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UAE ready to raise oil supply by 1 mn barrels per day
The UAE currently pumps around three million barrels per day but it has earmarked more than USD 132 billion in investments to raise its output capacity to 4.0 million bpd this year and to 5.0 million bpd in a decade''s time.
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Saudi Banks Seen as Gulf’s Most Vulnerable in Oil-Price War
“Sustained lower oil prices would undoubtedly impact the private sector and lead to a pick-up in delinquencies,” said Chiro Ghosh, an analyst at investment bank SICO BSC in Bahrain. Saudi banks with a high share of corporate loans “are at greater risk” so will “focus more on mortgage loans to protect their margin.”
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Oman Air suspends Saudi flights to prevent spread of coronavirus
Oman carrier says it will temporarily be suspending all flights between Saudi Arabia and Oman with effect from March 12 until further notice
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India’s Reliance buys 2 million barrels extra Saudi oil for April loading: trade sources
It was not immediately clear which crude Reliance will replace with the additional Saudi barrels. The refiner, one of the biggest buyers of Venezuelan oil, is preparing to wind down purchases from the Latin American nation from April under pressure from U.S. sanctions.
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Flood of $25-a-Barrel Saudi Oil Heading for Europe
The Saudi shipments, coupled with unprecedented discounts, are turning the European oil market into the most bitterly fought corner of an increasingly acrimonious oil price battle between Riyadh and Moscow. Saudi Arabia is offering its flagship Arab Light crude into Rotterdam for roughly $25 a barrel, a massive discount to the price of Russia’s Urals.
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VLCC rates surge as Saudi Bahri charters 14 tankers ahead of Aramco output hike | S&P Global Platts
Bahri is one of the world's largest tanker companies with its own fleet of 42 VLCCs, but with Saudi Arabia stepping up output, it will need more tankers to store and deliver this output to prospective buyers, including refineries in the US, sources said.
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Saudi Arabia expands travel ban to and from EU, 12 more countries as coronavirus cases in Kingdom jump to 45
Included in the new travel ban are member-countries of the European Union that had earlier been left out in last Monday's travel ban list, as well as Switzerland, India, Pakistan, Sri Lanka, Philippines, Sudan, Ethiopia, South Sudan, Eritrea, Kenya, Djibouti, and Somalia.
- Arab News - Saudi students, educators take on virtual education challenge amid coronavirus suspension
- Reuters - Saudi Arabia to close cinemas until further notice over coronavirus
- Arabian Business - Saudi bans sale of shisha in cafes and restaurants, reports
- Reuters - G20 Agriculture and Water meeting in Saudi postponed over coronavirus - organizers
- 5 Pillars - Saudi urges Umrah pilgrims to request refunds over coronavirus ban
- CNBC - Three ways the coronavirus could have an impact on Middle East economies
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Ministry of Energy directed Saudi Aramco to raise maximum capacity
Saudi Aramco announces that it received a directive from the Ministry of Energy to increase its maximum sustainable capacity (MSC) from 12 million barrels per day (MMBD) to 13 MMBD.
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Saudi women rising up in business in line with Vision 2030
The World Bank report “Women, Business, and the Law 2020” recognized Saudi Arabia as the top reformer globally in the last year. Saudi Arabia implemented historic reforms to advance women’s economic participation. The measures introduced freedom of travel and movement for women over the age of 21.
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Shattered Ambitions: Unemployment is hurting youth in Arab world
According to a research conducted by YouGov in collaboration with Arab News and Arab Strategy Forum, 55 percent of the youth population (people under the age of 30) believe corruption is the biggest problem their countries are facing. The second major problem is unemployment, followed by a lack of trust in their respective governments.
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