Middle-east Arab News Opinion | Asharq Al-awsat

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A night view of the Gate building is seen at the Dubai International Financial Center, DIFC, in Dubai, United Arab Emirates. (AP Photo/Kamran Jebreili, File)

Oil drops below $59 for first time since 2009

by Asharq Al-Awsat | Dec 16, 2014 | Business

London, Reuters—Oil fell below 59 US dollars a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand. International benchmark Brent...

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Saudia Arabia’s Minister of Petroleum and Mineral Resources, Ali AI-Naimi (C), arrives at the Grand Hotel in Vienna on December 2, 2013, prior to the start 164th meeting of OPEC, held in Vienna on December 4. (AFP PHOTO/ALEXANDER KLEIN)

Saudi Arabia refuses to cut oil output

by Wael Mahdi | Dec 11, 2014 | Business

Khobar, Asharq Al-Awsat—Saudi Arabia said this week that it will not reduce oil output in response to a surplus that has sent global prices tumbling. “Why should I cut production?” Saudi Arabia’s Minister of Petroleum and Mineral Resources, Ali Al-Naimi, said during a...

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A non-associated gas processing facility. (Photograph: Saudi Aramco)

Saudi Aramco announces shale gas investment

by Alex Edwards | Oct 22, 2013 | Business

Dammam, Asharq Al-Awsat—Saudi Aramco Oil Company announced that it will intensify efforts to invest in exploration for conventional and unconventional oil and gas. The announcement came in statement made by Aramco president and chief executive officer, Khalid...

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A surfer rides a wave with an oil drilling rig in the background in Huntington Beach, California, USA 29 September 2013. (EPA/MICHAEL NELSON)

China and India stockpile growth absorbing oil surplus, say experts

by Shuja Al-Baqmi | Oct 1, 2013 | Business

Riyadh, Asharq Al-Awsat—Surplus global oil production is being bought up by India and China, say experts, as part of an effort by the two states to bolster their stockpiles. Experts say that the strategic oil reserves of China and India have recently increased, and...