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The announcement comes after Aramco posted consecutive falls in profits since it began disclosing earnings in 2019.

The payments dispute was reportedly escalated to a diplomatic level last year over payments for the Riyadh metro

OPEC+ to boost oil production after US 'pressures' Riyadh

The New Arab Staff & Agencies

OPEC+ to boost oil production after US 'pressures' Riyadh

Following a call from US Energy Secretary Jennifer Granholm to her Saudi counterpart Prince Abdulaziz bin Salman, OPEC+ countries have agreed to increase oil production as demand rises

Iraq parliament approves 2021 budget

The New Arab Staff & Agencies

Iraq parliament approves 2021 budget

Iraq's 2021 budget was revealed by authorities on Thursday.

OPEC+ expected to keep output cuts amid Covid recovery

The New Arab Staff & Agencies

OPEC+ expected to keep output cuts amid Covid recovery

Saudi Arabia has agreed to cut its own output to one million barrels a day as the market struggles to recover from Covid.

The New Arab Staff & Agencies

Saudi plans $3.2 trillion investments to boost private sector

Saudi Arabia announced plans for $3.2 trillion in investments by 2030 to boost the private sector and diversify its oil-reliant economy.

The New Arab Staff & Agencies

With ship now freed, probe into Suez blockage begins

Stuck for days across the canal, the ship's middle rose and fell with the tide, bending up and down under the tremendous weight of some 20,000 ...

The New Arab Staff & Agencies

Oil prices ease after Suez Canal traffic resumes

As traffic resumed in the Suez canal after the MV Ever Given, that was blocking it since Tuesday, was freed, global oil prices eased.

The New Arab Staff & Agencies

India rejects 'undiplomatic' Saudi advice on oil reserves

India has reiterated that it could seek alternative energy sources amid high crude prices.

Saudi Arabia unveils campaign to tackle climate change

The New Arab Staff & Agencies

Saudi Arabia unveils campaign to tackle climate change

Saudi Arabia has revealed plans to plant billions of trees as part of a campaign to tackle climate change.

The New Arab Staff & Agencies

Attempt to refloat megaship blocking Egypt's Suez fails: company

"Another attempt to refloat the vessel earlier today... was not successful."

Tugs and dredgers try to free megaship blocking Suez

The New Arab Staff & Agencies

Tugs and dredgers try to free megaship blocking Suez

"Tug boats and dredgers are being used to crush rocks."

China seeks to protect Iran nuclear deal, defend ties

The New Arab Staff

China seeks to protect Iran nuclear deal, defend ties

Beijing said it will protect ties with Tehran, amid reports that large amounts of Iranian oil have been transferred to China.

European diplomats visit Libya,show of support for unity govt

The New Arab Staff & Agencies

European diplomats visit Libya,show of support for unity govt

The joint visit comes 10 days after the formation of an interim government to lead Libya to December elections.

Suez Canal suspends traffic as grounded ship hits trouble

The New Arab Staff & Agencies

Suez Canal suspends traffic as grounded ship hits trouble

Japanese ship-leasing firm Shoei Kisen Kaisha said it owned the giant vessel and was facing "extreme difficulty" trying to refloat it.

The New Arab Staff & Agencies

Stuck ship in Egypt’s Suez Canal imperils shipping worldwide

The Ever Given, a Panama-flagged ship that carries cargo between Asia and Europe, ran aground Tuesday in the narrow, man-made canal dividing continental Africa from the Sinai Peninsula.

The New Arab Staff & Agencies

Saudi Aramco reports 30% drop in payments to state

Saudi Arabia's Aramco paid 30 percent less in taxes to the Saudi government than in 2020 amidst a prices crisis on oil mainly due to the ...

The New Arab Staff & Agencies

Saudi Aramco 2020 profits slump on lower crude prices

Saudi oil company Aramco lost 44.4% of net profit in 2020 because of lower prices due to the coronavirus pandemic.

The New Arab Staff & Agencies

Luxury oasis draws elite Saudis locked in by pandemic

The Riyadh Oasis, a high-end desert retreat, seeks to lure wealthy Saudis barred from their usual travels since the start of the coronavirus ...

Red Line: The use of chemical weapons in Syria

Chris Doyle

Red Line: The use of chemical weapons in Syria

Book Club: Joby Warrick's new book takes a detailed look at the use of chemical weapons in Syria and the extraordinary efforts to rid the ...

The New Arab Staff & Agencies

Libya arms embargo 'totally ineffective': UN report

A UN report found Libya's arms embargo to be "totally ineffective".

Libya's new interim prime minister set to take office

The New Arab Staff & Agencies

Libya's new interim prime minister set to take office

Libyan transitional prime minister Abdul Hamid Dbeibah will be officially sworn in after parliament approved his cabinet last week

Tehran condemns 'sabotage' of Iranian ship in Mediterranean

The New Arab Staff & Agencies

Tehran condemns 'sabotage' of Iranian ship in Mediterranean

An attack on an Iranian vessel in the Mediterranean Sea this week has been condemned by Tehran as "a flagrant violation of international law and ...

Israeli attacks on Iranian tankers 'behind Mediterranean oil spill'

The New Arab Staff

Israeli attacks on Iranian tankers 'behind Mediterranean oil spill'

A massive oil spill last month near the Israeli and Lebanese coasts may have been caused by Israel's targeting of an Iranian tanker, following a ...

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