• Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb

    RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in February. The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.    The PMI...
  • Qatar PMI data reveals ‘stable business conditions’ in non-energy sector

    Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed. Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and...
  • Riyad Bank Saudi PMI down to 57.5 points in November

    Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI, fell to 57.5 points in November 2023. The index indicated a significant improvement in the Saudi non-oil private sector but attributed the decline in the main index to a lower...
  • Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts

    Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to...
  • Qatar’s business conditions continue to improve in October

    DOHA, QATAR â€“ Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of 2023, according to the latest Purchasing Managers’ Indexâ„¢ (PMI®) survey data from Qatar Financial Center (QFC). Output, new orders and employment all expanded in October, and the 12-month outlook remained...
  • OECD says sizeable progress made on sharing tax revenue on multinationals

    Nearly 140 countries have taken a first step towards reaching agreement on a fairer distribution of tax revenues from multinational firms, the Organization for Economic Co-operation and Development said. Some 138 countries, which account for over 90 percent of global economic output, agreed on a first draft of a convention...
  • High oil prices, reforms spur Saudi economic boom

    The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates, indicating strong growth rate.
  • ‘Greenhouse gas emissions from agriculture likely to rise by 7.5% in next decade’

    PARIS, FRANCE - Greenhouse gas emissions from agriculture are expected to increase by 7.5 percent in the next decade, said a report by the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD). The projected greenhouse gas emissions are just less than half the projected...
  • In spite of US sanctions, Iran’s crude oil exports break five-year record

    Tehran, Iran-- In spite of the US sanctions against the Islamic Republic, Iran has seen a huge surge in the export of crude oil in 2023 to China, Syria, Venezuela, according to reports. According to media reports, Iranian crude shipments continued to rise in 2023 with higher shipments to China,...
  • Oil cuts in interest of energy markets, says Russia

    The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...
  • OPEC+ committee recommends to stay course on oil ouput cuts

    Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and their 10 allies led...
  • Oil falls ahead of OPEC+, US Federal Reserve meetings

    Brent crude futures were down 74 cents, or 0.8 percent, to $85.92 a barrel at 0710 GMT, while West Texas Intermediate crude was down 61 cents, or 0.8%, to $79.07 a barrel.
  • UAE urges new investments in energy sector to meet demand

    Abu Dhabi, UAE-- The UAE has stressed the need for speeding up new investments in the energy sector in order to meet rising global demand as a number of OPEC+ member countries cut output. Speaking on the sidelines of the Global Energy Forum in Abu Dhab, Suhail bin Mohammed Al...
  • US industrial output decreases in November

    Industrial production in the US slumped in November with "broad based" decreases, the Federal Reserve said, as output for bigger-ticket consumer products and manufacturing fell. While tangled supply chains and surging costs which weighed on businesses are easing, in a boost to production, firms are now contending with weakening demand...
  • S&P Global says Egypt non-oil businesses contract in November

    Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the early pandemic as the country continues to face inflationary pressure, according to S&P Global. As a result Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November...
  • Oil rises as China eases Covid restrictions, Russia price cap

    World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...
  • OPEC likely to hold oil output levels steady

    Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...
  • Libya aims to double oil output by 2027: National Oil Company head

    Tripoli, Libya---Libya is aiming to nearly double its oil output to two million barrels per day by 2027, the head of its National Oil Company has said. "We're working on raising production to two million barrels per day in the next three to five years," Farhat Bengdara said in an...
  • Oil prices rise as OPEC+ agrees to cut output by two million barrels a day

    Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a global slowdown, but have surged in recent days on expectations of the production cut. The main international crude contract, Brent, jumped two percent following the decision before finishing at $93.37...
  • OPEC+ to meet in Vienna on Oct 5 for the first time since 2020

    The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.
  • Saudi agriculture sector grows 7.8% to value at $19.23bn

    The agriculture output in 2017 was estimated at $17.41 billion, around $17.48 billion in 2018, and $17.65 billion in 2019, and $18 billion in 2020.
  • OPEC meeting expected to stick to oil output boost

    Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at their meeting on Thursday, despite pressure to further increase production. Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.
  • OPEC debates oil output boost amid Russian isolation

    Major oil producers led by Saudi Arabia and Russia hold talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports. Analysts had expected OPEC+ producers to likely stick to their policy of only increasing output modestly, as they have done since...
  • OPEC+ agree on modest supply boost amid demand concerns

    Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.
  • UK PM may visit Saudi Arabia to lobby for uptick in oil output

    Britain on Sunday defended lobbying Saudi Arabia to up its oil output as energy sanctions on Russia hit Western consumers, after the Gulf kingdom executed a record number of prisoners.
  • Can Gulf producers tame oil prices?

    However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the OPEC+ group — to avoid a price war and keep control over the market.
  • US tells oil majors it needs more supply

    The surge in energy costs is a consequence of Russia's invasion of Ukraine, which prompted Washington and its European allies to impose tough sanctions on Moscow, including a US ban on Russian oil imports that was announced by President Joe Biden on Tuesday.
  • UAE says will urge OPEC to boost oil output

    Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the US embargo on Russian oil and gas.
  • OPEC+ okays fresh modest oil output hike despite rising prices

    The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in March.
  • Capital Economics says Saudi economy will boom in Q4

    Saudi Arabia will see a strong economic growth in the fourth quarter of 2021, due to a high oil production not seen since April 2020.
  • OECD lowers global, US economic growth forecasts

    The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea and Turkey have also improved. Prospects of Australia, Britain, Japan and Russia were lowered
  • Oil demand to top pre-pandemic level next year: OPEC

    The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand.
  • Saudi output growth dips to weakest level in 10 months

    Saudi Arabia’s output growth dipped to the weakest level for ten months amid a slowdown in new business gains.
  • PMI: Saudi non-oil economy expands but challenges ahead

    PMI falls for the first time in four months in July. The downgrade driven by weaker growth in output, new orders and employment.
  • Deadlock ends: Top oil producers agree on modest output boost

    The OPEC+ meeting on Sunday agreed to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases.