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Ministers from six Arab Gulf nations delayed action to curtail the support when they met Sept. 11 in Kuwait, Ali Al-Omair, Kuwaiti Oil Minister, said that day. State-run Saudi Arabian Oil Co. warned in May that it will have “unacceptably low levels” of oil to sell in the next two decades if domestic power use keeps rising at 8 percent annually. The region currently supplies 24 percent of the world’s crude.
The findings detail 25 developing and emerging countries, which account for 78 percent of global GDP and 68 percent of the world’s population. It reviews 10 industries including finance, manufacturing, education, transportation and logistics, providing a quantitative assessment of connectivity and its value from both national and industrial perspectives.
“There’s plenty of supply but no demand,” said Michael Hewson, a London-based market analyst at CMC Markets Plc, who forecasts that Brent could drop to $90 a barrel and WTI fall as low as $85 next quarter. “We have weak growth, with China and Europe slowing down, while U.S. air-strikes are protecting oil supplies in the Middle East. The momentum is certainly for a lower oil price.”
Reminiscent of the "Great Game" played out in Afghanistan between Great Britain and Russia more than a hundred years ago, Saudi Arabia and Iran are engaged in their own decades-long strategic rivalry for power and influence in the Middle East, stretching from the Mediterranean Sea to the Gulf and Arabian Sea. It is built mostly along sectarian and ideological lines - Saudi Arabia as the leader of the Sunni Muslim world, and Iran as the leader of the Shia Muslim world.
A Saudi Arabian wanted for his role in violent protests calling for more rights for the Shi'ite Muslim minority has died from injuries sustained in a shootout with police on Friday, local media reported on Sunday. The Sunni-ruled kingdom has been searching for a number of citizens suspected of involvement in anti-government violence in the Eastern Province, where a substantial number of the country's Shi'ite Muslim minority live.
But there is a dark side to the multibillion-dollar boom in the oil fields, which stretch across western North Dakota into Montana and part of Canada. The arrival of highly paid oil workers living in sprawling “man camps” with limited spending opportunities has led to a crime wave -- including murders, aggravated assaults, rapes, human trafficking and robberies -- fueled by a huge market for illegal drugs, primarily heroin and methamphetamine.
As the world increasingly looks to renewable energy to satiate growing global energy demand, the Middle East is no exception. Across the region, decreasing costs and evolving markets have led to a priming of the Middle East as potentially the next big front for renewable energy.
The Khorasan group, which was struck but not destroyed by a barrage of U.S. cruise missiles this week, came into public view like the contents of an al-Qaeda time capsule. It is led by all-but-forgotten operatives who knew Osama bin Laden before the Sept. 11 attacks and, according to U.S. officials, was assembled under the instruction of an al-Qaeda leader approaching retirement age.
The opening of two new oil refineries in Saudi Arabia will help the Kingdom maintain and grow its share of the global crude and petroleum products markets, sector experts have told Asharq Al-Awsat. The SATORP Jubail Export Refinery, owned by Saudi Aramco Total Refining and Petrochemical Company (SATORP)—a joint venture between the Kingdom’s state-owned oil company Saudi Aramco and global oil and gas giant Total—began refining operations on August 1, according to Total’s head of refining and chemicals, Patrick Pouyanné, who was speaking to the Reuters news agency on the sidelines of the European Refining Conference in Brussels on Tuesday.
Travellers in the UAE and Egypt are using smartphones more often to engage with travel-related content pre-trip in 2014, catching up with travellers in Saudi Arabia who already displayed a significant affinity to smartphones in 2013. Tablet usage is up slightly in the UAE and significantly in Egypt, with particularly high usage of tablet apps and reading more involved information sources such as online travel guides.
