oil prices

Saudi Arabia’s GDP Tops $1 Trillion as Oil Prices Surge

Saudi Arabia announced this weekend that its gross domestic product had crossed the threshold of $1 trillion for the first time in its history, a milestone reached with the aid of high global oil prices and heavy government investment in tourism and entertainment.

Amin Nasser, the chairman and CEO of the state-run oil giant Saudi Aramco, speaks to journalists at the World Energy Congress in Abu Dhabi, United Arab Emirates, Tuesday, Sept. 10, 2019. Nasser told journalists Tuesday a planned initial public offering of a sliver of the oil company's worth would happen …

Saudi Arabia Announces Solo Oil Production Cut After OPEC+ Meeting

Saudi Arabia announced a million-barrel-per-day (bpd) oil production cut on Sunday that would begin in July, a policy change following a meeting of the OPEC+ oil cartel in which several members failed to meet their production quotas and one, the United Arab Emirates (UAE), announced a production increase.

Abdulaziz bin Salman, Saudi Arabia's energy minister, center, speaks during a news conference following the 33rd meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna, Austria, on Wednesday, Oct. 5, 2022. OPEC+ agreed to cut its collective output limit by 2 million barrels day as …

India Says Exports Hit Record-High $750 Billion

Indian commerce minister Piyush Goyal told attendees at an industry event on Tuesday that his country had surpassed $740 billion in goods and services exports, a record significantly higher than the $500 billion in exports that India documented between 2020 and 2021.

Men talk on their mobile phones in front of an iphone 14 advertisement, in Kolkata on September 27, 2022. Apple Inc. said on Monday it will manufacture its latest iPhone 14 in India, according to media reports. (Photo by Sankhadeep Banerjee/NurPhoto via Getty Images) Men talk on their mobile phones …

UAE Names Fossil Fuel Mogul to Lead U.N. Climate Talks

The United Arab Emirates, which will host this year’s COP28 United Nations climate conference, named the head of its state oil company as the president of that summit on Thursday – outraging environmental activists who oppose the existence of all fossil fuels as a threat to the planet.