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As oil prices continue to fall and as Iran is about to increase its output after the lifting of sanctions, Saudi oil minister Ali al-Naimi said he continues to be “optimistic” about the future increase of oil prices. The minister Read more
Saudi Arabia’s budgetary deficit is set to continue to the next fiscal year after recording a $98billion deficit in 2015 with oil revenues providing 72% of the country’s income, compared to 87% last year, despite the drastic fall of prices. Read more
After the meeting in Vienna of the Oil Producing Exporting Countries (OPEC) held last week ended with member countries deciding not to reduce output leading to a further drop of oil prices to around $43 a barrel, Saudi Arabia which Read more
Member countries of the Organization of Petroleum Exporting Countries (OPEC) are meeting this Friday in Vienna to discuss the organization’s policies especially the low hydrocarbon prices but a change is not expected as they continue to disagree over the approach Read more
There are reports that Saudi Arabia is preparing to behead at least 50 people found guilty of committing “terrorist crimes” or linked to terrorist groups. There has been no official statement from Riyadh but semi-official al-Riyadh newspaper reported the story Read more
Saudi Arabia would be receiving armament from the U.S. after Pentagon’s Defense Security Cooperation Agency (DSCA) approved its request for arms sales including 22,000 smart and general purpose bombs, 1000 GBU-10 Paveway II Laser Guided Bombs and more than 5,000 Joint Read more
Saudi Arabia will embark on a 5year privatization program of state controlled aviation infrastructures such as airports and related services. The announcement was made by the head of the kingdom’s General Authority for Civil Aviation (GACA) Sulaiman al-Hamdan. The program Read more
Saudi oil Minister Ali al-Naimi said that the current low oil and gas prices will be settled through increased demand in Asia. He said urbanization, population expansion, increasing prosperity and social mobility will lead to oil demand growth which will Read more
Standard and Poor’s (S&P) rating agency decided to downgrade Saudi Arabia’s long term foreign and local currency sovereign credit ratings from AA- to A+ on Friday citing the effects of the low oil prices but authorities in Riyadh are not Read more
Saudi Arabia has expressed the wish to see Iran change its policies and stop meddling in the affairs of other countries to pave the way to improving relations between the two states. This came in a statement by Saudi Arabia’s Read more