Wednesday 22 October 2014
 
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New Gulf projects to hit $180bn, despite oil price slump

About $180 billion of contracts for new construction projects will be awarded in wealthy Gulf states this year, the largest amount for six years, despite falling oil prices, according to a recent study. Brent crude oil sank to a f

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Opec unlikely to hold emergency meeting on oil drop

The Organization of the Petroleum Exporting Countries (Opec) is unlikely to call an emergency meeting as proposed by Venezuela, two Opec sources said, a sign the exporter group is in no rush to discuss a collective response to the shar

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Saudi tells Opec it raised output despite oil drop

Top oil exporter Saudi Arabia told the Opec it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output. In a monthly

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Brent falls below $90 to near 4-year low

Brent crude futures fell below $90 a barrel on Friday, close to a four-year low, as rising supply and more grim economic news stretched a months-long slump in oil prices. US crude also slumped nearly $2 to hit its lowest since 201

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In oil price war, Saudi's biggest rival is next door

Kuwait, Saudi Arabia's traditional Gulf ally, is challenging its bigger neighbour in an increasingly competitive battle for market share as it sells oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 years.

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Oil prices ‘normal’, to be discussed at Opec meeting: Ecuador

Ecuador's Oil Minister Pedro Merizalde told Reuters that current oil prices are normal given an increase in US production, and that they will be discussed at the Organization of the Petroleum Exporting Countries (Opec) meeting in

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Saudi cuts official crude oil prices in battle for market share

Saudi Aramco sharply cut official oil prices for Asian customers in November, the state-run company said in the clearest sign yet the world’s largest exporter is trying to compete for crude market share.  

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Saudi Oil Minister seen playing down concerns about falling crude prices

Saudi Oil Minister Ali Al Naimi appeared to downplay worries about the impact of sinking crude oil prices on production from the world's top oil exporter.   Oil prices in Europe have declined since June as ge

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Cheaper oil no big threat to Gulf economies

Falling oil prices may prove the best medicine for economies in the Arab world, rebalancing growth towards countries struggling to recover from the Arab Spring uprisings without doing major damage to the oil exporters of the Gulf.

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Russia's energy minister to meet Opec as oil price falls more

Russian Energy Minister Alexander Novak will meet the Organization of the Petroleum Exporting Countries (Opec) officials in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget.  

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