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Iraq has granted $20 billion worth of construction projects to a consortium of Chinese companies, according to local media reports.

Oil rose globally amid shocking scenes in the US capital and the anticipated confirmation of Biden's election win.

Oil prices surge as Saudis pledge to cut output

The New Arab Staff & Agencies

Oil prices surge as Saudis pledge to cut output

Oil prices surged following Saudi Arabia's decision to trim production.

<em>OPEC</em>+ meeting to set February production levels

The New Arab Staff & Agencies

OPEC+ meeting to set February production levels

After agreeing to a slight boost for January, OPEC+ ministers will meet on Monday to set oil production levels for next month, amid a ...

Oman foresees $5.7 bn deficit in 2021 budget

The New Arab Staff & Agencies

Oman foresees $5.7 bn deficit in 2021 budget

The government expects revenues of 8.64 billion riyals based on an oil price of $45 dollars a barrel, 19 percent less than in 2020.

The New Arab Staff

The New Arab's Most Important Stories from 2020

A retrospective of our coverage of 2020's leading stories

The New Arab

The Iraq Report: Deadly unrest in Iraqi Kurdistan

With a crumbling economy, rampant corruption and unpaid salaries, Iraqi Kurdistan's woes are intricately linked to the wider problems the ...

The New Arab Staff

Saudi Arabia’s economy shrinks for fifth consecutive quarter

Saudi Arabia's economy has contracted again, as the country grapples with falling oil production and emerges from lockdown.

The New Arab Staff & Agencies

China, Iraq set to ink multi-billion dollar bailout deal

The contract will run for five years, with the successful bidder paying up-front for the first year's supply of oil.

<em>OPEC</em>+ strike deal for lower production hike from January

The New Arab Staff & Agencies

OPEC+ strike deal for lower production hike from January

The OPEC+ grouping have announced a raise in production of 500,000 barrels per day (bpd).

The New Arab Staff

OPEC+ seeks compromise on output cut extension

Producers, including Saudi Arabia and Russia, disagree on whether to extend oil production cuts into next year.

<em>OPEC</em>+ calls last-minute talks ahead of planned oil increase

The New Arab Staff

OPEC+ calls last-minute talks ahead of planned oil increase

Saudi Arabia and Russia called an informal meeting of OPEC+ ministers, which is likely to delay a planned oil production increase, just ...

Saudi minister confident of 'good relationship' with Biden

The New Arab Staff & Agencies

Saudi minister confident of 'good relationship' with Biden

Saudi Arabia's oil minister expressed optimism at the prospect of good relations with US President-elect Joe Biden.

Iraq, Saudi reopen border crossing after 30 years

The New Arab Staff & Agencies

Iraq, Saudi reopen border crossing after 30 years

Iraq and Saudi Arabia reopened their Arar desert crossing after a 30-year closure.

Oil jumps ten percent on Pfizer Covid-19 vaccine news

The New Arab Staff

Oil jumps ten percent on Pfizer Covid-19 vaccine news

A double whammy of news for oil producers has seen the price of a barrel of crude rise by ten percent.

The New Arab Staff & Agencies

Global stocks surge, dollar slumps as Americans vote

Traders are looking at the contest largely through the prism of the election's impact on the US response to the pandemic.

The New Arab Staff

Biden win could see oil glut over Iran deal

A Biden win could lead to more crude on the market.

Omid Shokri Kalehsar

What will happen to US 'maximum pressure' on Iran?

Analysis: Trump and Biden paint two very different pictures of a future relationship with Iran, but either way, the 'maximum pressure' strategy ...

The New Arab Staff & Agencies

Two children killed in blast targeting Iraq pipeline

An investigation has been launched into the explosion in Muthanna province, south of Baghdad, that killed two children.

One year on, Iraq's youth rise again

Sofia Nitti

One year on, Iraq's youth rise again

A year on from the protest movement that felled the government, young Iraqis are just as angry about the same issues and are rekindling ...

The New Arab Staff & Agencies

IMF calls for speedy reforms in virus-hit Arab countries

The IMF has urged Middle Eastern and North African countries to speed up the pace of economic reform as coronavirus and low oil prices take ...

Saudi, Russia urge oil producers to adhere to limits

The New Arab Staff & Agencies

Saudi, Russia urge oil producers to adhere to limits

Saudi Crown Prince Mohammed bin Salman and President Vladimir Putin 'agreed on the importance of all oil-producing countries to continue ...

Global oil demand to recover by 2022: Aramco

The New Arab Staff & Agencies

Global oil demand to recover by 2022: Aramco

Aramco's chief executive predicted the crude oil market could recover to pre-coronavirus levels by 2022, however the International Energy Agency ...

Oman to bring in five-percent VAT for first time

The New Arab Staff & Agencies

Oman to bring in five-percent VAT for first time

Oman will impose VAT for the first time from 2021 due to the economic downturn caused by coronavirus and low oil prices, becoming the fourth GCC ...

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