Oil Prices | Egypt Oil & Gas - Part 14
Oil Prices Surge Temporarily as Saudi-Iranian Tensions Mount
Oil prices rose by more than 3% today in response to the crisis brewing between Iran and Saudi Arabia following the Saudi execution of a prominent Shiite cleric, Sheikh Nimr Baqir al-Nimr, the Wall Street Journal repo...
OPEC: $10t in Oil Investment Needed, $250 from non-OPEC Countries
The Organization of Petroleum Exporting Countries (OPEC) stated in its World Oil Outlook 2015 that $10t worth of investment in the oil and gas industry will be needed through 2040 in order to meet world’s energy deman...
Aramco Confident Saudi Can Ride Out Oil Price Crunch
Saudi’s state oil company, Aramco stated that Riyadh had the capacity and was better equipped to wait out current low oil prices compared to other oil producers, while projecting a more stable market in 2016, Re...
Riyadh’s 2016 Budget Targets Deficit by Cutting Public Spending
Saudi Arabia has unveiled plans to lower its current budget deficit of $97.9b to $87b in 2016 by making government projects more efficient and cost-effective, cutting public spending by introducing reforms to energy s...
Oman Awaits Approval of Ambitious Tax, Subsidy Reforms
Oman’s top advisory body, the Shura Council, has voted for the biggest increase in corporate taxes in many years aimed at offsetting a budget deficit over oil price slump, reported Arabian Business. The Council ...
Nigeria To Boost Expenditure as Oil Deficit Widens
Nigerian President, Muhammadu Buhari announced plans to raise the government spending to $31b, up 20% in 2016 through extensive borrowing at home and abroad amid falling oil prices, reported BBC News. The money is ear...
Kuwait Lifting Fuel Subsidies, Adopting Tax Reform
Kuwait’s government has decided to lift fuel subsidies and apply new water and electricity consumption prices, while postponing an official announcement, until the Ministry of Commerce and Industry designs an ef...
Saudi Regime Bracing for Major Economic Reforms
Saudi Arabia’s Deputy Crown Prince, Mohammed bin Salman has outlined plans to reshape country’s economy to withstand low oil prices, sources told Reuters. The Council of Economic and Development Affairs ch...
