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Economy
Oil prices rise as U.S. inventories build smaller than feared
Oil prices gained on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell and buoyed by hopes demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns.
“In part thanks…
Russia expects up to 15% drop in oil output in 2020: Ifx
Russian Energy Minister Alexander Novak on Wednesday said the country’s oil output could fall by up to 15% this year, Interfax news agency reported, representing its first annual decline since 2008.
Novak cited this month’s deal between…
Hezbollah blames ‘negative’ c. bank performance for pound collapse: report
The decline of the Lebanese pound to record lows against the U.S. dollar points to a “negative performance” by the central bank and the governor is responsible, but not on his own, the deputy leader of Hezbollah said, according to media…
IMF calls for Mideast sovereign wealth funds to boost local economies
Sovereign wealth funds in the Middle East should be used to boost growth, an International Monetary Fund (IMF) official said on Monday, as regional economies struggle with the coronavirus pandemic and the crippling impact of lower oil…
Saudi Arabia to take on billions in debt to survive the oil price crisis
Saudi Arabia may have to borrow as much as $58 billion this year to cover a budget shortfall caused by the oil price slump, Bloomberg reports, citing Finance Minister Mohammed al-Jadaan.
Al-Jadaan told media this week that the Kingdom…
South Africa says over $4 billion available from IMF, World Bank to fight COVID-19
South Africa’s finance minister said on Friday more than $4 billion was available from the International Monetary Fund and World Bank for the country to help it fight COVID-19, playing down worries that the money would come with onerous…
Oil heads for another weekly slide on coronavirus turmoil
Oil prices rose on Friday, but both the Brent and U.S. benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic.…
Saudi sovereign fund sees opportunities after coronavirus, PIF head says
The head of Saudi Arabia’s sovereign wealth fund Yassir al-Rumayyan said there will be a lot of potential for investment opportunities once the coronavirus crisis passes.
Rumayyan said the Public Investment Fund (PIF) was looking into…
Etihad, Air Arabia joint venture secures operating license
Air Arabia Abu Dhabi, a joint venture between United Arab Emirates carriers Etihad Airways and Air Arabia (AIRA.DU), has received its air operating license, it said on Thursday.
The launch of operations, which had been planned for this…
Kremlin: unaware if reports on insider oil trading on OPEC+ tips credible
A Kremlin spokesman said on Thursday he did not know if reports about a probe by U.S. authorities into whether traders benefited from tips on Russia’s plans at an OPEC+ oil meeting last month were credible.
Bloomberg News reported on…