oil producers

Mideast oil exporters ‘face $320bn in deficits’

Dubai - Muslimchronicle

The Middle East’s oil producers are bracing for continued pressure from lower oil prices, with the International Monetary Fund (IMF) projecting cumulative budget deficits of $320 billion over the next five years, according to a new report released on Tuesday. Approximately half of that amount — or $160 billion — will be sustained by energy-rich Gulf Arab nations between 2018Read more

Saudi crown prince backs rollover of oil output cuts

Riyadh - Muslimchronicle

Saudi Crown Prince Mohammed bin Salman said the kingdom supports extending a deal by oil producers to cut crude output beyond March next year. "Of course," he said in an interview with Bloomberg News published Thursday when asked if Riyadh will back an extension of the deal struck by OPEC and non-OPEC producers a year ago. "We need to continueRead more

Saudi Arabia expected to encourage generous Aramco dividend policy

London - Muslimchronicle

A “generous” dividend policy would help to align the interests of Saudi Aramco investors and the government, S&P said in a report. The rating agency noted that a reduction in income tax rates for the larger hydrocarbons producers earlier this year means that the government will be encouraged to push the national oil company to offer attractive dividends when itRead more

Gulf stock listings nosedive in 2016

Kuwait City - Arab Today

Stock markets in the energy-rich Gulf saw a sharp drop in the number of initial public offerings in 2016, as well as the value of listings, a report said Wednesday. Only three IPOs (Initial Public Offerings) were made in the region last year, half the number recorded in 2015 and the lowest in 15 years, Kuwaiti investment firm KAMCO ResearchRead more

Oil producers cannot let up on their reform pace

dubai - ArabToday

One clear lesson for oil-exporting countries in recent years, and especially in 2016, is that they should be adjusting their public policies to promote innovation and diversify their economies. Their agreement in late November to cut production — the first such accord in eight years — doesn’t change this, regardless of the short-term increase in prices. To be sure, oilRead more

Russian, Saudi energy ministers sign joint declaration to stabilize oil market

Moscow - MENA

Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz al Falih, agreed to continue consultations and to establish a joint working group to monitor the fundamental indicators and develop recommendations for measures to ensure the oil market’s stability and predictability. Russia and Saudi Arabia agreed on joint measures and steps inRead more

Oil producers fail to reach deal at Doha talks

Doha - Xinhua

The world's key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting here on Sunday amid disagreements on the wording of the agreement. Qatari Oil Minister Mohammed bin Saleh al-Sada said in a press conference that "the meeting reached a result which we all need more time for more consultationsRead more