Oman is committed to maintaining the peg of its currency against the US dollar despite the drop of oil prices, central bank executive president Hamood Sangour Al-Zadjali said.
"We are committed to keeping the Omani rial pegge
A former senior official at Saudi Arabia's central bank says he believes the kingdom may soon change the way it manages its oil wealth as part of efforts to protect its financial reserves in an era of cheap crude.
The Saudi Ar
Oil prices are only set to tumble further now that a nuclear deal has been struck with Iran, an analyst has warned.
Energy expert and researcher Leheb Abdul Wahab told the Gulf Daily News, our sister publication, that lif
John Kemp is a Reuters market analyst. The views expressed are his own.
Oil is an inherently cyclical business. The point is remarkably simple but it is amazing how often it gets forgotten by forecasters and investors.
Business activity growth in Saudi Arabia's non-oil private sector rose in July after hitting a record low in June, while the same in the UAE rebounded during the month from a 22-month low, a survey of businesses showed on Tuesday.
Middle East fund managers have on balance turned negative towards the region and especially its biggest equity market, Saudi Arabia, after oil prices gave up most of the gains made in the last six months, a report said.
Credit growth in the United Arab Emirates is expected to be around 2 per cent this year, a senior banking official said, in a fresh sign the UAE credit cycle may have peaked because of low oil prices and cooling property markets.
Oil producing countries expect global economic growth in the coming period to boost oil prices, Kuwaiti Oil Minister Ali Saleh al-Omair was quoted by the al-Qabas newspaper on Tuesday as saying.
"There is satisfaction among m
Oil prices fell on Wednesday as investors digested the likely impact of increasing Iranian fuel exports at a time of heavy oversupply.
A milestone nuclear deal reached on Tuesday between six world powers and Iran will mean sanctio
Crude oil prices steadied on Tuesday, after posting one of their biggest selloffs this year the previous session over Greece's rejection of debt bailout terms and China's stock market woes.
Front-month US crude futures wer