Saudi Arabia’s oil minister said that the Kingdom wanted to work “with other producers to ensure price stability for the interest of producers, consumers and the industry at large”.
In a monthly report , OPEC forecasted that demand for the group’s oil will drop to 29.20 million barrels per day (bpd) next year — almost one million bpd less than its current levels.
The company said in September this year that its accumulated losses as of August 31 stood at SAR2.689 billion, equivalent to 215 per cent of its paid-up capital.
The rules, which outline the conduct, activities and supervision of credit rating agencies, will help to develop the country’s capital markets.
The stock will be able to move a maximum of 10 per cent up or down on its first day of trading, the statement said.
The executive said that the fluctuating oil prices does not overshadow Saudi Aramco’s long-term commitment.
An improvement in ties between Riyadh and Baghdad could help strengthen a regional alliance against Islamic State militants.
The response comes following an Associated Press report quoting an unnamed Shoura Council member.
The move comes after the telecommunications firm posted a shock third-quarter profit drop last week due to the accounting issues.
Aramco cut December crude prices to US refiners to maintain its market share, writes Reuters market analyst John Kemp.
Saudi Arabia’s Shi’a minority is feeling increasingly vulnerable amidst rising anger among the majority sect at the plight of Sunnis in other countries, torn apart by sectarian wars.
Mobily’s latest drop takes the stock’s losses to 27 per cent since resuming trading on Tuesday.
Mobily announced it had cut profits for 2013 and the first half of 2014 by a combined SAR1.43 billion because of accounting errors.
Brent crude futures have fallen 27 per cent since the start of July and 12 per cent in the last month.
The accident took place on Wednesday near Sudair area some 250 km (156 miles) north of Riyadh.
A total of 1.25 million subscribers put up a total of SAR310.7 billion for the 300 million shares offered to retail investors.
The offer is higher than a rival bid of 56 pounds per share from Pioneers Holdings announced on Tuesday.
The Saudi index tumbled 3.5 per cent to 9,785 points on Tuesday, its biggest drop since Oct. 16 .
An armed group killed at least eight people in an overnight attack on Shi’ite Muslims.
Brent crude oil futures sank more than $2 a barrel on Tuesday to a four-year low of $82.32.
Oil analysts see no sign of a new coalition in the making, despite some parallels to the late 1990s – a structural downturn in oil markets and talk of a price war among producers.
The clashes in al-Qassim province north of Riyadh happened less than 24 hours after gunmen shot dead five people in eastern al-Ahsa district.
Three masked men opened fire at a group of citizens belonging to the Shi’ite muslim sect as they were leaving a building, state news agency SPA reported.
Competitive pressures and signs of moderating demand slowed growth.
Informed by its previous experience, the Kingdom is using an array of tools against jihadi recruitment apart from the media.
Mobily asked for its shares to be suspended on Thursday, seeking more time to review unspecified “significant matters” in its financial statements.
The shutdown, which will start on Wednesday, will boost efficiency and production, Sipchem said in a bourse filing.
The firm took extra provisions of SAR207 million for bad debts, slow-moving inventory and goodwill impairments on its investments.
The retail portion comprises 15 per cent of its stock, amounting to 300 million shares.
The Kindgom is expected to raise the December prices for most of the crude grades it sells to Asia.