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Middle East

Storage oil tank on fire

Fire at Libyan oil port destroys up to 1.8 million barrels of crude

A fire raging for almost a week at Libya's biggest oil port of Es Sider has destroyed up to 1.8 million barrels of crude and damaged seven storage tanks, causing total damage of $213 million, a top oil official said on Tuesday.

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Iran's President Hassan Rouhani

Budget pressure unlikely to deflect Iran from nuclear goals

A big oil price slide will hurt Iran's attempts to rescue battered living standards, but economic pain is unlikely to soften its stance in nuclear talks or end aid to allies such as Syria, matters seen by its ruling clerics as strategic priorities.

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Saudi Arabia's Finance Minister Ibrahim Alassaf

Saudi finance minister says no need to create sovereign wealth fund

Saudi Arabia's finance minister said there was no need for the kingdom to create a sovereign wealth fund to manage its oil wealth, rebuffing suggestions by prominent officials and businessmen.

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Gas station

Arab OPEC sources see oil back above $70 by end-2015

Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year as a global economic recovery revives demand, OPEC delegates said this week in the first indication of where the group expects oil markets to ‎stabilize in the medium term.

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Saudi Arabia Petrochemical

Saudi Arabia says won't cut oil output

Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.

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Saudi Arabia's Oil Minister Ali al-Naimi

Saudi's Naimi: Non-OPEC, speculators led to oil price slide

Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organization of the Petroleum Exporting Countries and the actions of speculators had led to the oil price fall, but he was confident the market would improve.

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Arab woman aims to blaze a trail in Israel's high-tech sector

Israel is proud to call itself a "Start-up Nation", with more tech firms listed on Nasdaq than any other country outside the United States and China. But two elements are often missing from that success story: women and Arabs.

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Abdullah al-Badri

OPEC chief defends policy, says group to try to ride out price fall

Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.

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The Pentagon’s Mega Blimp

Unable to pay salaries, Afghanistan asks donors for more money

Afghanistan does not have enough money to pay salaries this month and has asked aid donors for a bailout before the end of the year, the treasury chief told Reuters on Thursday.

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Dow Chemical Co.

Dow Chemical CEO does not mind low oil, company makes money in other businesses

Dow Chemical Co (DOW.N) Chief Executive Andrew Liveris, speaking at a conference in Dubai, said on Monday he did not mind low oil prices because his company makes money in other businesses.

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Dubai

Dubai's Souq.com plans "Black Friday" equivalent to help boost sales growth

Dubai-based Souq.com, one of the Middle East's largest e-commerce businesses, aims for high double-digit revenue growth as it introduces "Black Friday"-type discount events to help lure shoppers from the city's retail malls.

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Iranian band Bomrani

Iranian blues and jazz bands find fans in Tehran

Behzad Omrani grew up in Tehran, in a house ringing to the sounds of his father's record collection - mostly the twangs and twirls of American Country & Western.

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William Dudley

Fed's Dudley: expectations for mid-2015 rate lift-off reasonable

Market expectations that U.S. interest rates will start to lift off sometime in mid-2015 are reasonable, New York Federal Reserve President William Dudley said on Thursday.

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Screaming pots

Iranians scream into pots at new contemporary art center

A contemporary art gallery in central Tehran is giving Iranians a chance to let out their frustrations by screaming into clay pots sculpted by a Vancouver-based artist, exhibiting in the country of his ancestors for the first time.

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oilfield

Libya's El Feel oil field shut down, third site within days

An oil field in southwest Libya has closed down, officials said on Sunday, becoming the third oil facility in the chaotic country to shut within a week.

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