Business

Baghdad Urges OPEC to Raise Iraq's Production Quota

Business A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Baghdad Urges OPEC to Raise Iraq's Production Quota

Baghdad has urged OPEC to increase Iraq's oil production quota, taking into account the damage done to its industry by its history of conflicts and the recent…

Asharq Al Awsat
Business General view of part of Cairo (Reuters)

Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

Egypt has revamped its export tax regime for nitrogen fertilizers, replacing a fixed export tax with a 10% ad valorem duty on all nitrogenous fertilizer…

Asharq Al Awsat
Business A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP

Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

Gold fell for a third straight session on Thursday, lingering near a more than seven-month low it had reached in the previous session, as expectations of US…

Business A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)

Oil Falls to Pre-war Levels on Rising Middle East Supply

Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand…

Asharq Al Awsat
Business European Commission President Ursula von der Leyen chairs the EU Commission's weekly College meeting in Brussels, Belgium, 24 June 2026. EPA/OLIVIER MATTHYS

EU-US Trade Deal to Take Effect Before Trump Deadline

EU states gave their final approval Thursday to a year-old tariff deal with the United States, allowing it to enter into force ahead of a July 4 deadline set…

Asharq Al Awsat

Business Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)

Lebanese Products Return to Saudi Market with Aims to Exceed Pre-2021 Figures

Lebanese products are once again entering the Saudi market, carrying with them more than just goods and commodities; they carry a message of confidence that…

Bandar al-Mosalam (Riyadh)
Business  Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 18, 2026. (Reuters)

More than Oil and Gas: Stranded Fertilizer Ships Reveal Another Side of Hormuz Crisis

The temporary agreement announced by the United States and Iran to end months of conflict and reopen the Strait of Hormuz does not mark an immediate end to a…

Asharq Al Awsat (Riyadh)
Business People take part in the "National Rejoin March IV" to show support for the UK to re-join the European Union in London, Britain 20 June 2026. (EPA)

After the Fracture: How Britain’s Financial Industry Recovered from Brexit

In the buildup to 2016's Brexit referendum, JPMorgan CEO Jamie Dimon said the US bank could shift 4,000 jobs from Britain, joining a chorus of executives who…

Business This photograph taken on June 4, 2026 shows a worker checking the quality of mangoes at an orchard in Hyderabad City, in Pakistan's Sindh province. (AFP)

Pakistan’s Mango Exports Shrink as Middle East War Impacts Linger

Beneath the scorching sun in Pakistan's southern mango belt, laborers balance on tree branches, working at a swift pace to throw the freshly picked fruit into…

Business Iranian Oil Minister Mohsen Paknejad makes a statement following a signing ceremony attended by Russian Energy Minister Sergei Tsivilev in Moscow, Russia, April 25, 2025. REUTERS/Olesya Astakhova

Iran Minister Says Oil Industry to Be Testing Ground for Any Final US-Iran Deal

Iran's oil industry will be a key testing ground for any final peace agreement with the ‌US ‌if Western parties ‌remain ⁠committed to its ⁠spirit, Oil Minister…

Asharq Al Awsat
Business Riyadh International Industry Week 2026 to Kick Off on Sunday

Riyadh International Industry Week 2026 to Kick Off on Sunday

Riyadh International Industry Week 2026 will open Sunday at the Riyadh International Convention and Exhibition Center (RICEC), under the patronage of the…

Asharq Al Awsat
Business A handout picture released by Iraq's Prime Minister's Press Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraq's Prime Minister's Press Office / AFP)

Iraq Projects Oil Production to Return to Pre-war Levels Within Two Months

Iraqi authorities predict oil production will return to peacetime levels "within one to two months", state media reported, after the Middle East war caused…

Asharq Al Awsat
Business An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's May Fuel Oil Exports Rise 42% Year-on-year

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday. Volumes totaled 1…

Asharq Al Awsat
Business The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)

Saudi Arabia Expands Investment Prospects in Military Industries

Saudi Arabia used the Eurosatory 2026 defense and security show to open new investment horizons, showcasing promising opportunities and a regulatory…

Asharq Al Awsat (Paris)
Business Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq Raises Southern Oil Output to 1.75 Million bpd

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude…

Asharq Al Awsat
Business The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA

Saudi Arabia Showcases Tourism Success at FII Europe Summit

Minister of Tourism Ahmed Al-Khateeb participated in the FII PRIORITY Europe Summit, held in Rome from June 17 to 19, 2026, where he showcased Saudi Arabia's…

Asharq Al Awsat
Business FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

Gold prices were on track for a third consecutive weekly fall, slipping more than 1% on Friday, as a stronger dollar and hawkish signals from the US Federal…

Asharq Al Awsat
Business FILE PHOTO: A drone view shows a land that was planted with wheat and has been harvested, in Qamishli, Syria August 12, 2025. REUTERS/Orhan Qereman/File Photo

Syria's Wheat Harvest Expected to More Than Double this Year

Syria's wheat production is expected to more than double this year, authorities said, bolstered by heavier rains and the state's recapture of a northeastern…

Asharq Al Awsat
Business A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Iraq to Export Crude, Naphtha through Syria after Hormuz Shock

Iraq is preparing to export crude oil and naphtha through ports in Syria, Syrian and Iraqi energy officials and refinery sources said after the Iran war cut…

Business A boat sails in the Gulf waters as the sun sets behind Kuwait City's landmark Kuwait Towers on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)

Kuwait Offers Crude for July Delivery after Lifting Force Majeure

Kuwait Petroleum Corp is offering crude for July delivery via a tender, a document showed on Friday, after lifting force majeure and announcing plans to ramp…

Asharq Al Awsat (Kuwait)
Business The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 18, 2026.  REUTERS/staff

Stocks Rally Falters, Oil Rises as US-Iran Talks Postponed

Stock markets were mixed on Friday and oil prices rose after Switzerland said planned talks following up on the US-Iran agreement had been postponed, dealing a…

Asharq Al Awsat
Business Skyscrapers and office buildings in the City of London are pictured from Hampstead Heath in north London on June 18, 2026. (Photo by Toby Shepheard / AFP)

UK Runs Much Bigger Than Expected Budget Deficit in May

Britain's government ran a budget deficit of £23.3 billion pounds ($30.7 billion) in May, the Office for National Statistics said on Friday, up 30% on a year…

Asharq Al Awsat (London)
Business The Public Investment Fund governor addresses attendees at the summit in Rome, Italy. (Asharq Al-Awsat)

Saudi Aramco Weighs Global Oil Storage Facilities to Boost Energy Security

Saudi Arabia laid out a new strategy in Rome to strengthen global supply chains and build a broader partnership model with Europe, seeking to move beyond…

Asharq Al Awsat (Rome)
Business This photograph shows the conjunction of Jupiter and Venus over the skyline of Kuwait City on June 9, 2026. (Photo by YASSER AL-ZAYYAT / AFP)

Kuwait Says All Force Majeure Issued During War Lifted

Kuwait's Petroleum Corporation said on Thursday that all force majeure notices issued during the war have been lifted ⁠with immediate effect, ⁠government…

Asharq Al Awsat (Kuwait)
Business During the signing of the agreement between the Syrian Petroleum Company and US firms ConocoPhillips and Novaterra Energy. (SANA)

Syrian Petroleum Company to Asharq Al-Awsat: Syria to Receive 56% Share of US Gas Development Deal

Mohammad Nour Al-Ahdab, Director of Media Relations at the state-owned Syrian Petroleum Company (SPC), revealed on Thursday that under the contract signed with…

Muwafaq Mohammed (Damascus )
Business Saudi Arabia and Russia: A Strategic Partnership Beyond the Oil Barrel, Shaping Global Economic Stability

Saudi Arabia and Russia: A Strategic Partnership Beyond the Oil Barrel, Shaping Global Economic Stability

Economic relations between Saudi Arabia and Russia have entered an advanced stage of strategic transformation, moving beyond traditional cooperation in energy…

Fatehelrahman Yousif (Riyadh)
Business The Saudi flag (SPA)

Saudi Arabia Ranks 3rd Globally in Creation of Firms

Saudi Arabia ranked third globally in the "Creation of Firms" indicator in the IMD World Competitiveness Yearbook 2026, due to streamlined procedures and…

Asharq Al Awsat
Business Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, June 17, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency)/Handout via REUTERS

Hormuz Reopening to Release Wave of Oil Supply, Depress Prices

Middle Eastern crude oil markets could come under further pressure if the Strait of Hormuz reopens on Friday following the US-Iran interim deal, releasing…

Asharq Al Awsat
Business Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, June 17, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency)/Handout via REUTERS

Three Saudi-Flagged Vessels Transit Strait of Hormuz after Washington-Tehran Agreement

Three Saudi-flagged supertankers transited the Strait of Hormuz on Thursday, according to ship-tracking data, just hours after US President Donald Trump signed…

Asharq Al Awsat