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Tag Archives: middle east oil

AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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Emirates airline says profits are up amid lower oil prices

Emirates Airline 777-300ER. (Image: Bill Wilt via Flickr)

DUBAI, United Arab Emirates (AP) — The Middle East’s biggest airline, Emirates, said Tuesday its profits were up by about 56 percent to $1.9 billion in the last fiscal year largely due to lower oil prices that drove down fuel operating costs. The Dubai government-owned airline said revenue, however, fell in 2015-2016 by four percent to $23.2 billion from $24.2 ...

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Saudi Arabia outlines reform plan for oil-addicted economy

FILE- In this Monday, June 15, 2015 file photo, a Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia. King Salman announced the approval for the "Vision 2030" plan in a short televised announcement on Monday in which he called on Saudis to work together ensure its success. (AP Photo/Hasan Jamali, File)

RIYADH, Saudi Arabia (AP) — Saudi Arabia unveiled a bold reform plan on Monday aimed at weaning the country off its “addiction” to oil in a bid to prepare the next generation of Saudi leaders for the domestic pressures of youth unemployment and revenues eroded by lower oil prices. The project, which includes plans to float a stake in the ...

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Qatar says 12 countries confirmed for oil cap meeting

Building for the Organization of Petroleum Exporting Countries in Vienna, Austria. (Image: Spino73 via Flickr)

DOHA, Qatar (AP) — Qatar’s oil minister says 12 countries have agreed so far to participate in a meeting it’s hosting next month to discuss a freeze in oil output levels. Qatar announced earlier this month it would be the venue for between OPEC and non-OPEC producers on April 17 to discuss the production cap. The talks are aimed at ...

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Kuwait to introduce corporate tax as low oil prices bite

Kuwait skyline. (Image: Khaleel Haidar via Flickr)

KUWAIT CITY (AP) — Kuwait’s government is proposing a 10 percent corporate tax on profits and the privatization of some publicly-run services and facilities to close a widening budget deficit brought on by a plunge in global oil prices. The Cabinet suggests services at Kuwait’s airport and some facilities owned by Kuwait Petroleum Company should be privatized. The proposals are ...

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Iran seeks $45B in foreign investment

Iran's economy minister Ali Tayebnia speaks with media at a press conference in Tehran, Iran, Saturday, Feb. 20, 2016. Iran's economy minister Ali Tayebnia says his country is seeking $45 billion in foreign investment following the implementation of a landmark nuclear deal with world powers last month. The historic agreement brought about the lifting of international sanctions last month after the U.N. certified that Iran has met all its commitments to curbing its nuclear activities under last summer's accord. (AP Photo/Ebrahim Noroozi)

TEHRAN, Iran — Iran’s economy minister said his country is seeking $45 billion in foreign investment following the implementation of a landmark nuclear deal with world powers last month. Ali Tayebnia told reporters Saturday that Iran expects $15 billion in direct foreign investment alone in the next Iranian calendar year, which begins March 20. The historic agreement brought about the ...

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Israeli leader defends gas extraction deal in Supreme Court

Israeli Prime Minister Benjamin Netanyahu, center, and unidentified defense lawyers wait for the Supreme Court to convene, in Jerusalem, Sunday, Feb. 14, 2016. Netanyahu made an unprecedented appearance at the Supreme Court to defend a deal signed in December with U.S. and Israeli developers drilling offshore gas deposits. Israel's Channel 10 TV reported Netanyahu as telling the court that if Israel were to alter its deal investors could turn away and buy gas from Israel's enemies instead. (Jim Hollander/Pool Photo via AP)

JERUSALEM — Israeli Prime Minister Benjamin Netanyahu made an unprecedented appearance at the Supreme Court Sunday to defend a deal signed in December with U.S. and Israeli developers drilling offshore gas deposits. Israel’s Channel 10 TV reported Netanyahu as telling the court that if Israel were to alter its deal investors could turn away and buy gas from Israel’s enemies ...

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AP Interview: CEO hopes to settle Saudi firm’s $6B of debts

saudi arabia globe map

DUBAI, United Arab Emirates — A Saudi company that’s owed $6 billion in debt since a 2009 crisis hopes to soon reach a tentative agreement with its creditors and present it to officials in the kingdom by July, its acting CEO said Thursday. The size of the fallout after the default by Ahmad Hamad Algosaibi and Brothers Co., coupled with ...

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Iran says boosting oil exports depends on future demand

A motorist holds a fuel pump at a Gulf petrol station in London April 18, 2006. REUTERS/Luke MacGregor

DUBAI – A rise in Iran’s crude oil exports once sanctions against it are lifted depends on future global oil demand and that should not further weaken oil prices, a senior Iranian oil official was quoted as saying. Oil prices are likely to come under further pressure this year, when international sanctions on Iran are due to be removed under ...

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Leviathan partners and BG close to $30b Egypt gas deal

offshore drilling rig preparing to explore the Levithan gas field in the Middle East

The Leviathan partners and British Gas (BG) are negotiating the final details of a contract for exporting Israeli natural gas to Egypt, and will sign it in the coming weeks, senior sources in the gas companies said today. According to the sources, the plan is to sign the contract before Shell Oil completes its acquisition of BG next month. Representatives ...

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