for Saudi Arabia stem largely from the fall in the global price of oil over the past 2-1/ 2 years. Riyadh slashed spending on infrastructure and...

  • CAIRO, Dec 22- Egypt's Petroleum Minister Tarek El Molla said on Thursday his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalize the deal by the first quarter of 2017.. El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries that Egypt aims to...

  • Saudi Arabia working with a new normal

    CNBC's Hadley Gamble discusses what to expect from Saudi Arabia's budget, and how it may demonstrate the economy's attempt to move away from oil dependence.

  • Lower oil prices weigh on Saudi deficit

    Saudi Arabia is set to curb its domestic energy subsidy while boosting investment to support its wider economy. CNBC’s Hadley Gamble has the details.

  • DUBAI, Dec 21- Saudi Arabia's state budget for 2017, which is expected to be released on Thursday, will boost spending to support economic growth while raising domestic energy prices to ease the government's subsidy burden, sources told Reuters. The deficit totalled a record 367 billion riyals in 2015, and the original budget for this year projected a 326...

  • A pedestrian crosses a smog-shrouded street in Lianyungang, eastern China's Jiangsu province on December 19, 2016.

    WHO's ranking is based on the amount of particle matter smaller than 2.5 microns in diameter common to dust and smoke, reports USA Today.

  • DUBAI, Dec 19- Saudi Arabia's crude oil exports fell in October by 176,000 barrels per day from the month before, despite high production, but its refined products shipments rose as the kingdom expands its refining power, official data showed on Monday. Saudi Arabia's domestic crude inventories fell to 276.586 million barrels in October, from 278.688 million in...

  • Saudi Arabia is the only country where women are forbidden to drive, making it harder for them to get to work. Mohammad Bajbair, a senior health official in the Red Sea commercial hub of Jeddah, told the Saudi Gazette that women could work in opticians' shops as long as they do not mix with men. Out of 144 nations, only Iran, Yemen and Syria place lower than Saudi Arabia in a...

  • No plants for Saudi Arabia to reconsider investment in the united states

    CNBC's Hadley Gamble reports from Riyadh, discussing recent negotiations between U.S. Secretary of State John Kerry and the Saudi government.

  • Saudi, US play down reports of curbing military support

    U.S. Secretary of State, John Kerry has met with Saudi Arabia’s King and Crown Prince to discuss issues in the Middle East. CNBC’s Hadley Gamble reports.

  • What will US-Saudi relations look like in 2017?

    Questions over what future U.S.-Saudi Arabia relations will look like are emerging, especially with Trump becoming the next president. CNBC’s Hadley Gamble reports.

  • Oil

    Oil prices were stable as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts.

  • A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.

    The investment bank expects high compliance for production cuts by OPEC members as well as non-member countries.

  • DUBAI/ LONDON, Dec 15- Saudi Arabia has long said it could produce as much as 12 million barrels per day of oil if needed, but that pump-at-will claim- which would require huge capital spending to access spare capacity- has never been tested. With tight resources, Saudi Arabia found itself weighing the prospect of investing billions of dollars to raise oil output...

  • WASHINGTON, Dec 13- The United States has decided to limit military support to Saudi Arabia's campaign in Yemen because of concerns over widespread civilian casualties and will halt a planned arms sale to the kingdom, U.S. officials told Reuters. The decision reflects deep frustration within President Barack Obama's government over Saudi Arabia's...

  • WASHINGTON, Dec 13- The United States has decided to limit military support to Saudi Arabia's campaign in Yemen because of concerns over widespread civilian casualties and will halt a planned arms sale to the kingdom, U.S. officials told Reuters. The decision reflects deep frustration within President Barack Obama's government over Saudi Arabia's...

  • Saudi officials have obtained pledges from OPEC members to cut production by almost 1.2 million barrels per day and from non- OPEC members by an extra 560,000 bpd during the first half of 2017.. But as negotiators narrowed their differences and then announced a deal among OPEC members nearly all those positions were closed: shorts were reduced by 174 million...

  • Saudi officials have obtained pledges from OPEC members to cut production by almost 1.2 million barrels per day and from non- OPEC members by an extra 560,000 bpd during the first half of 2017.. But as negotiators narrowed their differences and then announced a deal among OPEC members nearly all those positions were closed: shorts were reduced by 174 million...

  • WASHINGTON, Dec 13- The United States has decided to limit military support to Saudi Arabia's campaign in Yemen because of concerns over widespread civilian casualties and will halt a planned arms sale to the kingdom, U.S. officials told Reuters. The United States will also revamp future training of the kingdom's air force to focus on improving Saudi targeting...

  • RIYADH/ DUBAI, Dec 13- Saudi Arabia's 2017 state budget is likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy. Growth slowed sharply and speculators bet against the Saudi currency as the government fought to curb a deficit that totalled a record 367 billion riyals in 2015..