Business News Saudi Arabia

  • Beirut, Lebanon

    On top of simmering regional turmoil and political gridlock as officials fight over the composition of their yet-unformed government, the numbers are warning that the country is headed for a banking crisis.

  • US Secretary of State Mike Pompeo (L) looks on as the Indian Foreign Minister Sushma Swaraj (R) present statements to the media following a meeting in New Delhi on September 6, 2018. Indraneel Chowdhury | NurPhoto | Getty Images

    As the world's third-largest oil importer and the second-largest buyer of Iranian crude after China, complying with U.S. sanctions will require India to find new sources of crude at a higher cost. 

  • DUBAI/ LONDON, Sept 7- An OPEC and non- OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs. There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and...

  • NEW YORK, Sept 5- Eleven people on an Emirates airline flight were taken to a New York City hospital suffering flu-like symptoms on Wednesday after scores of passengers and crew complained of feeling sick during a 14- hour trip from the Middle East, officials said. Oxiris Barbot, New York City's acting health commissioner. Some passengers in recent days had...

  • An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia.

    The world's biggest crude exporter is striking a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.

  • Aramco employees are seen at Natural Gas Liquids (NGL) facility in Saudi Aramco's Shaybah oilfield, Saudi Arabia.

    The chief executive of Saudi Arabia's stock exchange told CNBC Wednesday that it is well-placed to cope with the pressures of the world's largest ever initial public offering (IPO).

  • Aramco (Saudi national oil company) offshore oil rig 'Marjan 2' in the Persian Gulf.

    Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.

  • DUBAI, Sept 4- Global index provider MSCI said on Tuesday it had signed an agreement with the Saudi Stock Exchange Co to jointly launch a tradeable index later this year in a move that could spur the growth of derivatives and exchange-traded funds. "Saudi Arabia has undergone a remarkably rapid period of change in the past few years," said Henry Fernandez, chairman...

  • *Some bankers moved to other projects in Saudi Arabia. DUBAI/ LONDON, Aug 31- Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms. Teams from JP Morgan and Morgan Stanley that worked on the IPO, have been shifted to advise on Aramco' planned...

  • Saudis chat and check their phones in front of a poster of Saudi Crown Prince Mohammed bin Salman

    When Saudi Arabia's Crown Prince Mohammed bin Salman visited the U.K. for three days in March, the Saudi government ran a 1-minute commercial on British cable TV promoting the kingdom's reform agenda, "Vision 2030."

  • LONDON, Aug 27- The king spoke, and a $2 trillion dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. The reason: the prince's father King Salman stepped in to shelve it, three sources with ties to government insiders told Reuters.

  • Saudi Arabia's energy minister, Khalid al-Falih, denied reports that the kingdom has scrapped plans to list shares of state-owned energy giant Aramco. Alejandro Barbajosa of Argus Media weighs in.

  • An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia.

    Saudi Arabia's national oil company has postponed its potentially record-breaking initial public offering, but Saudi Aramco is now pursuing various alternative transactions to support its big spending plans. NYT reports.

  • *IMF issues report after annual consultations with Riyadh. DUBAI, Aug 24- Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to a planned sale of shares in national oil giant Saudi Aramco, a senior International Monetary Fund official said on Friday. Other parts are moving ahead pretty well, "...

  • *IPO one of Prince Mohammed's most spectacular reforms. DUBAI/ RIYADH, Aug 24- Saudi Arabia's decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say. "The problem is: the more it gets delayed...

  • Saudi Arabia denies it's scrapping Aramco IPO

    The 'Squawk Box' team reports on Saudi Arabia's energy minister and Aramco chairman Khalid Al-Falih's statement.

  • Crude oil refinery

    Oil prices steadied on Thursday as an escalating trade dispute between the United States and China offset news of a decline in U.S. commercial crude inventories.

  • LONDON/ RIYADH, Aug 23- Saudi Arabia has called off plans for the domestic and international listing of state oil giant Aramco, billed as the biggest stock flotation in history, four senior industry sources said on Wednesday. Financial advisers working on the planned listing have been disbanded as Saudi Arabia shifts its attention to a proposed acquisition of a "...

  • Khalid al-Falih, Saudi Arabia's energy minister and chairman of Saudi Aramco. 

    Khalid al-Falih, the Saudi Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco, said in a statement on Thursday: "The Government remains committed to the IPO."

  • Saudi Aramco IPO off not really surprising, says expert

    John Kilduff, Again Capital founding partner, weighs in on Saudi Aramco abandoning its plans for an IPO.