Offshore - Oil & Gas

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Saudi Arabia posts $98B deficit, raises petrol prices

Saudi Arabia on Monday said this year's budget deficit amounted to $98 billion (367 billion riyals) as lower oil prices cut into the government's main source of revenue, prompting the kingdom to scale back spending for the coming year and hike up petrol prices.

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Opec's market share to shrink by 2020

Global demand for Organization of the Petroleum Exporting Countries (Opec's) crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fuelling a debate on the merits of its strategy to let prices fall to hurt other producers.

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Egypt struggles to pay for oil amid forex crisis

Egypt is struggling to pay for US dollar-priced oil product and liquefied natural gas (LNG) imports, cancelling purchases, and asking suppliers to extend payment terms amid an acute foreign currency crisis, industry sources said.

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