Opec

Saudi Arabia calls for oil producers

Muscat - Muslimchronicle

Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 a barrel inRead more

Saudi Arabia to spend big

Riyadh - Muslimchronicle

Saudi Arabia said on Tuesday its economy contracted for the first time in eight years due to painful austerity measures as it announced record spending to stimulate growth. The OPEC kingpin said gross domestic product for 2017 shrank by 0.5 percent due to a drop in crude production in line with an agreement with major oil producers aimed at boosting prices. Oil sector GDPRead more

Saudi economy shrinks for first time in 8 years

Riyadh - Muslimchronicle

The Saudi economy shrank by 0.5 percent in 2017 for the first time in eight years due to a drop in oil production, the finance ministry said on Tuesday. The last time the OPEC kingpin's economy contracted was in 2009, when gross domestic product dropped 2.1 percent after the global financial crisis sent oil prices crashing. The world's leading crudeRead more

Saudi budget deficit narrows

Riyadh - Muslimchronicle

Saudi Arabia appears set to post a lower-than-expected budget deficit this year as oil revenues rebounded and the kingdom kept public spending in check, official figures showed Monday. Faced by a persistent budget shortfall, the world's largest oil exporter has embarked on an ambitious reform programme to curb expenditure and lessen its dependence on crude. The kingdom will onRead more

Venezuela in new defaults on two bonds: ratings agency

Caracas- Muslimchronicle

Crisis-wracked Venezuela has defaulted on two bonds, failing to make a $183 million coupon payment, ratings agency S&P said Friday. The agency said OPEC-member Caracas failed to make the payment within a 30-day grace period on global bonds due in 2023 and 2028. The grace period expired Friday. "In line with our criteria for timeliness of payments, we are loweringRead more

Saudi Arabia reaches a compromise with Russia

Riyadh - Muslimchronicle

Ministers of the Oraganisation of Petroleum Exporting Countries (OPEC) and their allies have agreed to extend their production pact all the way to the end of 2018 but with a review in June that will take into account market conditions and progress towards rebalancing. The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wantedRead more

Venezuela's Maduro to seek 2nd term in 2018: vice president

Caracas - Muslimchronicle

Venezuela's President Nicolas Maduro — who is battling a crippling economic crisis in his oil-rich, cash-poor nation — will seek re-election next year, Vice President Tareck El Aissami said Wednesday. In 2018, "we will have, God willing, people willing, the re-election of our brother Nicolas Maduro as president of the republic," El Aissami told a meeting of the ruling UnitedRead more

Saudi minister says government resumes efforts

Riyadh - Muslimchronicle

Oil futures rose on Friday after OPEC and other major producers agreed to extend their production curbs in a widely expected move aimed at ending a persistent glut in global supplies. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia on Thursday agreed to maintain the output cuts until the end of 2018, whileRead more

Oil producers to maintain squeeze

Vienna - Muslimchronicle

Nations that supply a majority of the world's oil agreed Thursday to keep a lid on output for all of 2018, despite Russia starting to get cold feet and tensions between Iran and Saudi Arabia in the Middle East. The 24 nations, which account for some 60 percent of global supply, will maintain production curbs of 1.8 million barrels perRead more

Extension of cuts expected

Vienna - Muslimchronicle

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat. The recommendation was made by a joint committee of OPEC and non-OPEC delegates including Russia but has yet to be approvedRead more