Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped again on expectations that Venezuela -- which sits on about a fifth of the world's oil reserves -- will crank up production quickly.

The international benchmark contract, Brent North Sea crude, jumped 4.8 percent while West Texas Intermediate was up 5.1 percent. Trump on Wednesday announced new sanctions against Russia's two largest oil companies, Rosneft and Lukoil.

Gold climbed to a new record Tuesday as investors sought out safe havens, while Japan's Nikkei and the Hang Seng pushed higher waiting for Wall Street's return after the Labor Day holiday.

Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.

The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and six other members surprised markets recently by sharply raising output for May and June.

New York, United States -- Commercial plane prices, already lifted in recent years due to pandemic supply chain shocks, are poised to climb further as Boeing and Airbus are buffeted by trade tariffs. "Compared with 2018, prices for commercial jets have risen by around 30 percent," an aviation expert told...

In his first formal television interview -- and just six weeks before he takes office -- Trump again signaled that US support for Ukraine will scale back, saying he will "probably" cut the aid helping Kyiv repel the Russian invasion. Trump also said he would "very quickly" look at pardons...

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023, increasing by 0.5 percent from October, driven by surging international vegetable oil quotations, the Food and Agriculture Organisation of the United Nations said Friday. The FAO Food Price Index, which...

Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against military targets in Iran had spared the country's oil installations. The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate...

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products amounting to a total of 187.9 million tonnes. Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent), according to...

Its net profit spiked to US$3.7 billion in 2023.

RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF) team said. The team said that medium-term vulnerabilities to oil price volatility have increased significantly. Growth in the non-oil sector has rebounded strongly in 2023 while inflation receded. Supported by...

An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency reported. "Afterwards, in order to support market stability, these additional cut volumes will...

ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while traders awaited remarks from several Federal Reserve officials. According to Reuters, spot gold edged 0.2 percent higher to $2,047.29 per ounce, as of 0635 GMT, after hitting $2050.59 on Thursday...

Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's announcements, sanctions, and ongoing geopolitical risks. Uncertainties as to when the Fed will start cutting interest rates persist, and the minutes of last week's Federal Open Market Committee (FOMC) meeting...

Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National Bureau of Statistics reported that 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices, down from 62 in December 2023. Additionally, 68 such cities registered...

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts. Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold...

Its earnings were US$36.2bn, half of what is was in 2022.

The company profit vaulted to US$36bn during the year 2023.

Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships in the Red Sea, fueling worries about a wider conflict. Tokyo and European stock markets ended the week with gains as traders brushed off data showing US inflation rose more...

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market. This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November...

According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups impacting key indices, especially food, education, and clothing. The food and beverages sector experienced the most notable increase, with its index surging by 5.81% in November compared to the same...

Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance. In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such...

Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. But the group's enlargement has proven to be "a double-edged sword", noted Ozkardeskaya, with decision-making becoming more difficult.

Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen's Iran-backed Houthi rebels. US stocks sought to continue last week's rally on expectations the Federal Reserve will cut interest rates next year, though it appears to have lost steam...

RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.  The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.  Non-oil activities increased...

Muscat, Oman - The Sultanate of Oman's producer price index (PPI) in Q3 2023 recorded a decrease of 13 percent compared to Q3 2022, according to data issued by the Omani National Centre for Statistics and Information (NCSI). The statement explained that the prices of oil and gas products decreased...

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...

According to a report "Fragile Equilibrium: LNG Trade Dynamics and Market Risks" China has surged ahead of Japan to become the world's largest LNG importer. The US became the top LNG exporter in 2023. The IEF's secretary general said that demand for LNG has grown and continues to "enhance energy...

Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from 1.7 percent in September, according to the latest official data. The General Authority for Statistics (GASTAT) reported that this decrease in inflation was primarily due to a 0.8 percent reduction...

Dubai, UAE--Egypt's annual core inflation rate decelerated by 1.6 percent in October, recording 38.1 percent, down from 39.7 percent in September, according to data released by the Central Bank of Egypt (CBE) on Sunday. The monthly core inflation rate rose to 1.8 percent in October compared to 1.1 percent in...

Profitability dropped 22% due to lower realized prices.

Its earnings fell to US$6.5bn, down from $11.2bn last year.

Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September 2022, down from 2 percent in August 2023. This stability is due to the early economic measures taken by the Kingdom to counter the global rise in inflation rates, the...

The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices have been trending higher following moves by Russia and Saudi Arabia to limit output. The US futures benchmark, West Texas Intermediate for delivery in November, jumped 3.6% to $93.68 per...

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...

Rice is a major world food staple and prices on international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels. India announced in July a ban on exports of non-basmati white rice, which account for...

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by...

Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...

Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West...

Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price survey data issued by the Oman's National Center for Statistics and Information. The inflation rate was driven by the increase in most of the main groups that make up the...

Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while...

The decline in revenue is due to lower gas prices.

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday. Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the...

MOSCOW, RUSSIA -  Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of Ukraine grain exports to Africa, after Moscow's withdrawal led to the collapse of a Black Sea pact. The Ukraine grain deal was agreed last year and allowed around 33 million...

Profits fell on lower refining margins, natural gas prices.

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent overall in June compared with the same month last year, government data showed on Sunday. Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent,...

Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the draft budget estimates oil revenues of 17 billion dinars, a 19.5 percent decrease from the previous budget.