The world’s biggest oil exporter on Monday took the first step towards a goal of generating 9.5 GW of energy through solar and other renewable means. It invited local and international firms to try to qualify for bidding on two projects. One is for 300 MW of solar energy to be built in Al-Jouf province, […]
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Oil prices settled up on Monday, as Saudi Arabia’s commitments to reducing production offset a report forecasting U.S. output would again rise this year. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to […]
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Oil on Friday fell by their biggest weekly percentage decline since January of around 9 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Traders also noted a surge in U.S. crude inventories last week and muted demand continued to weigh on futures. Old disputes […]
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Saudi Arabia plans to raise up to $17.5 billion from its first international bond issue, Bloomberg News reported on Wednesday, citing two people familiar with the offering. It would make the Saudi issue the largest ever from an emerging-market nation, said Bloomberg News, whose sources were not identified. The figure exceeds the $15 billion which […]
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Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors and a potential kingpin in the industry. The move is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi […]
Read More It’s “not unthinkable” that oil prices will rise to $60 a barrel by the end of 2016, the world’s top crude exporter said after agreeing to cut supply for the first time in eight years. Saudi Arabia will work with other producers to determine output caps and is “optimistic” about reaching a deal by the […]
Read More The world’s two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to “act together” to try to stabilise oil prices, but failed to make headway on a production freeze. The two nations “noted the particular importance of constructive dialogue and close cooperation between the largest oil-producing countries.” This should have “the […]
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Two pilgrims from Kwara State that were recently arrested by the Saudi Arabian authorities for being in possession of substance suspected to be cocaine have been released. The National Hajj Commission of Nigeria (NAHCON), confirmed their release in a recent statement in Abuja. The statement added that the arrested pilgrims from the state were released […]
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Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said. Following the spate of production disruptions largely caused by the recent […]
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President Muhammadu Buhari and his Saudi Arabian counterpart, King Salman Bin Abdul-Aziz in Riyadh, have backed efforts to stabilise the global oil market. The agreement was reached after the two leaders held bilateral talks during which they had extensive discussions on regional and global issues. According to a statement signed by the President’s Senior Special […]
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Thousands of Saudis may be forced to abandon their dream of studying overseas because of the oil price crash. With its budget under enormous pressure, Saudi Arabia is having to cut back the generous scholarship program that supported 200,000 students abroad in 2015. According to CNN, The government has been forced to tighten the rules […]
Read More A suicide bombing and gun attack on Shi’ite Muslim worshippers killed at least four people in eastern Saudi Arabia on Friday, the interior ministry and witnesses said, extending a spate of attacks on the kingdom’s Shi’ite minority. The assault on the Imam Rida mosque in the Eastern Province town of Mahasen, a mixed Sunni-Shi’ite district […]
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