MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
New York’s main contract, West Texas Intermediate for delivery in January, edged up 16 cents to $85.95 in the morning, and Brent North Sea crude for January added 26 cents at $108.27.
“On the commodities front, the energy markets were greeted with news that Saudi Arabian oil production has now fallen to its lowest level in a year as it scales back output amid weaker economic demand and rising US supplies,” said Jason Hughes, an analyst at IG Markets Singapore.
The 12-nation Organization of Petroleum Exporting Countries, which covers 35 percent of global demand for crude, said Tuesday that its production fell by 210,000 barrels per day in November.
OPEC left its 2012 and 2013 demand forecasts unchanged from the prior month.
Cartel ministers are meeting in Vienna on Wednesday, but Phillip Futures said most analysts do not expect it to change its output quotas from a combined 30 million barrels per day.
Markets are also waiting for the outcome of a meeting of the US central bank, which is expected to see fresh easing measures to boost the economy, while eyes are also on talks in Washington to avert the fiscal cliff.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world10 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago