Continued low oil prices could have an increasingly negative impact on banks across the Gulf Cooperation Council (GCC), according to Moody’s Investors Service in a report published today.
Global growth will fail to pick up steam over the next two years as the slowdown in China, lower commodity prices and tighter financing conditions in some countries weigh on the economy, Moody’s Investors Service said in a quarterly report today.
The Sultanate’s petrol production in January posted a 12.9% fall year-on-year, with output shrinking to 6.07 million barrels as against 6.97 million barrels last year, according to the latest data released by the National Centre for Statistics and Information (NCSI). The total petrol output last year stood at 85.96 million bbl.
Abu Dhabi’s (Aa2 stable) economic growth could come under pressure this year amid government spending cutbacks in response to lower oil prices, says Moody’s Investors Service in a report recently published.
Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in – a major sticking point with Iran absent from the talks and determined to raise production.
The MENA Region is expected to witness a 3.8% growth in GDP in 2016, revealed an Al Masah Capital Limited Report titled ‘MENA Yearbook – 2016’.
The future of Egypt will be shaped by its citizens’ needs, said Egyptian Prime Minister His Excellency Sherif Ismail in a session of the World Government Summit (WGS 2016) today.
The Sultanate’s total crude oil and condensates production in January 2016 declined by 0.05 per cent against December 2015 to touch 31,198,660 barrels, which is equivalent to 1,006,408 barrels per day.
Leading a discussion on the ‘Forgotten Legacy of Arabic Science’ at the World Government Summit 2016, Jim Al-Kalili, an Iraqi-born British professor of physics at the University of Surrey, presented a talk on the Golden Age of Islam and the era’s important contributions to science, mathematics, medicine, engineering, geography and the world.
Iran stands to gain the most from the growing integration of commodity-related trades within South Asia (India-Pakistan-Iran), according to 34% of respondents to a Gulf Intelligence Industry Survey of 250 energy professionals operating in the Middle East.