EMerging Equity
Kuwait
UAE Oil Minister Says OPEC Not Considering Output Cut As Brent Falls Below $46 To Lowest Level In Nearly Six Years
The United Arab Emirates (UAE) Oil Minister, Suhail bin Mohammed al-Mazroui, said on Tuesday that the fall in oil prices was not justified, as the price in Brent crude oil fell below $46 a barrel in Asian trading hours to the lowest level in nearly six years. The UAE Oil Minister, speaking at an energy … Continue reading
Oil Prices: Eventually The Gulf States Will Run Out Of Power – OpEd
By Steffen Hertog Oil prices have now halved in six months to around $50/barrel thanks to OPEC’s refusal to cut production. This means all the member countries are revising their government spending policies. While countries such as Iran and Venezuela face an imminent fiscal crisis, the short-term ramifications for the Arabian peninsula’s oil monarchies are less dramatic. In … Continue reading
Kuwait Intensifies Border Security With Iraq Following Attack On Saudi
By Middle East Monitor Kuwaiti authorities have raised the security level on their county’s border with Iraq in wake of the “terrorist attack” perpetrated on the Saudi border earlier this week, Kuwaiti Al-Qabas newspaper reported on Tuesday. Three Saudi guards, including a top commander, were killed on Monday in a rare attack and suicide bombing by … Continue reading
Algerian Energy Minister Urges OPEC Cut To Prevent Deeper Crisis
Algeria has called for OPEC to cut oil production to raise prices and help a number of member countries from plunging deeper into crisis, according to Energy Minister Youcef Yousfi. “OPEC should intervene to correct the imbalances by cutting oil output to push prices up and defend incomes of the member countries,” Yousfi said during … Continue reading
Saudi Arabia Braces For $39B Deficit In 2015 As Oil Slump Weighs On Economy
The number one crude oil exporter, Saudi Arabia, has projected a $39 billion deficit in 2015. The impact of lower oil prices, along with the decision not to cut production, is putting pressure on the country’s finances. The figure was part of the endorsed 2015 budget, which was made public in a statement read out … Continue reading
Oil Price Drop Highlights Need For Diversity In Gulf Economies
By IMF Decline in oil prices highlights need to diversify Gulf economies Oil revenues distort incentives for region’s firms and workers New export markets, better education, fewer government jobs will be key Countries of the Gulf Cooperation Council (GCC) will have to adjust the incentives of workers and firms to encourage them to work and … Continue reading
Seven Questions About The Recent Oil Price Slump
By Rabah Arezki, Olivier Blanchard IMF Oil prices have plunged recently, affecting everyone: producers, exporters, governments, and consumers. Overall, we see this as a shot in the arm for the global economy. Bearing in mind that our simulations do not represent a forecast of the state of the global economy, we find a gain for … Continue reading
Saudi Arabia Ready To Hike Oil Output Despite Oil Price Tumble: State Media
Saudi Arabia is reportedly ready to hike their oil output and gain a larger market share in order to fulfil demand of any new potential clients, the Saudi-owned al-Hayat newspaper quoted the kingdom’s Oil Minister as saying on Monday morning, according to Reuters. According to the state-owned newspaper, when asked if Saudi Arabia was looking … Continue reading
UAE Energy Minister Slams “Irresponsible” Non-OPEC Producers For Oil Price Tumble, Calls On Non-OPEC Output Cut
The United Arab Emirates (UAE) Energy Minister, Suhail Al Mazrouei, on Sunday called for non-OPEC (The Organization of Petroleum Exporting Countries) oil producers to cut their output as excess supplies are harming the market, in addition to slamming them for the reason behind the tumble in oil prices, according to Bloomberg, Reuters, and the WSJ. The UAE Minister … Continue reading
‘Impossible’ To Cut Oil Production, Saudi Oil Minister Says
Saudi Arabia, home to the world’s second largest oil reserves, says it can’t afford cutting oil production, even despite the falling prices. “It is difficult, or rather impossible [to imagine – Ed.] that Saudi Arabia and OPEC take any measures leading to a reduction in their share of the market and increase the share of … Continue reading
