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Tag Archives: Saudi Arabia

Mideast money – Cheap oil eats into Saudi corporate profits, more pain ahead

DUBAI – Saudi Arabian corporate earnings shrank during the third quarter of this year as low oil prices began hurting the wider economy, and are unlikely to achieve anything more than modest growth while the energy market languishes. The slowdown comes at an awkward time for the world’s top crude exporter, which has so far made little headway in attracting ...

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Iraqis tour North Dakota to study gas-capturing technologies

BISMARCK, N.D. — The Iraqi government has turned to North Dakota for help in finding solutions to the wasteful burning of natural gas that’s a byproduct of oil production. Iraq, OPEC’s second-biggest oil producer behind Saudi Arabia, is having much the same problem dealing with excess natural gas that North Dakota has had as oil production there has increased, though ...

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In a world awash with oil, inland Europe runs dry with the Rhine

LONDON/FRANKFURT – While the world grapples with overflowing oil, Europe is struggling to refill its inland tanks as a result of a decidedly old world problem that could torpedo any recovery in oil prices – lack of rain. Stubbornly low water levels <WL-KAUB> are disrupting barge traffic on the Rhine, threatening car drivers in Switzerland and oil producing behemoths such ...

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Saudis looking at raising domestic energy prices – oil minister

RIYADH – Saudi Arabia is looking at raising domestic energy prices, Oil Minister Ali al-Naimi said on Tuesday, confirming that the kingdom could cut a lavish system of subsidies blamed for waste and surging fuel consumption. Asked on the sidelines of a mining conference whether he expected domestic energy prices to increase in the near term, Naimi told reporters: “What ...

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Halliburton revenue misses on weak drilling in North America

Halliburton Co <HAL.N>, the world’s No.2 oilfield services provider, reported a bigger-than-expected 36 percent drop in quarterly revenue, hurt by weak drilling and pricing in North America. Halliburton and bigger rival Schlumberger Ltd’s <SLB.N> disappointing results highlight the struggles of the oil and gas industry, which is seeing little hope of a rebound in crude oil prices The outlook for ...

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OPEC will keep oil output high, traders say

LONDON – Saudi Arabia and the other big Middle East oil producers in OPEC will keep pumping hard to build market share despite mounting over-supply that has brought prices to six-year lows, the world’s top traders say. The Organization of the Petroleum Exporting Countries probably will not change tack and trim output even if it means prices stay low for ...

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