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Oil prices edge higher ahead of OPEC+ output policy meeting

  • MELBOURNE/BEIJING: Oil prices rose on Tuesday as investors embraced expectations that oil producers will add supply at a meeting on Tuesday as a sign that fuel demand remains robust despite the spread of the omicron variant of COVID-19. Brent crude futures gained 43 cent to $79.41 a barrel at...

Renault’s Megane sedan makes its debut in the Kingdom

  • The all-new Renault Megane, the latest from the French renowned automaker, was unveiled in the Kingdom of Saudi Arabia in a ceremony held in honor of company senior officials from Renault, Gulf Advantage Automobiles (GAA) and members of the press.Marwan Haidamous, managing director of Renault...

MYNM welcomes new BMW X4 to its showrooms

  • Mohamed Yousuf Naghi Motors (MYNM), the official BMW Group importer in Saudi Arabia, has welcomed the BMW X4 to its showrooms this month. The X model family has grown to be a popular lineup across Saudi-based BMW loyalists, and the latest X4 claims to be an eye-catching addition with its extrav...

Oil rises but set for 5 percent weekly drop as Delta variant spreads

  • RIYADH: Oil prices steadied on Friday, clambering away from three-month lows, but they were still on track for a weekly loss of more than 5 percent with the new lockdowns in countries facing surging cases of the covid Delta variant dampening the outlook for fuel demand, Reuters reported. ...

Chinese economy struggling to shake off Delta variant

  • China's manufacturing, services and technology sectors all took a hit in August as the country took steps to tackle the Delta variant, according to government figures. Supply chains faced disruptions thanks to COVID-instigated restrictions including suspended port operations, and the serv...

Date palm investments in Jordan reach $500 million

  • DUBAI: Investments in the date palm industry have reached about $500 million, local daily The Jordan Times reported citing the Jordan Dates Association President Anwar Haddad. The date palm cultivation covers an area of around 8,650 acres with about a total of 550,000 palms, he added. Haddad ...

Oil declines amid spread of new COVID-19 strain

  • Oil prices continued their downward momentum on Tuesday, following the sharp losses in the previous session as several countries closed their borders to British travellers and freight after the spread of a new strain of the novel coronavirus in the United Kingdom. Brent crude was trading down...

UAE’s ADNOC to maintain crude allocation cut at 5% in Nov: Reuters

  • DUBAI: The Abu Dhabi National Oil Co. (ADNOC) plans to keep crude allocation reductions for current customers at 5 percent in November, four sources with knowledge of the matter said on Monday. The UAE’s producer started increasing crude supplies to current customers from October when it ease...

Oil demand expected to reach pre-pandemic levels despite omicron fears: Aramco CEO

  • Dhahran: Aramco’s CEO is optimistic about oil demand growth next year despite fears over the new COVID-19 variant omicron.  Oil demand will be over 100 million barrels per day in 2022, reaching pre-COVID19 levels, Amin Nasser told Arab News during a media briefing at ...

Oil gains after Saudi price hike indicating confidence in the demand outlook

  • RIYADH: Oil prices rose after top exporter Saudi Arabia raised prices for its crude sold to Asia and the US, shrugging off worries around the omicron variant and suggesting confidence in the demand outlook.  Bloomberg reported that oil giant, Saudi Aramco, raised its key Arab Light ...