The Organization of the Petroleum Exporting Countries (Opec) defended its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could le
GCC governments will be able to use huge financial reserves built up in past years to keep state spending high, ensuring solid economic growth at least through 2016, a report said.
Also, strong consumer spending and private sector
Opec defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.
Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply.
Oil fell as much as 5 per cent on Tuesday after t
The new chief executive of Saudi Arabia's National Industrialisation Co (Tasnee) said on Tuesday that slumping oil and petrochemical prices were creating a difficult near-term outlook for the industry.
Mutlaq Al Morished spoke
Oil markets dipped on Tuesday as China's economic growth for 2014 undershot a government target and hit its weakest annual expansion in 24 years, adding to worries in energy markets already suffering from slowing demand and oversupply.
Iran sees no sign of a shift within Opec towards action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel.
The comments are a further sign that despite lobby
The International Monetary Fund lowered its forecast for global economic growth in 2015, and called on Tuesday for governments and central banks to pursue accommodative monetary policies and structural reforms to support growth.
The United Arab Emirates oil minister said on Monday that the drop in oil prices was unlikely to last for long and that the country would not alter its energy strategy because of the price fall.
"I doubt it is going to last f
Brent crude oil prices fell below $50 a barrel on Monday after the global economic outlook darkened and Iraq announced record oil production.
The world's biggest energy consumer, China, faces significant downward pressure on i