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Tag Archives: Saudi Arabia

Moody’s downgrades Saudi Arabia on lower oil prices

Saudi Arabia, oil prices

NEW YORK (AP) — Saudi Arabia’s credit rating has been downgraded by Moody’s because of the long and deep slump in oil prices. Moody’s Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar. Saudi Arabia is the world’s largest oil exporter. Moody’s cut ...

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Saudi Arabia ousts longtime oil minister

DUBAI, United Arab Emirates (AP) — Saudi Arabia on Saturday announced the ouster of its longtime oil minister as part of a larger ongoing government shakeup. A royal decree announced that Ali al-Naimi has been replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-Naimi has long been a pillar of Saudi oil policy, leading the Ministry ...

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Saudi Arabia outlines sweeping economic reform plans

Saudi Arabia outlines sweeping economic reform plans

RIYADH, Saudi Arabia (AP) — Saudi Arabia on Monday approved a long-awaited plan laying out reform priorities for the next decade and a half, setting in motion what is likely to be a period of significant economic change in the oil-rich kingdom. The project, which includes plans to float a stake in the world’s largest oil company and set up ...

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US stocks recover, oil prices drop after Doha meeting

US stocks recover, oil prices drop after Doha meeting

U.S. stocks moved higher in morning trading Monday, recovering from an early slump after major oil-producing nations failed to hammer out a deal over the weekend to cut oil production, sending oil prices lower. Consumer discretionary and financial companies were among the biggest gainers. KEEPING SCORE: The Dow Jones industrial average rose 45 points, or 0.3 percent, to 17,943 as ...

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US stock indexes are edging lower in early trading

NEW YORK (AP) — Stock indexes were edging lower in early trading Monday as investors worked through several company announcements. Global markets were modestly higher. KEEPING SCORE: The Dow Jones industrial average slipped 48 points, or 0.3 percent, to 17,748 as of 10:55 a.m. Eastern. The Standard & Poor’s 500 index was down five points, or 0.3 percent, to 2,066 ...

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Saudi oil minister says market should handle low prices

Saudi Arabia's Minister of Petroleum & Mineral Resources Ali Al-Naimi speaks at the annual IHS CERAWeek global energy conference Tuesday, Feb. 23, 2016, in Houston. (AP Photo/Pat Sullivan)

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that cutting production would mean low-cost producers like Saudi Arabia would be subsidizing higher-cost ones — an apparent reference to U.S. ...

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Echoes of 1991 Gulf War linger on in Mideast

Echoes of 1991 Gulf War linger on in Mideast

The 1991 Gulf War saw only 100 hours of ground fighting as U.S. forces entered Kuwait to end the Iraqi occupation but echoes of that conflict have lingered on for decades in the Mideast. The war pushed America into opening military bases in the Persian Gulf and Saudi Arabia, drawing the anger of an upstart militant named Osama bin Laden ...

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