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Gulf Independent - Oil-prices
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Oil soars 6% as Opec reaches deal to limit output in Nov ECONOMY

Oil soars 6% as Opec reaches deal to limit output in Nov

Oil prices jumped as much as 6% on Wednesday after Opec sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said.

4:45 AM November 25 2016
GCC budget deficits could cross $153bn in 2016 ECONOMY

GCC budget deficits could cross $153bn in 2016

The GCC budget deficits are forecast to "peak" at over $153bn this year against an estimated $119bn in 2015, after which it is likely to taper off but the "gap" is expected to persist over the medium term.

4:45 AM November 25 2016
Qatar set to remain GCC's 'fastest-growing economy' ECONOMY

Qatar set to remain GCC's 'fastest-growing economy'

Qatar is set to remain the “fastest” growing country in the GCC region at 3.5% this year and 3.7% in 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) has said in a report.

4:45 AM November 25 2016
UAE energy minister says oil market headed to balancing ECONOMY

UAE energy minister says oil market headed to balancing

UAE Energy Minister Suhail bin Mohammed al-Mazroui said in a Twitter message on Monday that the oil market was balancing but that production by some OPEC members was slowing recovery.

4:45 AM November 25 2016
Oil prices rebound after Algeria says all options open ECONOMY

Oil prices rebound after Algeria says all options open

Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers.

4:45 AM November 25 2016
Airlines to post record $40bn profit in 2016: IATA ECONOMY

Airlines to post record $40bn profit in 2016: IATA

Global airlines are expected to post record profits of almost $40bn this year, the head of industry body IATA said, but he warned the sector faced threats from terrorism, a sharp rise in oil prices and protectionism.

4:45 AM November 25 2016
Saudi builder Binladin says govt started to pay dues ECONOMY

Saudi builder Binladin says govt started to pay dues

The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom's biggest construction firm, for its work on government projects, Saudi Okaz newspaper reported.

4:45 AM November 25 2016
Gulf budget deficit expected to hit $153bn in 2016 ECONOMY

Gulf budget deficit expected to hit $153bn in 2016

Gulf Arab oil exporters are expected to see their budget deficits peak this year owing to the plunge in energy revenues, a report said on Tuesday.

4:45 AM November 25 2016
Oil prices drop on returning Libya, Nigeria supplies ECONOMY

Oil prices drop on returning Libya, Nigeria supplies

Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.

4:45 AM November 25 2016
Global oil glut set to last at least until mid-2017: IEA ECONOMY

Global oil glut set to last at least until mid-2017: IEA

A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.

4:45 AM November 25 2016
Oil prices 'likely to average $60 a barrel in 2017' ECONOMY

Oil prices 'likely to average $60 a barrel in 2017'

Oil prices are likely to move up and average $60/barrel in 2017 from this year’s average of $43/b as reduced investment by international oil companies begins to bite, Samba Financial Group has said in a report.

4:45 AM November 25 2016
Algeria sees consensus on need to steady oil price ECONOMY

Algeria sees consensus on need to steady oil price

Algeria's energy minister has said there is a consensus among Opec and non-Opec members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday.

4:45 AM November 25 2016