Business News Saudi Arabia

  • Saudi Arabia's Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019.

    Former Saudi energy minister Khalid al-Falih was tapped to head the kingdom's newly-created investment ministry in a cabinet reshuffle.

  • Riyadh, Feb 25- Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus. He also said Saudi Arabia and Russia would continue to engage regarding oil policy. Saudi Arabia supports the further oil production cut, but Russia...

  • RIYADH, Feb 25- U.S. shale oil output growth will slow to 600,000 to 700,000 barrels per day in 2020 and to 200,000 bpd in 2021, the chief executive of U.S. oilfield services giant Schlumberger said on Tuesday. "Next year it will be 200,000 barrels per day," Olivier Le Peuch told Reuters on the sidelines of a conference in Riyadh, adding that was his estimate for now.

  • LONDON, Feb 25- Oil fell towards $56 a barrel on Tuesday, declining for a third session, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. Brent crude slipped 26 cents to $56.04 a barrel by 1105 GMT, giving up earlier gains. The virus is also spreading in Europe and the Middle East.

  • Riyadh, Feb 25- Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus. He also said Saudi Arabia and Russia would continue to engage regarding oil policy. Saudi Arabia supports the further oil production cut, but Russia...

  • LONDON, Feb 25- Oil steadied above $56 a barrel on Tuesday after two days of declines as OPEC output cuts and Libyan supply losses balanced concerns about the spread of the coronavirus and its impact on oil demand. Brent crude rose 5 cents to $56.35 a barrel by 0952 GMT. Concern that the virus will spread and curb economic growth and oil demand has pushed down Brent...

  • Riyadh, Feb 25- Saudis Arabia's Minister of Energy, Prince Abdulaziz bin Salman, said on Tuesday that OPEC+ countries should not be complacent about the coronavirus. "Everything serious requires attendance," he told reporters on the sidelines of an industry conference in Riyadh. Prince Abdulaziz said he was still talking with Moscow and that he is confident of...

  • *G20 pledge for action fails to prevent Asia stock falls. TOKYO, Feb 25- Japan's finance minister Taro Aso said he was closely monitoring market volatility, as Asian shares sank on fears the coronavirus outbreak could wreak greater economic damage than first thought. Economy minister Yasutoshi Nishimura said the government was ready to act flexibly if the...

  • BEIJING/ SEOUL, Feb 24- The coronavirus death toll climbed to seven in Italy on Monday and several Middle East countries were dealing with their first infections, sending markets into a tailspin over fears of a global pandemic even as China eased curbs with no new cases reported in Beijing and other cities. While health experts have expected limited outbreaks...

  • *Italy infections jump to 220, 7 dead. BEIJING/ SEOUL, Feb 24- The coronavirus death toll climbed to seven in Italy on Monday and several Middle East countries were dealing with their first infections, sending markets into a tailspin over fears of a global pandemic even as China eased curbs with no new cases reported in Beijing and other cities.

  • DAMMAM, Saudi Arabia, Feb 24- Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday. Saudi Arabia fought a price war aimed at putting the U.S. shale industry out of business just six...

  • *Italy infections jump to 150, 6 dead. BEIJING/ SEOUL, Feb 24- With coronavirus cases rising in Italy and several Middle East countries dealing with their first infections, fears of a global pandemic sent markets into a tailspin, even as China eased curbs with no new cases reported Beijing and other cities. But China's actions, especially in Wuhan, had probably...

  • *China may have saved hundreds of thousands of cases-WHO. BEIJING/ SEOUL, Feb 24- Italy, South Korea and Iran reported sharp rises in coronavirus cases on Monday, but China eased curbs as the rate of infection there slowed and a visiting World Health Organization team said a turning point had been reached in the epicenter, Wuhan. But China's actions, especially in...

  • *China actions probably saved hundreds of thousands of cases-WHO. BEIJING/ SEOUL, Feb 24- Italy, South Korea and Iran reported sharp rises in coronavirus infections on Monday, but China relaxed curbs on movement as the rate of new infections there eased and a visiting World Health Organization team reported steep declines in visits to clinics.

  • *Investors flee to safety as virus spreads outside China. BEIJING/ SEOUL, Feb 24- Italy, South Korea and Iran reported sharp rises in coronavirus infections on Monday, triggering concern from the World Health Organization, but China relaxed some curbs on movement, including in Beijing, as the rate of new infections there eased. The surge of cases outside mainland...

  • Treasury Secretary Steven Mnuchin told Reuters he does not expect the coronavirus outbreak to have a material impact on the Phase 1 U.S.- China trade deal, although that could change as more data becomes available in coming weeks. Fears of a coronavirus pandemic mounted even as they met in the Saudi capital of Riyadh, with sharp rises in new cases reported in...

  • Treasury Secretary Steven Mnuchin on Sunday welcomed Argentina's talks with the International Monetary Fund after the heavily indebted Latin American country said it would launch consultations that could lead to a new funding program. IMF officials also briefed G20 finance ministers and central bankers about the situation in Argentina, whose debt...

  • RIYADH, Feb 23- Finance officials from the world's 20 biggest economies on Sunday referenced climate change in their final communique for the first time in U.S. The United States blocked including climate change on a list of downside risks to global growth that had won agreement by nearly all other G20 delegates, but ultimately agreed to permit a reference to...

  • RIYADH, Feb 23- Failure to reach a global deal on where and how much to tax digital giants such as Google, Amazon or Facebook would result in many digital tax regimes emerging all over the world, France's Finance Minister said on Sunday. Treasury Secretary Steven Mnuchin told reporters, underscoring Washington's determination to thwart tax rules planned by...

  • *Third patient dies from virus in Italy. *WHO most concerned about cases with no China link. SEOUL/ SHANGHAI Feb 23- International concern about the spread of coronavirus outside China grew on Sunday with sharp rises in infections in South Korea, Italy and Iran.