Saudi Arabia's economic growth more than halved on a quarterly basis to 1.6...
DUBAI - Saudi Arabia’s economic growth more than halved on a quarterly basis to 1.66% in the first quarter of this year, in line with expectations of only a modest pick up as oil production cuts weigh on the world’s top crude exporter.
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed in December to slash oil production by more than the market had expected. “We estimate that the oil sector will contract on an annual basis in 2Q and for the subsequent quarters in 2019,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a research note.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia, Saudi Arabia Reach Oil Output Agreement Ahead of OPEC TalksRussia and Saudi Arabia have agreed to extend a major oil output-cutting deal by six to nine months to help support the market, Russian President Vladimir Putin said after meeting Saudi Crown Prince Mohammed bin Salman.
Read more »
Saudi Arabia says it intercepted 2 Yemen rebel dronesDUBAI, United Arab Emirates (AP) — Saudi Arabia says it intercepted two drones launched by Yemen's Iranian-backed Houthi rebels targeting the kingdom. The Houthi's Al-Masirah satellite news...
Read more »
Russia agrees with Saudi to extend OPEC deal by 6-9 months: PutinRussia has agreed with Saudi Arabia to extend by six to nine months a deal with ...
Read more »
Russia, Saudi deal shows commitment to oil market stability: NovakRussia's deal with Saudi Arabia on crude production cuts shows their commit...
Read more »
Saudi-Russian deal not due to tainted oil crisis: NovakA decision by Russia and Saudi Arabia to extend a global pact on curbing product...
Read more »
Japan's Abe offers Saudi crown prince help in reducing oil dependencyJapanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia's efforts...
Read more »