Economy

The coronavirus outbreak has not stopped oil production in Iran, the official IRNA news agency quoted Oil Minister Bijan Zanganeh as saying on Tuesday. The ministry has made strenuous efforts not to halt production in the oil industry…

Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis. Saudi Arabia said on Monday it would cut output by a…

Saudi Arabia will triple value added tax and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore up finances hit by low oil prices as the coronavirus pandemic pummels global demand for its lifeline…

Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers. Possible signs of a second wave of infections…

The decline in oil prices and the value of investment assets since the start of the coronavirus outbreak will have an adverse impact on the “financial solvency” of the state, Emir Sheikh Sabah al-Ahmad al-Sabah said on Saturday. “Kuwait…

Turkey’s lira fell to a record low against the U.S. dollar on Thursday after traders interpreted comments from a Federal Reserve policy maker as ruling out a Fed swap line to cushion Ankara’s depleted reserves. Thursday’s fall to 7.25…

Lebanon’s government will take back management of the country’s two state-owned mobile phone networks after the latest contracts expired, and plans to prepare a new tender within three months. A tender for new contracts to manage the…

The European Union pledged on Monday 1 billion euros ($1.09 billion) for the global search for vaccines and treatment for the novel coronavirus, the European Commission President Ursula von der Leyen told a pledging conference. United…

Oil prices fell on Monday, paring last week’s gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease.…

Saudi shares slumped 6.8 percent as trading opened Sunday, a day after the finance minister announced "painful" measures to tackle the economic impacts of the coronavirus pandemic. Almost all the listed stocks on the Arab world's largest…