Oil Down After Deep Saudi Cuts Spur Demand Concerns

London – – Oil prices fell on Monday, extending losses after the world’s top exporter Saudi Arabia slashed crude contracts prices for Asia over the weekend, reflecting well – supplied global markets and concerns over the outlook for demand. Brent crude futures for November fell 49 cents, or 0.67 to $72.12 per barrel by 1042 … More Oil Down After Deep Saudi Cuts Spur Demand Concerns

Saudi Non – Oil Sector Expansion Loses Momentum In August – PMI

Paris / France – Saudi Arabia’s non – oil private sector continued to grow in August but lost momentum due to a sharp drop in out expansion, a business survey showed, signalling a challenging recovery from the COVID – 19 pandemic. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) dropped to 54.1 … More Saudi Non – Oil Sector Expansion Loses Momentum In August – PMI

UAE Announces Plans To Boost Economy, Attract Workers

Dubai / UAE – – The United Arab Emirates plans to launch 50 new economic initiatives to boost the country’s competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government official said on Sunday. The project, a few of which were unveiled on Sunday, include investing in … More UAE Announces Plans To Boost Economy, Attract Workers

Saudi PIF, Tadawul To Set Up Exchange For Carbon Offset Market – SPA

Milan / Italy – – Saudi Arabian sovereign wealth fund Public Investment Fund and the Saudi stock exchange Tadawul plan to establish a voluntary exchange in Riyadh for offset and carbon credits within the Middle East and North Africa Region, the state news agency SPA reported on Friday. This initiative aims to be the primary … More Saudi PIF, Tadawul To Set Up Exchange For Carbon Offset Market – SPA

OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Milan / Italy – – Iraqi’s oil minister said on Wednesday that the OPEC+ policy of gradual crude output hikes will help stabilize global oil markets, the oil ministry said in a statement. Iraq supports the group known as OPEC+ that help oil markets stability, the oil minister, Ihsan Abdul Jabbar, said, adding that the … More OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Kuwait Seeks Investors To Finance Three Power Projects

Milan / Italy – Kuwait plans to attract outside investors to fund several power projects under a public – private partnership programme that will cover more than half of its future electricity over the next two decades, a government official said. About 7,500 megawatts (MW) of the 14,000 MW it needs over the next 20 … More Kuwait Seeks Investors To Finance Three Power Projects

Vietnam Adds To Global Coffee Supply Concerns

Milan / Italy – Vietnam has added to concerns over global supplies of coffee as the South East Asian country’s biggest city remains in  lockdown. The exporting hub of Ho Chi Minh has been kept under tough travel restrictions after a surge cases of the Delta variant of the coronavirus. Vietnam is a major producer … More Vietnam Adds To Global Coffee Supply Concerns

OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

Kuwait – – The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept.1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase … More OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

Abu Dhabi Bourse To Halve Trading Commissions, Second Cut This Year

Abu Dhabi / United Arab Emirates – The Abu Dhabi Securities Exchange (ADX) said on Saturday it would have its trading commissions to 0.025% from 0.05% from Sept. 1, the exchange’s second commission cut this year and the third three years. Both ADX and Dubai Financial Market (DFM), in separate statements, also said they would … More Abu Dhabi Bourse To Halve Trading Commissions, Second Cut This Year

Saudi Arabia’s June Oil Exports Rise 123% To Over $16 Bln

Paris/France – The value of Saudi Arabia’s oil exports in June increase 123% to 61.5 billion riyals ($16.4 billion) from a year earlier while non – oil exports rose by around 41%, official data showed on Tuesday. Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed … More Saudi Arabia’s June Oil Exports Rise 123% To Over $16 Bln