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Oil Falls As Fears of Second Coronavirus Wave Take Hold

Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns.Brent crude LCOc1 dropped 56 cents, or 1.9%, to $29.42 a barrel by 0855 GMT, having risen 1.2% on Tuesday. …

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Trade exchange vol. between Iran, Germany to hike by 15% in coming months

TEHRAN: It is predicted that trade volume exchange between Islamic Republic of Iran and Germany will rise by 15% in the coming months. Iran-Germany Chamber of Commerce predicted that bilateral trade volume exchange will register a 15 percent hike in 2020 due to the suitable infrastructures of Iranian financial institutions. …

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Iran’s oil industry fights on as virus, US sanctions bite

Iran’s oil rig count has risen by 20 units even as major producers across the world, especially the US oil and gas industry, are stepping heavily on the brake pedal and reducing drilling at record speed because of the new coronavirus. Minister of Petroleum Bijan Zangeneh said on Tuesday the …

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Saudi Arabia to Slash Oil Output by An Extra 1 mln bpd

A Saudi Arabian energy ministry official said on Monday that the ministry has directed national oil company Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed by the kingdom under the OPEC+ …

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Saudi Stocks Falls after Govt. Triples VAT Rate

Gulf stock markets lost ground in early trade on Monday, with Saudi Arabia’s index falling the most after the kingdom said it will triple its value-added tax rate and suspend a cost of living allowance for state employees to shore up its finances.The austerity measures are being introduced as the …

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Pushed into Austerity by Virus and Oil Slump, Saudi Triples VAT Rate

Saudi Arabia will triple its value added tax rate and suspend a cost of living allowance for state employees, the kingdom’s finance minister said on Monday, seeking to shore up finances hit hard by low oil prices and a coronavirus-driven slowdown.“The cost of living allowance will be suspended as of …

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Iran to export corona serology kits to Turkey next week: official

TEHRAN: Head of Communication, Information and Public Relations Dept. of the Vice-Presidency for Science and Technology Parviz Karami said on Mon. that Islamic Republic of Iran will export COVID-19 serology kits to neighboring Turkey next week. The process of contract for selling coronavirus serology kits to Turkey has been finalized …

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Govt likely to unveil tax-free budget for 2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) has drafted tax proposals for Budget 2020-21 mainly focusing on “simplification of laws and removing tax anomalies,” Dawn has learnt from knowledgeable sources. Unconfirmed reports are that the government is likely to announce a ‘tax-free budget’, an official in the FBR told Dawn, …

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