• Jazan City for Primary and Downstream Industries exports first shipment to US

    JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure of its inaugural ship, bound for New Orleans, US. This vessel is laden with 37,000 tons of iron steel foundry product (Pig iron), representing the first-ever production of this commodity...

  • Saudi EXIM Bank, Trafigura sign pact

    The bank will extend three-year credit facility of $500 million.

  • Global food prices drop in August: FAO

    Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 121.4 points in August, down 2.1% from July and as much as 24% below...

  • Global trade in commodities to expand by 1.3% annually: FAO-OECD report

    Paris, France--Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in the past decade - due mostly to slower growth in demand by middle-income countries, according to a report released by the Food and Agriculture Organization of the United Nations (FAO)...

  • Marketwatch: Commodities see bumpy start to March

    The Chinese government’s desire to avoid making the same mistakes other governments and central banks have made has driven inflation to a four-decade high. Development consumers are now suffering the consequences as central banks increasingly apply their interest rate weapon to bring inflation under control, he adds.

  • Trafigura to receive $135m loan

    The loan will support Trafigura's procurement from the UAE.

  • ExxonMobil posts bumper profits

    The oil company's profits during Q4 stood at $12.8bn.

  • ExxonMobil 2022 profit at $55.7bn

    Results reflect higher production of oil, natural gas.

  • Marketwatch: Demand may pick up as China reopens

    Supply of diesel to Europe from the US and the emerging refinery hub in the Middle East may make up some of the missing barrels from Russia, but a shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas, he adds.

  • Fuel products join in as gold and copper rally

    With activity in China unlikely to pick up in earnest until after the Lunar New Year holiday, the prospect of a lull in activity could be the trigger for a pause in the current rally – especially across industrial metals where copper has started the year with an 11% gain,...

  • Commodities face a challenging first quarter

    We have strong doubts about the recession risk to the US economy and see demand from some of the world’s largest consumer underpin the price during a year where supply will continue to be managed by OPEC+ and US producers inability or unwillingness to ramp up production, he adds.

  • BP underlying Q3 profit at $8.2bn

    BP, flush with cash, revealed a $2.5 billion share buyback.

  • GCC chemical companies lesser exposed to market risks than their European counterparts

    Chemical companies in the Gulf region are likely to cope relatively well with the current stresses of rising rates and higher energy costs, says a recent report.

  • Saudi Arabia says it does not politicize oil or oil decisions

    Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia has said that it did not politicize oil or oil decisions and that it looked at oil as a commodity important to the global economy in which the kingdom had...

  • Asian, European markets surge on interest rate hopes

    Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans. Frankfurt and Paris equities soared over three percent in value after similar stellar gains in Tokyo, while London won two percent. Central banks across the world...

  • Commodities drop amidst darkening growth outlook 

    In addition, demand in China continues to linger after the IEA said the world's largest importer of oil was heading for its biggest annual drop in demand in more than three decades. Meanwhile, the US walked back on its SPR refill stance by saying that it didn’t include a strike...

  • KSA’s crude advice energizes commodity markets

    Inflation-fighting measures, such as hiking rates and removing stimulus, was the main driver behind the recent correction in commodities that are likely to weather headwinds from an economic slowdown with supply of key commodities being equally challenged, he adds.

  • DP World signs two deals

    The projects will strengthen F&B cluster in Jebel Ali.

  • High commodity prices to keep inflation up

    IMF has said food prices accounted for about 60 percent of last year’s increase in headline inflation in the MENA region, excluding the GCC countries.

  • Moody’s says Ukraine war endangers global economic recovery

    The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the length and severity of the crisis, Moody's Investors Service said in a report.

  • TAQA to recommend $600m dividend

    The company has already paid $500m in quarterly dividends.