Saudi Arabia Oil Crisis

Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.

His hand over his heart - a gesture as common to the Middle East's princes as to its paupers - Crown Prince Mohammed bin Salman might admit that he bears at least as much responsibility as the coronavirus pandemic for the state of Saudi Arabia's economy. It is, after all, the combination of his ill-timed oil war against Russia with the Covid-19 cri...

Officials from the Organization of the Petroleum Exporting Countries and Russia have said the scale of the crisis required involvement of all producers.

If the oil face-off between President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman turns on who has a stiffer fiscal backbone, it's the ruble that could help carry Russia to the finish line.

The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, halved the crude output of the world's top oil exporter, shutting down 5.7 million barrels per day of production.

Oil fell on Thursday, bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.

Saudi Arabia has agreed to give Pakistan $6 billion in foreign currency support for a year and a further loan worth up to $6 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan's government said on Tuesday.

The drop in crude prices is making economists more skeptical about whether some of the plan's medium-term targets can be met.

Qatar, with just over 300,000 citizens, has played an outsize role on the world stage because of its great wealth of oil and natural gas.

Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.

Saudi Arabia had avoided a financial crisis due to low oil prices by slashing state spending and borrowing tens of billions of dollars abroad.

It's the day before the grand opening of Shaden, a luxury desert camp in Saudi Arabia where air-conditioned tents look out on sandstone cliffs. A princely delegation is on its way. But the place isn't quite ready.

Tax-free living will soon be a thing of the past for Saudis after their cabinet, on Monday, approved an International Monetary Fund-backed value-added tax to be imposed across the Gulf following an oil slump.

It was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home.

After a year of plunging oil prices, all eyes were on Ibrahim Al-Assaf, Saudi Arabia's finance minister for two decades, to deliver a budget that could restore confidence in the kingdom's finances.

Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.

His hand over his heart - a gesture as common to the Middle East's princes as to its paupers - Crown Prince Mohammed bin Salman might admit that he bears at least as much responsibility as the coronavirus pandemic for the state of Saudi Arabia's economy. It is, after all, the combination of his ill-timed oil war against Russia with the Covid-19 cri...

Officials from the Organization of the Petroleum Exporting Countries and Russia have said the scale of the crisis required involvement of all producers.

If the oil face-off between President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman turns on who has a stiffer fiscal backbone, it's the ruble that could help carry Russia to the finish line.

The September 14 attacks on the Abqaiq and Khurais plants, some of the kingdom's biggest, halved the crude output of the world's top oil exporter, shutting down 5.7 million barrels per day of production.

Oil fell on Thursday, bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.

Saudi Arabia has agreed to give Pakistan $6 billion in foreign currency support for a year and a further loan worth up to $6 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan's government said on Tuesday.

The drop in crude prices is making economists more skeptical about whether some of the plan's medium-term targets can be met.

Qatar, with just over 300,000 citizens, has played an outsize role on the world stage because of its great wealth of oil and natural gas.

Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.

Saudi Arabia had avoided a financial crisis due to low oil prices by slashing state spending and borrowing tens of billions of dollars abroad.

It's the day before the grand opening of Shaden, a luxury desert camp in Saudi Arabia where air-conditioned tents look out on sandstone cliffs. A princely delegation is on its way. But the place isn't quite ready.

Tax-free living will soon be a thing of the past for Saudis after their cabinet, on Monday, approved an International Monetary Fund-backed value-added tax to be imposed across the Gulf following an oil slump.

It was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home.

After a year of plunging oil prices, all eyes were on Ibrahim Al-Assaf, Saudi Arabia's finance minister for two decades, to deliver a budget that could restore confidence in the kingdom's finances.