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Saudi Arabia

McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

McDermott CEO sees Saudi contract as step in turnaround

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Offshore engineering company McDermott International has landed a $1.5 billion-plus lump sum contract with Saudi Aramco.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

How much longer can Saudi Arabia’s economy hold out against cheap oil?

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Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade.
(Fayez Nureldine/AFP/Getty Images)

Saudi stocks bear market as oil slides on supply glut

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An unexpected increase in U.S. crude stockpiles and record oil production from Saudi Arabia in June has deepened concern that growing oversupply will continue to impact oil prices as nations tussle over market share.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi growth to slow as kingdom adjusts to cheaper oil

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Saudi Arabia’s gross domestic product will grow by 2.8 percent this year and 2.4 percent in 2016, the IMF said in e-mailed statement at the conclusion of its regular country consultation.
(Alexander Klein/AFP/GettyImages)

Algeria calls for non-OPEC output cut to stop oil price slump

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Algeria’s initiative to coordinate an OPEC response to tumbling crude prices had the backing of cash-strapped fellow members Libya and Venezuela.
(Brian van der Brug/Los Angeles Times/MCT)

Raymond James lowers oil forecast for 2016

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Analysts at Raymond James said that they had cut their U.S. benchmark crude oil forecast to $50 per barrel in 2015 and lowered their 2016 projection by $10 per barrel to an only slightly higher $55 per barrel.
(Fayez Nureldine/AFP/Getty Images)

Saudi Aramco raises Asia crude pricing, leaves light to U.S. unchanged

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Refining margins in Asia have come under pressure in recent months as refiners there increased processing runs and Saudi Arabia increased diesel exports from its new Yasref refinery, a joint venture with China’s Sinopec that reached full capacity in June.
In this Jan. 24, 2015 file photo, Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh. (AP Photo/Yoan Valat, Pool)

Saudi king plans U.S. trip after giving Iran deal hedged support

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After private meetings in Jeddah on the Red Sea coast, Defense Secretary Ashton Carter told reporters that King Salman and his defense minister “reiterated their support” for the deal to curb Iran’s nuclear program while expressing reservations about its enforcement.
(DEwira/AFP/Getty Images)

Oil supply-demand balance could improve next year, OPEC says

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OPEC’s more optimistic outlook comes as the 12-member cartel makes good on a plan to carve out more of the global oil market as demand grows; according to the report, Saudi Arabia told OPEC it put out 230,900 more barrels a day in June
Memers of theOrganization of the Petroleum States meet In November 2014 at OPEC headquarters in Vienna. AFP PHOTO/SAMUEL KUBANISAMUEL KUBANI/AFP/Getty Images

Commentary: Saudi’s targeting of market share does not appear to be working

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Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a […]
Categories: Middle East