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Trump claims Saudi Arabia will boost oil production

President Donald Trump said Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no...

Shell hands over Iraq's Majnoon oilfield: Iraqi oil officials

Oil major Royal Dutch Shell has exited the Majnoon oilfield and handed over all its operations to the state-run Basra Oil Co., two Iraqi oil officials close to the deal said on Wednesday. Officials from Shell and Basra Oil Co. met on Wednesday to mark the complete exit of Shell and the...

Asian markets fall as trade war fears weigh on sentiment

Asian markets fell Monday as fears of a global trade war continue to dog investors, with Donald Trump threatening fresh tariffs on European cars and reports he is considering curbs on Chinese investment the US. There was little sign of relief after equities suffered a pummelling last...

Airbus warns it could leave UK if no Brexit deal

European planemaker Airbus has warned Friday that it could leave the U.K should the latter exit the European Union single market and customs union without a transition deal. "U.K. exiting the EU next year without a deal -- therefore leaving both the single market and customs union...

Iran says doesn't think OPEC can reach deal

Iranian Oil Minister Bijan Zanganeh said on Thursday he still believes OPEC cannot reach a compromise decision on raising oil output at its meeting the following day. "I don’t think we can reach agreement," Zanganeh told reporters. "We firstly need to discuss and decide about the main...

Bitcoin could 'bring internet to a halt': BIS

The Bank for International Settlements in a report warned digital currencies like bitcoin could overwhelm and break the internet if they continue to grow. The BIS, often described as the central bank for central banks, also warned, in a 24-page report published on its website on Sunday,...

Israel, Egypt gas partners near deal to control EMG pipeline

The companies developing Israel’s largest natural gas fields and an Egyptian partner are close to a deal that would give them control of the pipeline to Egypt, eliminating some of the outstanding legal disputes that have impeded progress on a $15 billion export contract. Israel’s Delek...

US: Fed raises interest rates

The Federal Reserve increased its benchmark interest rate as widely expected, the Federal Market Open Committee (FOMC) announced Wednesday. At the conclusion of a two-day meeting, Committee members voted unanimously to raise the federal funds rate by 25 basis points to a target...

Daraa: rebel commander says we have enough wheat corp to defy siege

(Zaman Al Wasl)- In case of besieged by an enemy, people have to rely on their riches, land, energies and be self-reliant to secure their livings. As well known to the whole world the Assad regime has practiced the most terrific kind of siege on the liberated areas, with the aim of avenging...

China warns US against provocations following B-52 flyby

China is accusing the United States of militarizing the South China Sea after two American B-52 bombers flew close to a disputed Chinese-held shoal in a show of force. Foreign Ministry spokeswoman Hua Chunying warned the U.S. on Wednesday against "hyping up militarization and stirring...

Trump may seek separate trade deals with Canada, Mexico

U.S. President Donald Trump may seek separate talks with Canada and Mexico in a bid to get individual trade deals with the two countries, White House economic adviser Larry Kudlow said on Tuesday. "He is very seriously contemplating kind of a shift in the NAFTA negotiations. His...

Trump aide: Canada trade row a 'family quarrel', Trudeau overreacting

A senior aide to U.S. President Donald Trump described trade frictions with Canada on Sunday as a "family quarrel," and brushed aside concerns expressed by Canadian Prime Minister Justin Trudeau. "I think he's overreacting," White House economic adviser Larry Kudlow said of Trudeau on...

Iran gives Total two months to seek US sanctions exemption

French oil major Total has two months to seek exemption from U.S. sanctions after Washington's withdrawal from the international nuclear deal, Iran's oil minister told state news agency SHANA on Wednesday. The minister, Bijan Zanganeh, added that failure to secure an exemption would...

Turkey central bank rate overhaul boosts lira

Turkey's central bank said Monday it would complete moves to simplify monetary policy, sparking a strong rally in the country's currency. "A decision has been made to finalize the simplification process regarding the operational framework of the monetary policy," the bank said in a...

Despite efforts to stop lira fall, Turks still worried

After the embattled Turkish lira weakened against the US dollar this week, Turks remain troubled over the economy despite the government's reassurances. The lira's drama worsened on Wednesday when Japanese investors sold Turkish assets, after comments by President Recep Tayyip Erdogan...

Turkish currency hits record low amid Erdogan concerns

Turkey's currency, the lira, has fallen to a record low against the dollar amid concerns about an outflow of investor capital and the country's ability to manage the situation. The lira dropped to over 4.80 per dollar on Wednesday, down some 5 percent since Tuesday. The Turkish...

US confirms suspension of trade tariffs against China

US Treasury Secretary Steven Mnuchin confirmed Sunday that Washington and Beijing had agreed to back off from imposing tariffs on each other, a day after reaching an accord on slashing the American trade deficit with China. "We have made very meaningful progress and we agreed on a...

Russia's Economy Ministry says US has refused to discuss tariffs: Ifax

Russia's Economy Ministry said Friday that the United States has refused to discuss its steel and aluminium tariffs with Russia within the framework of the World Trade Organization (WTO), Interfax news agency reported. The ministry also plans to inform the WTO that it may introduce...