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Middle East

Saudi foreign reserves drop to the lowest in 31 months


Saudi Arabia’s net foreign assets dropped to the lowest level in almost three years in August, as the world’s largest crude exporter grappled with oil prices below $50 a barrel. Net foreign assets held by the central bank fell for a seventh month in a row to $654.5 billion, compared with $661 billion in July, the Saudi Arabian Monetary Agency said in its monthly report.

Middle East

Sound Oil signs Moroccan exclusivity deal


Sound oil has signed a two-month exclusivity agreement with Maghreb Petroleum Exploration to buy a subsidiary of the Moroccan Sidi Moktar licences. The Sidi Moktar licence covers 3000km2 onshore in the Essaouira basin which contains multiple gas discoveries. Sound said it is carrying out due diligence and it will issue further updates in due course.