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However, withstanding a long period of oil prices below $60 per barrel might be problematic even for cash-rich Saudi Arabia
March 01, 2015 - 07:44 GMT
OPEC kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.
The countries relocated their embassies to Aden, a port city on the southern coast of Yemen. (AFP/File)
February 27, 2015 - 05:55 GMT
Saudi and Qatari ambassadors resumed their work in the southern Yemeni city of Aden, reported a Hadi-aid on Thursday. The embassies in Sana'a were evacuated in mid-February due to security concerns.
US shale oil output growth is not expected to start slowing before the second part of 2015.
February 26, 2015 - 21:46 GMT
Opec kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.
Global oil prices have sat above $100 a barrel for the best part of the past five years, partly due to soaring demand from China.
February 26, 2015 - 20:36 GMT
Following last year’s surprise move by Opec (Organisation of Petroleum Exporting Countries) to counter the growing US shale oil industry, crude prices have plunged to below $55 a barrel.
The Saudi government said Thursday it is committed to fighting drug smuggling, one of many crimes punishable by death in the country. (AFP/File)
February 26, 2015 - 15:00 GMT
The Saudi government said Thursday it is committed to fighting drug smuggling, one of many crimes punishable by death in the country.
Officials identified four of the five victims of a fire in Saudi Arabia as Bangladeshi, a labor counselor said Thursday. (Screenshot: Twitter)
February 26, 2015 - 13:00 GMT
Officials identified four of the five victims of a fire in Saudi Arabia as Bangladeshi, a labor counselor said Thursday.
In our view, it is intended to mean the party engaged to build the works (i.e. the constructing contractor) and not a designer or supervisor.
February 25, 2015 - 19:11 GMT
As Saudi Arabia has this key difference, it is important to understand the essential principles guiding construction contracts in the kingdom.
The timing is sensitive as Riyadh is preparing to open its stock market, the largest Arab bourse, to direct investment by foreigners this year.
February 25, 2015 - 14:10 GMT
Mobily’s rise was remarkable. It turned profitable in 2006, a year after launching operations, and annual profits soared 854 per cent between then and 2013.
King Abdullah II (L) met with the late Saudi King Abdullah bin Abdul Aziz al-Saud in the Red Sea port of Jeddah on August 14, 2014. (AFP/File)
February 25, 2015 - 13:30 GMT
King Abdullah will meet with King Salman on Wednesday to discuss the strengthening of ties between Saudi Arabia and the Hashemite Kingdom of Jordan,
It would mean that international buyers would have access to new sellers of energy that could be purchased at competitive prices and in turn drive down the price of Saudi Arabian oil.
February 25, 2015 - 09:47 GMT
US politicians are pushing to lift the country’s ban on crude oil exports, a move that if successful would challenge Saudi Arabia’s long held dominance over the global oil market.
Al-Naimi was the driving force behind Opec's recent shift in policy choosing not to cut output at its last meeting in November to support oil prices.
February 25, 2015 - 09:35 GMT
"Markets are calm now ... demand is growing," Al-Naimi told reporters on the sidelines of a conference in the port city of Jizan, southwest Saudi Arabia.