Low oil prices drag Middle East economies to collapse

The low oil price environment in the global market is dragging the Middle Eastern oil-producing countries to collapse, whose economies are strongly dependent on crude oil production and exports.

The Saudi energy minister on Saturday rejected Russia's remarks that the kingdom withdrew last month from a deal to cut output.

Turkish Airlines on Friday announced that due to the continuing coronavirus outbreak, it will suspend all domestic service until April 20.

Turkey's exports are expected to drop around 17% in March, as the coronavirus pandemic leads to a decline in trade with some of its biggest partners, Trade Minister Ruhsar Pekcan said on Wednesday.

As the spread of novel coronavirus (Covid-19) continues to keep global oil demand low, coupled with additional oil that will join the flood which is already sweeping the market in April, crude oil prices now face ...

Turkey held its first tender on Thursday to prepare to build a huge canal on the edge of Istanbul, a Transport Ministry spokesman said, signaling progress on the project despite widespread criticism over its cost ...

Saudi Arabia will suspend international flights for two weeks as of Sunday to stem the spread of the novel coronavirus, according to the official SPA news agency.

Saudi Arabia and Russia are set to stir up an oil price war as they prepare to boost their crude oil production levels at the beginning of April, after the two oil heavyweights failed to agree to curb their outputs ...

Saudi Arabia has ordered its national oil company Saudi Aramco to increase its crude oil production capacity by 1 million barrels per day (bpd), according to a statement on Wednesday.

Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the ...

US investors fear “bear market” and “recession” as the extent to which coronavirus outbreak damages to the global and US market is constantly been monitored.

New coronavirus also known as COVID-19 has infected more than 100,000 people across the world inflicting serious damages to global market.

Norway may restrict oil firms' access to offshore resources in the Arctic by moving the so-called ice edge, a line that sets a legal limit on the extent to which companies can go north in search of oil.

Indonesia’s Coordinating Minister for Politics, Legal and Security Affairs Muhammad Mahfud MD said the country would continue cooperation with Turkey in all fields, especially in defense sector and humanitarian ...

Iranian saffron merchants are mulling establishing a world bloc of countries trading the red gold as they become irritated over Europe’s monopoly of standardizing and benchmarking the product.

The National Iranian Oil Company (NIOC) has offered up to $8.5 per barrel for crude oil in the local energy bourse as part of effort to bypass the US sanctions against the Islamic Republic.