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Business Saudi Arabia


  • High Oil Prices Tough on U.S. Economy, Bush Says Tuesday, 15 Jan 2008 | 4:27 AM ET

    U.S. President George W. Bush said on Tuesday oil prices were "very high" and tough for theU.S. economy to bear.

  • Citigroup's Layoffs Could Reach 24,000 This Year Monday, 14 Jan 2008 | 8:19 AM ET

    Citigroup plans to announce a writedown of as much as $24 billion and layoffs of up to 24,000 due to subprime and credit-related losses, CNBC has learned.

  • Citi to Get Investment from Saudi Prince, China: WSJ Friday, 11 Jan 2008 | 6:13 PM ET

    Saudi Arabian Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, will inject new cash to help America's biggest bank grapple with heavy mortgage market losses, the Wall Street Journal reported on its Web site on Friday.

  • Saudis Plan $900 Billion Wealth Fund: FT Monday, 24 Dec 2007 | 3:19 AM ET

    Saudi Arabia plans to establish a sovereign wealth fund that may exceed $900 billion, which would likely be the largest in the world, the Financial Times reported on its Web site without naming sources.

  • OPEC Leaves Oil Production Unchanged Wednesday, 5 Dec 2007 | 10:22 AM ET
    Abu Dhbai

    OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.

  • OPEC May Consider Boost In Oil Output Wednesday Tuesday, 4 Dec 2007 | 5:25 PM ET
    Abu Dhbai

    OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.

  • Saudi Prince Buys 'Flying Palace' Airbus A380 Monday, 12 Nov 2007 | 2:31 PM ET

    European planemaker Airbus named on Monday Saudi billionaire Prince Alwaleed bin Talal as the first private buyer of an A380 superjumbo, the world's largest passenger airliner.

  • Saudis 1, Everyone Else 0 Tuesday, 11 Sep 2007 | 2:23 PM ET

    So there we have it. A long, drawn out battle has been won once again by the globe’s mightiest oil producer: Saudi Arabia.

  • OPEC Considers Push for Modest Production Boost Monday, 10 Sep 2007 | 2:03 PM ET

    OPEC weighed a push by some members Monday to modestly boost its production quota amid stubbornly high oil prices and expectations of a spike later this year in the global demand for crude.

  • Will oil slump to $60 a barrel or soar to above $80? Barring any unforeseen geopolitical events, Stanford Group Energy analyst picks $60.

  • U.S. Launches Corruption Probe into Britain's BAE Tuesday, 26 Jun 2007 | 2:07 PM ET

    The U.S. justice department has launched a corruption probe into Britain's BAE Systems, a potential headache for Gordon Brown just hours before he succeeds Tony Blair as British Prime Minister.

  • Dow Chemical is close to deal to build a $20 billion petrochemical plant in Saudi Arabia, the Financial Times reported late Thursday.

  • U.S. crude oil futures ended lower for the third day in a row after government data showed supplies last week rose within market forecasts.

  • U.S. crude oil fell 2% on Tuesday on expectations of rising supplies and a rebound in refinery throughput ahead of summer driving season in the United States, the world's biggest market.

  • Crude oil futures ended lower, sliding late in a choppy session that saw May RBOB gasoline futures up sharply ahead of its contract expiration, reaching an 11-month high at one point, amid refinery snags and supply concerns.

  • saudiWeapons.jpg

    Saudi Arabia said it foiled an al Qaeda-linked plot to attack oil facilities and military bases, arresting more than 170 suspects, including some trainee pilots preparing for suicide operations.

  • Saudi Investor Buys 3.3 Billion Pound HSBC Stake Monday, 16 Apr 2007 | 10:25 AM ET

    A Saudi Arabian investor has bought a 3.3 billion pound ($6.6 billion) stake in Europe's biggest bank HSBC Holdings in the past two months, and sees the stake as a long-term investment, his spokesman said.

  • Mitsui Wins $763 Million Order for Saudi Railway Monday, 2 Apr 2007 | 10:41 PM ET

    Mitsui & Co.,  Japan's second-biggest trading house, has won a $763 million contract  order together with a group of companies for a railway construction project in Saudi Arabia.

  • Can Saudis Still Call The Shots On Oil? Wednesday, 31 Jan 2007 | 12:00 PM ET

    If you’ve been paying attention to the oil market lately, you’ve probably spent some time scratching your head. Crude oil prices seem to fluctuate on a day-to-day basis now, leaving investors to wonder when the volatility will end – and what’s behind it.

  • OPEC could make oil production cuts for the second time this year--so says the Saudi Oil Minister Ali Naimi. He says supply continues to outweigh demand. But it's not a done deal. The oil organization could wait until their December meeting in Nigeria-- to assess the impact of the October cuts--before cutting even more production