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  • Aramco’s Bondholders Get Dragged Down by Saudi Oil-Price War

    The oil-price war isn’t doing any favors for Saudi Aramco’s bondholders one year on from the state-owned company’s debut on international capital markets.

  • U.S. and Saudi ministers discussed global oil markets, says U.S.

    U.S. Energy Secretary Dan Brouillette spoke to Saudi counterpart Prince Abdulaziz bin Salman at the weekend, telling him the Saudi-Russian battle for market share in the global oil has “major implications” for the United States and the world, the U.S. Energy Department said on Monday. The two officials agreed to continue talks over global oil markets through a G20 meeting in the “near future”, the U.S. Energy Department said.

  • Dubai and Saudi Arabia explore funding options amid coronavirus fallout

    Dubai is in the early stages of talks with banks about potential funding options as its economy suffers under the fallout from the new coronavirus, two sources familiar with the matter said. It has not issued a request for proposals but has approached banks in the past few days that have lent to the emirate previously to see if they can provide debt financing of $3 billion to $5 billion, one of the sources said. Dubai’s department of finance declined to comment.

  • Trump says will do ‘substantial tariffs’ if oil price remains where it is

    U.S. President Donald Trump said on Sunday he would do “very substantial tariffs” if the oil price stays the way it is, although adding that he did not think he would need to. A month-long price war between Saudi Arabia and Russia against the backdrop of the novel coronavirus outbreak has cut the price of Brent crude oil to about $32 a barrel, down from around $65 at the end of last year.

  • Saudi non-oil private sector hits decade-low on coronavirus

    Saudi Arabia’s non-oil private sector shrank in March at its fastest rate on record as emergency measures to contain the coronavirus outbreak dealt a heavy blow to business, a survey showed on Sunday. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 42.4 in March - the biggest drop since the survey began in August 2009 - from 52.5 in February.

  • Saudi Aramco, ADNOC delay OSPs until after OPEC+ meets on output cuts: sources

    Saudi state oil giant Aramco and the UAE's Abu Dhabi National Oil Co. will delay issuing their official selling prices for May crude exports until after the OPEC+ coalition holds its emergency meeting Thursday, industry sources familiar with the matter told S&P Global Platts on Sunday.

  • London’s Ritz Sold to Wife of Former Qatari Emir, Mail Reports

    The hotel was acquired by a money manager acting for Sheikha Moza bint Nasser, consort to Hamad bin Khalifa al-Thani, according to the report. Qatar’s royal al-Thani family own more than 100 luxury hotels worldwide through various investment entities, the newspaper said.

  • 6 Coronavirus Economic Impacts to Keep an Eye On

    The economic and social impacts of COVID-19 are widespread and profound, so much so that it will take a long time to catalogue and assess them all in detail. But a number of things with important economic consequences for the United States are coming into focus. Here are six of them.

  • KSA steps up efforts to repatriate Saudi citizens

    The Ministry of Education, meanwhile, has followed up with its 31 cultural bureaus on the health and safety of Saudi scholarship students abroad. At present, 124,228 Saudis are abroad as part of the the scholarship program, with 79,113 scholarship students as well as 45,115 accompanying family members. The ministry is to provide them with the means of return to the Kingdom if they wish to do so.

  • Saudi Arabia turns to e-commerce during Covid-19 outbreak

    In October last year the government implemented the E-commerce Law, designed to regulate digital payments and improve transparency, while on January 31 the then Ministry of Commerce and Investment – now named the Ministry of Commerce – adopted the Implementing Regulations of the E-commerce Law, adding increased oversight to areas such as personal data protection, consumer rights and disclosure obligations.