عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Companies Suspend Commercial Dealings with Lebanon

Saudi companies respond to calls to stop commercial dealings with Lebanon (Asharq Al-Awsat)
Saudi companies respond to calls to stop commercial dealings with Lebanon (Asharq Al-Awsat)
TT
TT

Saudi Companies Suspend Commercial Dealings with Lebanon

Saudi companies respond to calls to stop commercial dealings with Lebanon (Asharq Al-Awsat)
Saudi companies respond to calls to stop commercial dealings with Lebanon (Asharq Al-Awsat)

Chairman of the Council of Saudi Chambers Ajlan al-Ajlan revealed that all Saudi national companies have stopped all of their dealings with Lebanese companies in response to what he said was the Lebanese government warranting terrorist attacks against Saudi Arabia.

All Saudi companies will not deal with Lebanese companies or economic sectors, al-Ajlan told Asharq Al-Awsat, adding that Saudi firms will abstain from dealing with the Lebanese government.

According to al-Ajlan, cutting dealings with Lebanon is the least Saudi companies and businessmen can do to stand in solidarity with their country. Lebanon’s government had justified terror attacks launched against the Kingdom and its people, a matter which is unacceptable.

Al-Ajlan added that the swift move by Saudi companies to stop commercial dealings heeded the call he made earlier on Twitter to stop all commercial and economic dealings with Lebanon.

His call came to respond to the persistent targeting of Saudi Arabia with drug smuggling and justifying all forms of terrorist acts staged against the Kingdom.

Regarding Saudi investors in Lebanon, al-Ajlan confirmed to Asharq Al-Awsat that the suspension of cooperation includes all economic and commercial levels as well as investment.

“It is illogical for the Lebanese government to continue this behavior of encouraging terrorist acts and flooding the Saudi market with drugs without facing consequences,” said al-Ajlan, adding that the Saudi government had previously tried cooperating with Lebanese authorities to stop such actions.

Lebanon’s economy is set to shed around $220 million in the value of total exports because of the move by Saudi companies. The Levantine country’s total exports do not exceed $3 billion.

The Lebanese agriculture sector will receive the hardest hit with a loss estimated at $92 million.

Lebanese producers will face a problem in finding alternative markets for the export of Lebanese industries and agriculture, since these products do not meet the requirements of the European Union.

Most Viewed

 
 
Business

IMF Says Syria Ended 2025 with a Small Budget Surplus

The International Monetary Fund logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo
The International Monetary Fund logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo
TT
TT

IMF Says Syria Ended 2025 with a Small Budget Surplus

The International Monetary Fund logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo
The International Monetary Fund logo is seen outside the headquarters building in Washington, US September 4, 2018. REUTERS/Yuri Gripas/File Photo

The International Monetary Fund said on Wednesday that the Syrian government ended 2025 with a small budget surplus and that its revenue projections were ambitious but feasible, as the agency's staff concluded a visit to Damascus.

 

"Syria’s economy continues to show signs of recovery, with activity increasing at an accelerating pace as consumer and investor sentiment continues to improve," the IMF said in its statement.

 

Business

Oil Hovers Near Seven-month Highs Ahead of US-Iran Talks

FILE PHOTO: Chevron-chartered Ionic Anax oil tanker sits anchored in Lake Maracaibo, near the Bajo Grande crude port operated by state oil company PDVSA, in Maracaibo, Venezuela, February 9, 2026. REUTERS/Marco Bello/File Photo
FILE PHOTO: Chevron-chartered Ionic Anax oil tanker sits anchored in Lake Maracaibo, near the Bajo Grande crude port operated by state oil company PDVSA, in Maracaibo, Venezuela, February 9, 2026. REUTERS/Marco Bello/File Photo
TT
TT

Oil Hovers Near Seven-month Highs Ahead of US-Iran Talks

FILE PHOTO: Chevron-chartered Ionic Anax oil tanker sits anchored in Lake Maracaibo, near the Bajo Grande crude port operated by state oil company PDVSA, in Maracaibo, Venezuela, February 9, 2026. REUTERS/Marco Bello/File Photo
FILE PHOTO: Chevron-chartered Ionic Anax oil tanker sits anchored in Lake Maracaibo, near the Bajo Grande crude port operated by state oil company PDVSA, in Maracaibo, Venezuela, February 9, 2026. REUTERS/Marco Bello/File Photo

Oil prices edged higher on Wednesday, as investors weighed the threat of military conflict between the US and Iran that could disrupt supply and a big build in US crude inventories.

Brent futures were up 6 cents at $70.83 per barrel at 0957 GMT. WTI futures rose 4 cents to $65.67 per barrel.

Brent prices reached their highest since July 31 on Friday, while WTI hit its highest since August 4 on Monday, as the US positioned military ‌forces in ‌the Middle East to try to compel Iran to ‌negotiate ⁠an end to ⁠its nuclear and ballistic missile program.

An extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and other countries in the key Middle East producing region.

Supporting oil prices, US President Donald Trump briefly laid out his case for a possible attack on Iran in his State of the Union speech on Tuesday, saying he would ⁠not allow a country he described as the world's biggest ‌sponsor of terrorism to have a nuclear ‌weapon.

"This uncertainty means the market will continue to price in a large risk premium ‌and remain sensitive to any fresh developments," ING commodities strategists said on ‌Wednesday.

US envoys Steve Witkoff and Jared Kushner are due to meet an Iranian delegation for a third round of talks on Thursday in Geneva.

Iran's Foreign Minister Abbas Araqchi said on Tuesday that a deal with the US was "within reach, but ‌only if diplomacy is given priority.”

"Trump has warned that without a deal, there will be 'very bad consequences'. Whether (Iran's) concessions ⁠will meet ⁠the US's 'zero enrichment' red line remains to be seen," Tony Sycamore, IG market analyst, said in a note.

Amid the heightened tensions, Iran has accelerated talks to purchase Chinese anti-ship cruise missiles, according to Reuters sources, which could target the US naval forces that have assembled near the Iranian coast.

While geopolitical tensions have supported prices, the market is also contending with concerns of large inventory gains as global supply exceeds demand.

According to market sources, the American Petroleum Institute late on Tuesday reported a massive increase in US oil stockpiles of 11.43 million barrels in the week ended February 20.

Business

Iraq’s West Qurna 2 Oilfield Poised for Output Surge with Chevron, Minister Says 

This handout picture made available by the Iraqi prime minister's office shows Iraq's Prime Minister Mohammed Shia al-Sudani (top C), Oil Minister Hayan Abdel-Ghani (top R), US Special Envoy to Iraq Tom Barrack (top L), Chevron's Director of Business Development Joe Koch (bottom L), Iraq's North Oil Company Director Amer Khalil (bottom C), and the Director of the Dhi Qar Oil Company Said Zghair Shallagha (bottom R) attending the signing of agreements between Chevron Corporation and the Dhi Qar and North Oil Companies at the government palace in Baghdad on February 23, 2026. (Handout / Iraqi Prime Minister’s Press Office / AFP)
This handout picture made available by the Iraqi prime minister's office shows Iraq's Prime Minister Mohammed Shia al-Sudani (top C), Oil Minister Hayan Abdel-Ghani (top R), US Special Envoy to Iraq Tom Barrack (top L), Chevron's Director of Business Development Joe Koch (bottom L), Iraq's North Oil Company Director Amer Khalil (bottom C), and the Director of the Dhi Qar Oil Company Said Zghair Shallagha (bottom R) attending the signing of agreements between Chevron Corporation and the Dhi Qar and North Oil Companies at the government palace in Baghdad on February 23, 2026. (Handout / Iraqi Prime Minister’s Press Office / AFP)
TT
TT

Iraq’s West Qurna 2 Oilfield Poised for Output Surge with Chevron, Minister Says 

This handout picture made available by the Iraqi prime minister's office shows Iraq's Prime Minister Mohammed Shia al-Sudani (top C), Oil Minister Hayan Abdel-Ghani (top R), US Special Envoy to Iraq Tom Barrack (top L), Chevron's Director of Business Development Joe Koch (bottom L), Iraq's North Oil Company Director Amer Khalil (bottom C), and the Director of the Dhi Qar Oil Company Said Zghair Shallagha (bottom R) attending the signing of agreements between Chevron Corporation and the Dhi Qar and North Oil Companies at the government palace in Baghdad on February 23, 2026. (Handout / Iraqi Prime Minister’s Press Office / AFP)
This handout picture made available by the Iraqi prime minister's office shows Iraq's Prime Minister Mohammed Shia al-Sudani (top C), Oil Minister Hayan Abdel-Ghani (top R), US Special Envoy to Iraq Tom Barrack (top L), Chevron's Director of Business Development Joe Koch (bottom L), Iraq's North Oil Company Director Amer Khalil (bottom C), and the Director of the Dhi Qar Oil Company Said Zghair Shallagha (bottom R) attending the signing of agreements between Chevron Corporation and the Dhi Qar and North Oil Companies at the government palace in Baghdad on February 23, 2026. (Handout / Iraqi Prime Minister’s Press Office / AFP)

Iraq could nearly double its output from West Qurna 2 oilfield to 800,000 barrels per day as Chevron enters exclusive talks to take over operations from Russia's Lukoil, Iraq's oil minister said on Wednesday.

Iraq has been seeking to increase its oil and gas production, with oil majors vying to expand their operations in Iraq, after they had previously scaled back due to years of political instability.

Oil Minister Hayan Abdel-Ghani told ‌Kurdish TV ‌channel Rudaw that output could rise to between 750,000 ‌and ⁠800,000 bpd after Chevron ⁠takes over the operations in the field. The US firm has secured one-year exclusive rights to negotiate taking over the project.

The deal would expand Chevron's footprint by giving it control of one of the world's largest oilfields, which accounts for nearly 10% of Iraq's production and about 0.5% of global supply.

Chevron had already agreed to develop several fields in the country as part of ⁠an international expansion.

The Chevron deal is the latest in ‌a string of agreements with global oil ‌majors such as Exxon, BP, and TotalEnergies, in which Baghdad offers more generous terms in ‌a bid to beef up production.

Iraq, the second-largest producer within the ‌OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia, plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029.

It has frequently produced in excess of its agreed target with OPEC+.

The ‌deal could also bolster relations between Baghdad and Washington, which threatened to curb Iraq's access to oil revenues if ⁠Iranian-backed groups ⁠were included in the upcoming government.

The agreement with Chevron, however, aligns Iraq more closely with Western energy interests as a US major replaces a sanctioned Russian firm, Lukoil, within broader efforts to isolate Moscow over its war in Ukraine.

Lukoil declared force majeure in November at West Qurna 2 after it was hit with sanctions alongside Rosneft as part of US President Donald Trump's push to end the war in Ukraine.

Iraq stripped Lukoil of operatorship of the field in January and temporarily transferred the field to the state-run Basra Oil Company (BOC).

In January, Iraq's cabinet said an "amicable settlement" with Lukoil for the transfer was approved. A final deal requires approval from Iraq's cabinet and the US Office of Foreign Assets Control, Chevron has said.