Middle East

Financial News

Crude Oil Futures Fall to $66 a Barrel in New York, 10% Below Year's High Crude oil futures in New York fell below $66 a barrel, a 10 percent decline from this year’s high, marking a market “correction.”

Saudi's Saad, Algosaibi Groups Borrowed $860 Million More Than Reported Affiliates of Saad Group and Algosaibi Group, two family-owned Saudi companies that are restructuring their debts, owe at least $860 million more than previously reported.

Qatar Petroleum to Supply Full Crude Allocations in August, Refiners Say Qatar Petroleum will supply full contracted volumes of crude oil to term customers in Asia in August, rolling back a 15 percent cut imposed in July on one of its grades, refinery officials said.

Iraq Oil Minister May Visit Japan Next Week, Discuss Petroleum Investments Iraq’s oil minister may visit Tokyo next week and discuss the prospect of Japanese investment as the Middle Eastern nation plans to increase petroleum production.

Belgian Market Regulator Recommends Extra Vigilance in Dealings With Iran Belgian market regulator CBFA urged “increased vigilance” in financial dealings with Iran, Uzbekistan, Turkmenistan and Azerbaijan. CBFA, in a statement posted on its Web site yesterday, said the warning was “in the framework of the fight against money laundering and the financing of terrorism.”

Alwaleed Meets Gul, Erdogan to Discuss $5.5 Billion Investment, Sabah Says Saudi billionaire Prince Alwaleed bin Talal, the largest individual shareholder in Citigroup Inc., visited Turkey to discuss investment opportunities, Sabah newspaper reported, without saying how it got the information.

Saudi Arabia May Lower Heavy-Oil Price as Profits From Processing Decline Saudi Arabia may lower the official price of its heavy oil grade sold to Asia from a six-year high as processing profit for fuel used by ships and power plants declined in the previous month, refinery officials said.

OPEC Unlikely to Alter Quotas at September Meeting, Analyst al-Harami Says OPEC is unlikely to change production quotas in September providing market conditions are similar to today with oil prices close to $70 a barrel, said Kamel Al- Harami, an independent oil analyst based in Kuwait. The state of the world economy will determine oil prices later this year, he said in an interview in London today. The producer group meets next on Sept. 9.

General News

Maridive of Egypt to Sign Oil Pipeline Accords in Russia, Chairman Says Maridive & Oil Services SAE, an Egyptian marine and oil support service company, said its units Valentine Maritime and Maridive Offshore Projects may sign contracts to build pipelines in Russia and India in four months.

Crude Priced at $75 Is `Acceptable' for Consumers, Analyst Al-Harami Says Kamel Al-Harami, an independent oil analyst, talks with Bloomberg's Mark Barton about Iraq oil contracts and the outlook for the price of crude.

Iran Will Put on Trial Some British Embassy Employees for Inciting Unrest Some Iranian employees of the U.K. Embassy in Tehran will be put on trial over allegations they helped instigate post-election unrest, a senior cleric told worshippers in the capital during Friday prayers.

Energy Prices 

Podcasts