Riyadh / AFP As Saudi Arabia seeks to diversify its oil-dependent economy, the chief of a Red Sea “megacity” says his project is pointing the way forward. A decade after its conception, the King Abdullah Economic City — an integrated industrial, residential and tourism centre — is profitable and in line with a government push which intensified this year …

  Bloomberg OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut. The country with Africa’s largest crude reserves currently produces 600,000 barrels a day, state-run National Oil Corp. Chairman Mustafa Sanalla said in a statement posted on the company’s website. …

  Kuwait City / AFP Kuwait must enact further subsidy reforms to trim its budget deficit resulting from low oil prices despite political sensitivity, the International Monetary Fund has said. Posting its first budget shortfall of $15 billion last fiscal year following 16 years of surpluses, OPEC member Kuwait has adopted a series of austerity measures raising the prices of …