RIYADH: Oil prices rose more than 3 percent on Monday as the Organization of the Petroleum Exporting Countries and its allies agreed a small production cut to bolster prices. At a meeting at 1pm CEST on Monday Sept, 5, the group, which includes Russia and is known as OPEC+, agreed to reduce output by 100,000 barrels per day, with a […]
RIYADH: Saudi Arabia and Thailand signed a free trading agreement on Aug. 29 during the Saudi-Thai Business Forum organized by the Council of Saudi Chambers. Additionally, the two parties signed agreements to facilitate commercial procedures and to establish a Saudi-Thai Business Council, according to the CSC’s tweet. “The governments of Saudi Arabia and Thailand are keen […]
The United Arab Emirates and Sudan have expressed their support for comments made by Saudi Arabia regarding the possibility of introducing production cuts to balance an oil market it described as schizophrenic, Reuters reported. Sudan Eenergy and Petroleum Minister Mohamed Abdallah said in a statement his country supports OPEC+ efforts to maintain market stability in the face […]
Energy giant ExxonMobil was granted a 2-year extension by the Hellenic Hydrocarbons Resources Management S.A. (EDYE) regarding the First Phase of the Basic Stage of exploration in the “West of Crete” and “Southwest of Crete” plots in order to facilitate the completion of the works. The request and the corresponding decisions, which were issued yesterday, […]
OPEC+ to start work on new agreement beyond 2022
The Qatar Fund for Development (QFFD) has signed an agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to build and connect the regional electrical system to the southern Iraq network, Doha News has reported. It is hoped that this will meet some of the demand for electricity in southern Iraq, as well as increase […]
The US imposed sanctions on Chinese and other companies on Monday after accusing them of helping to sell tens of millions of dollars’ worth of Iranian oil and petrochemical products to East Asia. The move comes as Washington seeks to increase pressure on Tehran to curb its nuclear programme. The US Treasury and State Departments […]
The Saudi Minister of Environment, Water and Agriculture, Abdul Rahman bin Abdul Mohsen Al-Fadhli announced on Sunday that the kingdom has allocated 105 billion riyals ($28 billion) for new projects aimed at improving the water system in the Kingdom. “I extend my heartfelt thanks to the Custodian of the Two Holy Mosques and His Highness […]
LONDON: Israel said Sunday it would accelerate the process of setting up a shared industrial zone with Jordan. The decision to accelerate the construction and operation of the Jordan Gateway park was taken to enhance cooperation with Jordan, the government added. The project was first proposed during talks on the Jordan-Israel Peace Treaty that was […]
RIYADH: Saudi Crown Prince Mohammed bin Salman said the Kingdom plans for the Saudi stock exchange to be larger than many global peers as he expects NEOM to sell shares to the public in 2024, adding nearly SR1 trillion ($266 billion) to the market. Speaking to reporters after unveiling the designs of The Line, the […]