Regional News

Bloomberg / Reuters Saudi Arabia raised 7 billion riyals ($1.9 billion) from domestic sukuk sales as the kingdom seeks to bolster its finances amid an economic overhaul and lower oil prices. The government received more than 24 billion riyals in bids for its third riyal-denominated Islamic bond sale, according to a statement on the Ministry of Finance’s website. It raised …

Bloomberg Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail public spending after a global slump in prices. The government would boost gasoline to parity with varying international prices under the plan, according to a person with knowledge …

Bloomberg Saudi Aramco plans to expand its trading business by buying and selling non-Saudi crude as the world’s biggest exporter prepares for what could be a record initial public offering. The state-owned company is putting crude marketing and refined-product trading under the same management, according to Ibrahim Al-Buainain, chief executive officer of Saudi Aramco Products Trading Co.. The enlarged unit …

Bloomberg Oil extended gains above $50 a barrel in New York as Iraq raised the prospect of OPEC taking further steps to clear a global supply glut. West Texas Intermediate futures added 0.4 percent. Iraqi Oil Minister Jabbar al-Luaibi said there’s support in the Organization of Petroleum Exporting Countries to deepen output curbs by about 1 percent. Still, Iraq has …

Bloomberg The post-Harvey buzz over fuels is making US crude look like the poor stepchild of hedge funds. Since the storm battered the heart of America’s refining industry last month, bets on rising gasoline and diesel prices have surged for three straight weeks to the most bullish in years. But when it comes to West Texas Intermediate crude, skepticism is …

DUBAI / Reuters Major oil exporter Kuwait is dealing with another crude oil spill off its southern coast, state news agency KUNA said, the latest in a series of unexplained leaks in the Gulf Arab state in recent months. KUNA said the latest spill has been detected in the Ras al-Zour area, where Kuwait National Petroleum Company (KNPC) is building …

RHOURDE EL BAGUEL / Reuters Algeria’s state-run energy firm Sonatrach will boost gas output by 10 million cubic metres per day at its giant Hassi Messaoud field and will then increase output by 6 mcm a day at nearby Rhourde el Baguel oil field, its chief executive said. Sonatrach CEO Abdelmoumen Ould Kaddour, on a visit to the field, said …

Bloomberg Saudi Arabia plans to seek bidders for the construction of a 1,000-mile (1,600-kilometer) railroad linking the Red Sea with the Persian Gulf as early as the end of this year, signaling the go ahead for a long-delayed project seen as vital to reducing the economy’s dependence on oil. The so-called Land Bridge line will shave around three days off …

Bloomberg Oil traded near $50 a barrel in New York, close to a three-month high, as a further reduction in US drilling added to signs the global crude surplus is abating. West Texas Intermediate futures were little changed after advancing 5.1 percent last week. Rigs targeting crude fell by seven to 749, according to data from Baker Hughes. Drillers haven’t …

Bloomberg Bahrain refused to process bids by Qatari investors for its largest-ever bond offering after cutting ties with the gas-rich Gulf state in June, according to two people familiar with the matter. Doha-based companies that submitted bids for Bahrain’s $3 billion debt sale last week weren’t given allocations because the island state, along with other Gulf economies, are cutting their …