Business News Middle East

  • JEDDAH, Saudi Arabia, Sept 17- Saudi Arabia will restore its lost oil production by the end of September and has managed to recover supplies to customers to the levels they were at prior to weekend attacks on its facilities by drawing from its huge oil inventories. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in...

  • *Iran's supreme leader rules out talks with Washington. WASHINGTON/ DUBAI, Sept 17- The United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran, a U.S. official told Reuters on Tuesday, an assessment that further increases tension in the Middle East. Such intelligence, if shared publicly, could...

  • *U.S. believes Saudi attacks came from southwest Iran- official. NEW YORK, Sept 17- Oil prices tumbled about 6% on Tuesday after Saudi Arabia's energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5% of global oil output. Brent crude futures sank $4.47, or 6.5%, to settle at $64.55 a...

  • JEDDAH, Saudi Arabia, Sept 17- Saudi Arabia will restore its lost oil output of 5.7 million barrels per day by the end of September and has managed to recover oil supplies to the levels they were at prior to weekend attacks on its facilities by drawing from oil inventories. "Oil supplies will be returned to the market as they were before 3:43 am Saturday," he told a news...

  • JEDDAH, Saudi Arabia, Sept 17- Saudi Aramco chairman Yassir al-Rumayyan said on Tuesday a planned initial public offering of the state oil giant would be ready within the coming 12 months and that the kingdom was committed to the listing. Rumayyan told a news conference that the Aramco IPO would "continue as it is" despite weekend attacks on the company's oil...

  • SAN FRANCISCO, Sept 17- U.S. retailers already reeling from the U.S.- China trade war and an uncertain economic picture now have something else to fret about this holiday season- higher fuel prices. If gasoline prices rise substantially, "Consumers are far and away going to be attracted to more point-and-click shopping, but the cost of executing on its delivery...

  • Spot gold was trading 0.5% higher at $1,506.00 per ounce at 12:47 p.m. EDT. U.S. gold futures rose 0.2% to $1,514.60 an ounce. "What you have is traders positioning in gold right now trying to prep themselves for the Fed meeting," said Michael Matousek, head trader at U.S.

  • Oil& gas sector dropped 0.8% after Reuters reported that Saudi Arabia's oil output will be fully restored quicker than expected, taking two or three weeks not months as initial indications suggested, according to sources. Worries of an escalation in Middle East conflicts and the impact of a spike in oil prices on global growth cast a pall over investor...

  • *Trump ties Iran to oil attack, but says does not want war. *Iran's supreme leader rules out talks with Washington. LONDON/ DUBAI, Sept 17- Saudi Arabia sought to calm markets on Tuesday after an unprecedented attack on its oil facilities, with sources saying output was recovering much more quickly than initially forecast and could be fully back in two or three weeks.

  • PARIS, Sept 17- French state-controlled utility EDF and French nuclear state agency CEA are in talks with U.S. nuclear reactor builder Westinghouse to develop a Small Modular Reactor, a group of French companies involved in the project said on Tuesday. In a joint statement by CEA, EDF, defense firm Naval Group and nuclear propulsion specialist TechnicAtome, they...

  • Spot gold was trading 0.5% higher to $1,505.26 per ounce at 11:10 a.m. EDT. U.S. gold futures rose 0.1% to $1,513.20 an ounce. "What you have is traders positioning in gold right now trying to prep themselves for the Fed meeting," said Michael Matousek, head trader at U.S.

  • *Iran's supreme leader rules out talks with Washington. *Trump ties Iran to Saudi oil attack, but says does not want war. LONDON/ DUBAI, Sept 17- Saudi Arabia sought to calm markets on Tuesday after an attack on its oil facilities, with sources in the kingdom saying output was recovering much more quickly than initially forecast and could be fully back in two or three...

  • ANKARA, Sept 17- Turkey's lira firmed on Tuesday, outperforming other emerging market currencies, after a Reuters report that Saudi Arabia's oil output will return to normal levels quicker than expected following the weekend attacks on its production facilities. Turkey's lira firmed to as far as 5.6950 against the U.S. dollar following the report, from around...

  • LONDON, Sept 17- Saudi Arabia has yet to brief fellow OPEC members and other energy sector players about how long it will take to restore the country's oil output, OPEC and industry sources said as Riyadh tries to assess damage from the weekend's crippling attacks. The United States has said it looked like Iran was behind the strike at the heart of the Saudi oil...

  • MOSCOW, Sept 17- Russia will hold talks with its Middle East partners on selling them new anti-drone weapons systems, Interfax news agency cited Russian state arms exporter Rosoboronexport saying on Tuesday. The arms exporter would discuss sales of the new anti-drone weapons sales during the Dubai Airshow in late November, Rosoboronexport director...

  • *Turkey nearly completely reliant on imports for energy. ISTANBUL, Sept 17- The weekend attack on Saudi oil production facilities could delay Turkey's efforts to contain inflation and to finally leave a recession behind if a supply shock means global oil prices stay elevated, analysts said. Turkey, a major emerging market, imports almost all of its energy needs.

  • RIYADH/ LONDON, Sept 17- Saudi Aramco is pressing on this week with banker meetings about its planned listing, three sources said, although some investors and analysts doubt it can now meet its timeline after the weekend attacks on its oil facilities. Saudi's cabinet said on Tuesday that it has now reviewed the impact of the attacks on Aramco installations, with...

  • RIYADH/ LONDON, Sept 17- Saudi Aramco is pressing on this week with banker meetings about its planned listing, three sources said, although some investors and analysts doubt it can now meet its timeline after the weekend attacks on its oil facilities. Saudi's cabinet said on Tuesday that it has now reviewed the impact of the attacks on Aramco installations, with...

  • WASHINGTON, Sept 17- U.S. House of Representatives Speaker Nancy Pelosi has requested a briefing for all House members on the Saudi Aramco attacks and Iran, a spokesman said on Tuesday.

  • "Up to now France doesn't have evidence to say that these drones came from one place or another, and I don't know if anyone has evidence," Jean-Yves Le Drian told reporters in Cairo.