Reuters A plunge in Saudi Arabia’s inflation rate, to its lowest level in more than 10 years, is good news for the kingdom’s efforts to reduce a huge state budget deficit without stifling economic growth. Annual consumer price inflation slowed to 1.7 percent in December from 2.3 percent in November, the Central Department of Statistics reported on Monday. On ...

  Reuters Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member’s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. “We ...

  Bloomberg The government of Iraqi Kurdistan paid international oil companies for the first time in seven weeks, as rising crude prices gave a much-needed boost to the region’s coffers. DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. received a combined $53.9 million for oil sold in October as well as arrears, they said Monday. The Kurdistan Regional ...