Middle East

Middle East

Shell, Iran reach deal on $2.3billion outstanding debt

Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.

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.