Latest Economy News

The International Monetary Fund will finalize an agreement with Iraq in the coming days for a program to monitor its economy, the fund's Middle East director said on Tuesday. The monitoring program would establish a track record of effective performance on the part of the Iraqi authorities which could lead to a finance program being agreed next year, Masood Ahmed told Reuters

Saudi Arabia's government is expected to announce spending cuts and a drive to raise revenue from new sources as it lays out a strategy to cope with an era of cheap oil, people familiar with Saudi policy-making said. Markets in the world's top oil exporter are jittery because low crude prices have pushed state finances deep into deficit and so far, the government has not reveal

The crash in oil prices is fanning the flames of revolt against Saudi Arabia inside the walls of OPEC. A war of words has broken out between OPEC kingpin Saudi Arabia and disgruntled smaller oil producers like Venezuela and Algeria. The smaller countries want the cartel to hit the brakes on production to help lift depressed oil prices -- and their own struggling economies. As t

The United Arab Emirates (UAE) was the world's sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia. Because the prospects for further oil discoveries in the UAE are low, the UAE is relying on the application of enhanced oil recovery (EOR) tech