Bloomberg Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back ...

  Kuwait City / AFP Kuwait’s Emir Sheikh Sabah al-Ahmad Al-Sabah opened the new parliament on Sunday by declaring that a reduction in public spending is “inevitable” in the face of weak oil prices. The emir said the sharp drop in oil revenues has resulted in a huge budget deficit and “there is no other option but to take effective ...

  KHOBAR / AFP Sadara Chemical, a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical, has signed a 20-year agreement with Saudi Rufayah Chemicals Co (RCC), Sadara said on Sunday. Under the deal, RCC, a Saudi downstream firm will use the aromatics concentrate (Pygas) and Pyoil supplied by Sadara for its new chemical complex ...