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Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
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Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023. -
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings. -
Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in a 2.29% surge in crude oil prices. Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the... -
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools. While Wall Street's main indices spent some time in the red, they moved higher as the yields on US... -
Q3 corporate earnings show mixed results in GCC
While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience, says a latest report. -
Gaza unrest poses risk to oil markets, global growth
Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest report by Oxford Economics. -
Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact of geopolitics on energy security. -
US curbs on Iran’s oil exports may hit global portfolios
The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting the energy sector, contributing to inflationary pressures, and intensifying geopolitical risks. You need to be aware of the risks – but also the opportunities, he adds. -
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating tensions in the Middle East, raising concerns about potential disruptions in global crude supplies, Reuters reported. Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 a barrel, while... -
Saudi non-oil GDP growth to be strong despite oil cuts
Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report. -
Israel-Hamas conflict sparks global economic anxiety
With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic future shaped by Middle Eastern tensions. -
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert. -
BP profit plunges to $1.8bn
Despite the drop, BP hiked dividend. -
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said, crediting last year's surge in oil prices. The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. -
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts. -
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. -
UAE, Saudi firms eye global acquisitions worth $20bn
Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices. -
Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report. -
Aramco Q1 earnings take a hit
The Saudi company posts net profit of $31.9bn, down 19.25 percent from a year earlier. -
Traders in GCC gear up for volatile week as markets gradually reopen
Traders are expected to scramble to incorporate changes in sentiment following last week's data, while keeping an eye on the publication of global data including US company earnings and GDP figures, said an expert. Oil prices could come under additional pressure due to demand concerns and approaching central bank meetings,... -
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop... -
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. -
Oil prices fall, but hovers near 2023 highs
Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.3 percent. -
Oil gains 3% on China demand hike, concerns about Russian supplies
Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel. -
Oil prices rebound after opening the year down over 9%
Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel. -
Qatar’s budget surplus exceeds $21bn in 9 months
The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices. -
Asian markets, crude drop on China unrest
Investors are now looking ahead to the release of US jobs data at the end of the week, which could provide clues about the Fed's next moves, while speeches by central bank boss Jerome Powell and other key policymakers will also be pored over. -
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+ group along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". The next OPEC+ meeting is scheduled for December 4. -
Video highlights: Futuristic TOP CEO 2022 discusses economic opportunities
The TOP CEO Conference, held in Dubai in Q2, discussed several burning global and regional issues of the time. It may help policymakers devise better strategies. -
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... -
Crude prices surge as top producers plan to slash output
The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected recession in major economies. -
GCC banks cash in on high deposits, rising oil prices
Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened balance sheets of the region's banking sector. -
OPEC revises oil demand projection to 3.1mn barrels a day
The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC secretary general. -
Oil prices fall as Aramco signals plan to raise crude production
Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery added to concerns about demand. -
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49). -
Aramco Q1 profit up 82%
Surge in oil prices benefited the world's most valuable company. -
Saudi Aramco overtakes Apple as world’s most valuable company
The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at close of market. Apple, meanwhile, has seen its share price drop over the past month and was valued... -
Oil stabilizes after big drop on IMF growth cut
Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January... -
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow. -
Oil prices sink as US taps reserves, equities fall
President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for about 180 days from US strategic stockpiles. -
Riyadh, Dubai lead IPO surge in GCC
For the second time since the global financial crisis, the Middle East has surpassed Europe in terms of IPOs as regional investors seek liquidity from increased oil prices. -
Oil prices soar on Saudi, Russian supply fears
Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian crude raised concerns about global supplies. Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom's oil facilities pose a "direct threat" to global supplies, while Baltic states... -
GCC airfares soar as oil prices rise
The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry. -
Oil prices plunge on China lockdowns, stocks diverge
Oil prices plunged on Tuesday as China, a major energy consumer, placed nearly 30 million people under COVID lockdown, and Hong Kong and Chinese mainland stock markets dove, while Wall Street stocks rallied. Brent oil futures finished under $100 a barrel for the first time in nearly three weeks, reflecting... -
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. -
Brent crude nears $140 per barrel, headed towards all-time high
Brent North Sea crude oil for May delivery reached $139.13 shortly after electronic trading opened around 2300 GMT on Sunday. -
Ukraine conflict fuels supply chain concerns
Since Russia invaded, almost 80,000 Ukrainians have returned to fight Russia, leaving industries short of labor. -
Aramco shares hit record high on the back of high oil prices
Saudi energy giant Aramco's shares rose to a record high on Wednesday amid a surge in global oil prices following Russia's invasion of Ukraine. The Gulf kingdom -- the world's top crude exporter -- has remained the firm's majority shareholder since a December 11, 2019 listing. -
Global and regional trade: The economic booster for GCC govts
The squeeze on real incomes within the region due to higher inflation may depress regional trade flows. The situation may worsen further if the global central banks' attempts to control rising consumer prices, which will ultimately dampen global economic activity. -
Oil and safe havens rally, ruble sinks on Russia sanctions
Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over its invasion of Ukraine.