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Saudi Aramco’s profit plunges, sees signs of oil market recovery

DUBAI (Reuters) – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. But the company stuck with plans to pay $... More »

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Saudi King Salman, 84, admitted to hospital

RIYADH (Reuters) – Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz, has been admitted to hospital in the capital Riyadh, suffering from inflammation of the gall bladder, state news agency SPA said on Monday. The king, who has ruled the world’s larg... More »

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Japan’s MUFG expects deep recession across GCC countries

DUBAI (Reuters) – Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) expects countries in the six-nation Gulf Cooperation Council (GCC) to be in deep recession this year with overall real GDP contracting 3.7% from a previous growth forecast of 2.9%. Th... More »

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Saudi-led coalition in Yemen calls for end to escalation in south

RIYADH (Reuters) – The Saudi-led coalition engaged in Yemen on Monday urged a leading separatist group that declared self-rule in the south to rescind its move, saying it was an “escalatory action” at a time all parties should focus on confronting the novel co... More »

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OPEC+ debates biggest ever cut as virus destroys oil demand

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the ... More »

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Kuwait has 10 new cases of coronavirus, brings total to 56 – TV

DUBAI (Reuters) – Kuwait’s Health Ministry announced 10 new cases of coronavirus in the country on Monday bringing the total number to 56, a ministry official said. The official, who was speaking during a news conference broadcast on state television, urged ci... More »

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Kuwait, Bahrain report coronavirus in people who visited Iran

DUBAI (Reuters) – Kuwait and Bahrain on Monday recorded their first new coronavirus cases, all involving people who had visited Iran, which has reported 43 cases of the disease, state media said. Kuwait detected the virus in three people among 700 who had been... More »

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Saudi Aramco markets IPO in Dubai after approaching Kuwait fund

DUBAI (Reuters) – Saudi Aramco met investors in Dubai on Sunday to market its initial public offering (IPO), after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to $25.6 billion, which relies heavily on local and regional b... More »

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Iran warns regional states of consequences if they stoked unrest

DUBAI (Reuters) – Iranian Vice President Eshaq Jahangiri on Saturday warned regional countries of consequences if it is proven that they meddled to stoke recent unrest in Iran. “Some countries in the region should know that they will not have an easy life in t... More »

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Iran says it will destroy any aggressor

DUBAI (Reuters) – Iran will pursue any aggressor, even if it carries out a limited attack, and seek to destroy it, the head of the elite Revolutionary Guards said on Saturday, after attacks on Saudi oil sites which Riyadh and U.S officials blamed on Tehran. “B... More »

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Saudi Arabia seeks action against Iran after oil attack, allies wary

DUBAI/RIYADH (Reuters) – Saudi Arabia will seek to make a case at a global gathering in New York this week for concerted action to punish and deter arch-foe Iran after strikes on Saudi oil plants rattled global markets and exposed the kingdom’s vulnerability t... More »

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Iran warns U.S. against seizing released Iranian oil tanker

DUBAI (Reuters) – Iran has warned the United States against any new attempt to seize an Iranian oil tanker in open seas after it left Gibraltar, the Iranian Foreign Ministry spokesman said on state television on Monday. The Iranian tanker caught in a standoff ... More »

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Saudi air defenses intercept two Houthi drones: Saudi press agency

(Reuters) – Saudi air defenses intercepted two Houthi drones, one of them targeting a residential area in the southern city of Abha, the Saudi press agency said on Tuesday, citing the Saudi-led coalition. Al Masirah TV, citing a military spokesman, said on Mon... More »

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U.S. military releases new images from oil tanker attacks

WASHINGTON (Reuters) – The U.S. military on Monday released new images it says showed Iran’s Revolutionary Guard (IRGC) removing an unexploded limpet mine from a Japanese-owned tanker that was attacked on June 13 in the Gulf of Oman, as Washington blames Tehra... More »

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Aramco CEO says oil industry facing ‘a crisis of perception’

LONDON (Reuters) – Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact. Amin Nasse... More »

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Kushner in Gulf region to seek support for Mideast peace plan

ABU DHABI (Reuters) – White House adviser Jared Kushner is visiting U.S.-allied Gulf Arab states to seek support for a long-awaited peace proposal for the Middle East that he said would require concessions from both Israelis and Palestinians. Kushner, who is U... More »

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Iran Guards hold war games as U.S. carrier enters Gulf

DUBAI (Reuters) – Iran’s elite Revolutionary Guards launched war games in the Gulf on Saturday, state television reported, after a U.S. aircraft carrier entered the waterway amid rising tension with Washington over reimposed U.S. sanctions. Television showed a... More »

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Gas-focused Qatar to exit OPEC in swipe at Saudi influence

DOHA (Reuters) – Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s bi... More »

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Trump seeks to revive ‘Arab NATO’ to confront Iran

WASHINGTON (Reuters) – The Trump administration is quietly pushing ahead with a bid to create a new security and political alliance with six Gulf Arab states, Egypt and Jordan, in part to counter Iran’s expansion in the region, according to U.S. and Arab offic... More »

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Security forces end attack on Erbil governorate by suspected…

ERBIL, Iraq (Reuters) – Kurdish security forces killed gunmen who had stormed a government building in the Kurdish city of Erbil on Monday and took hostages in an attack suspected of being carried out by Islamic State, security officials said, Armed with pisto... More »

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Investors see big oil surge, but physical markets suggest caution

NEW YORK/LONDON/SINGAPORE (Reuters) – Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel t... More »

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Qatar says Emirati plane violated airspace, UAE denies

FILE PHOTO – Buildings are seen on a coast line in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon DUBAI (Reuters) – Qatar has filed a complaint to the United Nations about an alleged violation of its airspace in December by an Emirati military aircraft, st... More »

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Saudi fund agrees plan to invest in Virgin space ventures

Saudi Arabia's Public Investment Fund plans to invest about $1 billion in Richard Branson's space company, Virgin Galactic, and sister companies The Spaceship Company and Virgin Orbit, according to a joint statement published on Thursday. More »

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Qatar to build World Cup stadium shaped like Arabian cap

Qatar will build a stadium shaped like an Arabian skull cap for the 2022 World Cup, organizers said on Sunday, as the Gulf state moves ahead with preparations for the tournament despite a diplomatic rift with its neighbors. More »

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Turkish troops hold exercises in Qatar

Qatar held joint military exercises with Turkish troops on Monday, Qatari media reported, showcasing their strategic alliance two months into a boycott by Arab neighbors which accuse Doha of supporting terrorism. More »

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UAE minister denies any hacking of Qatar

Minister of State for Foreign Affairs for the United Arab Emirates, Anwar Gargash, speaks at an event at Chatham House in London, Britain July 17, 2017. The United Arab Emirates was not responsible for an alleged hack of Qatari websites which helped spark a mo... More »

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Arab states send Qatar 13 demands to end crisis, official says

A mosque is seen alone a coastline in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon Four Arab states boycotting Qatar over alleged support for terrorism have sent Doha a list of 13 demands including closing Al Jazeera television and reducing ties to their... More »

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Turkish exports to Qatar triple during Gulf crisis: trade minister

Buildings are seen on a coast line in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon Turkish exports to Qatar have tripled from their normal levels to $32.5 million since four Arab countries began boycotting the Gulf state on June 5, Turkey’s Customs and T... More »

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Qatar can defend economy and currency, finance minister tells CNBC

Qatar’s Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari f... More »

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OPEC extends oil output cut by nine months to fight glut

OPEC President, Saudi Arabia’s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.... More »

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Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia’s Energy Minister Khalid al-Falih (L) and Russia’s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil ... More »

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Kuwait says expects extension of OPEC, non-OPEC oil deal

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger Kuwait’s oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond June, su... More »

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Ai Weiwei calls on Gulf states to do more to help Syrian refugees

Chinese dissident artist Ai Weiwei takes a selfie with women at the Islamic Art Museum in Doha, Qatar, April 11, 2017. Picture taken April 11, 2017. REUTERS/Tom Finn Chinese artist Ai Weiwei called on wealthy Gulf Arab states to take in more Syrians displaced ... More »

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U.S. shale plots production growth despite OPEC`s warning

FILE PHOTO – Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgen... More »

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Iran president eyes better ties with Gulf Arabs during trip

FILE PHOTO: Iran’s President Hassan Rouhani attends a meeting during the Asia Cooperation Dialogue (ACD) summit at the Foreign Ministry in Bangkok, Thailand, October 10, 2016. REUTERS/Athit Perawongmetha/File Photo Iranian President Hassan Rouhani said his cou... More »

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Iran`s Rouhani to visit Oman and Kuwait

Iran’s President Hassan Rouhani presides over a meeting of the Supreme Council of Cultural Revolution, in Tehran, Iran February 7, 2017. President.ir/Handout via REUTERS Iranian President Hassan Rouhani will visit Oman and Kuwait on Wednesday, state media repo... More »

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Trading giant Glencore extends major Libyan oil deal: sources

FILE PHOTO: Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. REUTERS/Esam Omran Al-Fetori/File Photo Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer o... More »

Venezuela says OPEC, non-OPEC oil stabilizing deal `close`

Venezuela’s President Nicolas Maduro (C) attends the 17th Non-Aligned Summit in Porlamar, Venezuela September 18, 2016. Miraflores Palace/Handout via REUTERS Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to re... More »

Iraq’s oil exports from south rose to 3.2 million bpd in July

BASRA, Iraq Iraq’s oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said. Output at the Luhais field, operate... More »

Wary Mideast states warn of Pokemon GO security dangers

DUBAI Authorities in the Gulf Arab states of Kuwait and United Arab Emirates on Friday warned of security dangers to playing the wildly successful new smartphone app Pokemon GO. Users must resist the urge to point camera phones at Pikachu popping out in front ... More »

Iran cuts crude prices vs Saudis, Iraq in market share fight

SINGAPORE Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the stakes in its fight to regain market share. This is third time Iran has change... More »