BlackRock’s Managing Director Amer Bisat said on Wednesday that the world economy could contract by 11% in the first half of 2020 and lose $6 trillion in economic output due to the coronavirus pandemic. “To put this in context, this will be worse than the contraction that we saw...

The non-oil economies of the energy-rich Gulf states are likely going in reverse this year, shrinking in the case of Saudi Arabia for the first time in more than three decades. Once they shift into higher gear, the bounceback will generate so little momentum that a creeping recovery may...

US President Donald Trump said Tuesday he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when...

Saudi Aramco has asked key energy service companies to support the state oil giant’s plans to produce at its maximum oil output capacity of 12 million barrels per day “starting April 1 and for the foreseeable future”, a Saudi oil industry source told Reuters on Tuesday. Aramco has...