Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut. The kingdom said on Sunday that it would make these production cuts in July to support the sagging cost of crude after two earlier production cuts by OPEC+ members failed to push […]
In 2022, the biggest energy issue in the Middle East was Organisation of the Petroleum Exporting Countries (OPEC) oil cut as the world economy entered into a period of 'heightened uncertainty and rising challenges'. In October, OPEC cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation. […]
Relations between the US and Saudi Arabia have nosedived after the kingdom and OPEC+ countries decided to cut oil supply earlier this month. Saudi Arabia’s foreign minister Faisal bin Farhan Al Saud has denied that Crown Prince Mohammed Bin Salman had privately derided United States President Joe Biden, or told aides he was unimpressed by him and favoured former US leader Donald Trump. “These allegations made by anonymous sources are […]
INTERNATIONAL Crude prices were down Monday despite a move by the Saudi and Russian-led Opec+ oil cartel to slash output by two million barrels a day, underscoring the competing economic factors at play as producers look to support prices amid signs of a slowing global economy. Brent crude, the global oil benchmark, was down two percent Monday to $95.92 a barrel. Brent had ticked up ahead of the Opec+ decision […]
VOC became the first Muslim radio station in South Africa when a special events license was granted to the station in Ramadan/January 1995. Subsequent temporary broadcast licenses were granted, permitting the station to broadcast for 24 hours.
