Breaking News
bus
Oil producers may struggle to gauge demand amid second coronavirus wave: energy watchdog
Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the
Read More
Saudi Arabia looks to cut spending in bid to shrink deficit
Saudi Arabia plans to reduce spending next year by about 7.5 percent to SR990 billion ($263.9 billion) as it seeks to reduce its deficit. This compares to spending of SR1.07 trillion this year, it said in a preliminary budget statement. The
Read More
Gulf financial resilience to help ‘difficult’ recovery
DUBAI: The Gulf region is expected to face a difficult recovery from the economic shock of the coronavirus disease (COVID-19) pandemic, but general financial resilience can be expected to mitigate the pain for its major economies. That was
Read More
Lufthansa to cut more jobs as it loses €500m a month
Lufthansa said Monday it will slash more jobs on top of 22,000 previously announced cuts and put more planes out of service with current losses
Read More
OPEC+ panel to meet amid oil price decline
OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand
Read More
Crunch meeting of oil alliance over cuts in output
Energy ministers from OPEC+, the oil alliance led by Saudi Arabia and Russia, are preparing for a crucial meeting on Thursday amid signs that the
Read MoreOil slides 5% to lowest level since June on demand fears
Oil slid 5 percent to below $40 a barrel on Tuesday, its lowest since June, over concerns that a demand recovery could weaken as coronavirus infections flare up around the world. Coronavirus cases rose in 22 of the 50 US states, a Reuters
Read MoreSaudi quarantine offers temporary lifeline to struggling hotels
Saudi Arabia has quarantined thousands of people in hotels, some in luxury suites, to combat COVID-19, throwing a temporary lifeline to an industry struggling just months after tourist visas were launched. Faced with nearly 4,500 coronavirus
Read MoreSaudi Arabia, Russia and other OPEC+ countries agree on deal to cut oil output
Saudi Arabia and Russia have agreed to “historic” cuts in oil production in a bid to rebalance crude markets that are in crisis because of the dramatic decline in global energy demand. The cuts, agreed on during a virtual meeting of
Read MoreNo ban for entry of work-visit Visa holders
RIYADH — The Saudi authorities have clarified that passengers holding employment visa, work visit visa, business visit visa and family visit visa are exempted from the travel restrictions imposed by the Kingdom on Thursday. Saudi Arabian
Read More