Tag Archives: Persian Gulf Countries

Iran traded 28.4 million tons of goods (excluding crude oil exports) worth $17.28 billion with the Persian Gulf’s six littoral states. The latest data released by the Islamic Republic of Iran Customs Administration show that Iran traded 28.4 million tons of goods (excluding crude oil exports) worth $17.28 billion with …

As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and other green energies to make their activities less carbon-intensive and support the energy transition. Last week Saudi Aramco reached a deal …

The coming 18 months will see the next two UN climate change conferences take place in the Middle East, with Cop 27 in Sharm el-Sheikh, Egypt, in November 2022 and Cop 28 in Abu Dhabi in November 2023. The events highlight the region’s commitment to decarbonisation and sustainable development, and …

The smallest oil producer in the Persian Gulf is turning to natural gas imports to meet rising energy demand as production from its own deposits slips. Bahrain plans to import at least five or six cargoes of liquefied natural gas in 2025, according to Mark Thomas, chief executive officer of …

Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed. Saudi Arabia’s benchmark index rose 0.3pc, with Al Rajhi Bank gaining 0.7pc, while oil giant Saudi Aramco was up 0.3pc despite reporting a fall …

The Gulf state of Kuwait is the most dependent on revenues of fossil oil among the world countries, a recent report issued by the World Bank revealed, according to The New Khalij on Friday. The report, which was published by local Kuwaiti media, confirmed that Kuwait’s oil revenues make up …

The Gulf states’ economies could contract by 7.6% this year in their deepest decline in decades, as the coronavirus and low oil prices take their toll, a top International Monetary Fund (IMF) official said on Tuesday, June 30. The new projection for the 6-nation Gulf Cooperation Council (GCC) is dramatically …

As demand for oil crashed amid the coronavirus outbreak, many traders seized the opportunity to store cheap oil stock to resell at a higher price. However, this scenario wasn’t an easy task for everyone. The shipping costs increased sharply and storage facilities surpassed the 90 per cent occupancy mark for …

Saudi Arabia and the UAE introduced the five percent Value Added Tax (VAT) in January of 2018, a first for the Persian Gulf region which had long prided itself on its tax-free, cradle-to-grave welfare system. On the same day, Saudi Arabia announced a petrol price hike of 127 percent.

The OPEC+ agreement and the additional oil output cuts announced this week will push GCC budgets even deeper into deficit, according to Fitch Ratings. Saudi Arabia said on Monday it would add to existing cuts by reducing output by another 1 million bpd next month — equivalent to 1 per …