Business Mar 10, 2022

UAE says OPEC+ should boost oil output, setting up tension in the group

According to a person familiar with the situation, the UAE hadn’t consulted other OPEC+ members before its ambassador to Washington made his statement.

Business / Economy Mar 8, 2022

Shoppers scramble for staples as food fallout from war spreads

Russia and Ukraine are vital suppliers of grains, vegetable oil and fertilizers, which means that supply disruptions will be felt all over the world.

Business Dec 3, 2021

Surprise output hike by OPEC+ follows U.S.-Saudi diplomacy drive

The production boost comes even as the new COVID-19 variant threatens demand, after Washington and Riyadh reached a detente on oil prices.

Business Dec 2, 2021

OPEC+ faces output decision as omicron puts market in disarray

Despite the darkening outlook of the oil market, the panel forecast an oversupply of 1.9 million barrels a day in the first quarter, down from previous estimates.

Business / Economy Nov 4, 2021

OPEC+ heads for geopolitical showdown as Biden demands more oil

Bowing to U.S. pressure and opening the taps would keep Saudi Arabia’s closest ally onside, at the expense of the hard-won crude price recovery that has swelled the kingdom’s coffers.

Business Jun 23, 2021

Suez Canal and Ever Given ship owners reach deal on compensation

The two sides will finalize an agreement "as soon as possible,” after which arrangements will be made to let the ship leave Egypt

Business | FOCUS Mar 28, 2021

When a desert wind blew $10 billion of global trade off course

The grounding highlighted the fragility of a global network of markets and economies that takes for granted the flow of goods through it.

World Mar 25, 2021

Massive ship blocking Suez Canal paralyzes trade for another day

The situation has gotten so desperate that an elite salvage squad is due to arrive Thursday to work on prising the Ever Given from the bank of the canal.