It took record discounts to get Saudi Non-Oil economy on a roll
Saudi companies are having to fight price wars to heat up business in non-oil industries.
Oil
Saudi King cuts once untouchable wage bill to save money
SAUDI Arabia canceled bonus payments for state employees and cut ministers’ salaries by 20%, steps that further spread the burden of shoring up public…
Angolan President replaces Finance minister as economy struggles
ANGOLAN President Jose Eduardo dos Santos dismissed Armando Manuel as finance minister of Africa’s biggest oil producer, state-owned news agency Angop…
Oil pares biggest quarterly gain since 2009 amid rebalancing
OIL headed for the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global surplus is easing. Futures fell as much as…
BP profit falls 80% as oil prices drop
BP reported a 80% decline in first-quarter earnings as crude oil prices continued to slide and a mild winter weighed on refining margins. Profit adjusted for…
South Africa’s PetroSA looks for equity partners in offshore blocks
SOUTH Africa’s cash-strapped national oil and gas company, PetroSA, is looking to sell up to 49% equity stakes in around 10 offshore blocks, a document…
Gwynne Dyer: Oil embargo will really hurt Iran
THERE are cynics among us who would argue that the European Union’s oil sanctions against Iran, which went into full effect on Sunday, are a double triumph…
