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
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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
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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
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The International Monetary Fund may provide a large loan to Iraq in 2016 to help stabilize the country's finances as it grapples with low oil prices and the Islamic State insurgency, a senior IMF official said. An IMF team will discuss with Iraqi officials early next month how to create a Staff-Monitored Programme for Baghdad - an arrangement under which the Fund would monitor
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Oct 21 (Reuters) - Iraq's fiscal deficit is expected to hit 11.9 percent of economic activity in 2016, the finance minister said on Wednesday, as the country struggles to fund fighting against Islamic State in the face of dropping crude prices. The government's budget proposal, which awaits parliamentary approval, envisions expenditures of 106.9 trillion dinars ($95 billion) w
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