News

IEA Predicts Global Oil Market Surplus in 2025London, 13 Mar (ONA) --- The International Energy Agency (IEA) said in a monthly oil market report today that the global oil supply could exceed demand by around 600,000 barrels per day this year (2025), after a downward revision to its 2025 demand growth forecast. The IEA lowered its 2025 oil demand growth forecast by 70,000 barrels per day to about 1 million barrels per day, with Asia, particularly the Chinese petrochemical industry, contributing significantly to this growth.--- ...

Pakistan Commerce Minister Visits Invest Oman Lounge Muscat, 13 Mar (ONA) --- Jam Kamal Khan, Federal Minister of Commerce of the Islamic Republic of Pakistan and his accompanying delegation today visited Invest Oman Lounge. The members of the delegation were given an overview of the key services and facilities provided by the lounge for investors seeking opportunities in Oman. They were also briefed on the investment procedures, relevant entities, available enablers, and the information offered to investors, along with the major opportunities across various economic ...

MSX Gains 23 Points Muscat, 13 Mar (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (23.3) points, comprising a rise by (0.53%) to close at (4387.39) points, compared to the last session, which stood at (4364.08) points. The trading value today stood at (RO 13,033,283), comprising an increase by (125.8%), compared to the last session, which stood at (RO 5,771,711). The report released by MSX pointed out that the market value went up by (0.060%) to reach about (RO 27.61) billion. The report added that the value of shares bought by non-Omani investors ...

Oman, Afghanistan Explore Means of Enhancing Economic Cooperation Muscat, 13 Mar (ONA) --- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion today received Mawlawi Amir Khan Muttaqi, Acting Minister of Foreign Affairs of Islamic Emirate of Afghanistan. During the meeting, the two sides discussed ways to enhance trade and investment relations between Oman and Afghanistan, with a focus on exploring opportunities for cooperation and partnership across various sectors. The discussions also covered improving the business environment, ...

Three Agreements Signed in Fields of Roads, Ports, and Maritime Services Muscat, 13 Mar (ONA) --- The Ministry of Transport, Communications and Information Technology today signed three strategic agreements related to roads, ports, and maritime services. The step is pursuance of efforts to enhance the quality and efficiency of road infrastructure and develop ports and maritime services. The agreements were signed by Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. The first agreement, signed with Galfar Engineering and ...

Oil Eases on Concerns about Escalating Tariff Wars' Impact on Global EconomyTokyo, 13 Mar (ONA) --- Oil prices eased today after surging the day before as worries about the impact of intensifying tariff wars on global economic growth and energy demand outweighed the positive sentiment from a larger-than-expected draw in US gasoline stocks. Brent futures fell 7 cents, or 0.1%, to $70.88 a barrel, while US West Texas Intermediate crude futures shed 11 cents, or 0.2%, to $67.57 a barrel. Both benchmarks rallied about 2% yesterday as US government data showed ...

Dollar Rises, Thanks to Rise in US Treasury YieldsSingapore, 13 Mar (ONA) --- The dollar rebounded slightly today, thanks to a rise in US Treasury yields, though currencies traded in tight ranges as investors struggled to determine the impact of an escalating global trade war on US inflation and growth. The dollar rose 0.05 % against the yen to 148.31, recovering some of its losses from earlier in the week when it fell to a five-month low against the Japanese currency. US Treasury yields pushed higher as traders wagered on a pick-up in inflation down the line, ...

Gold Price Rises as Cooler Inflation Data Lend Support Washington,13 Mar (ONA) --- Gold prices rose today, while a cooler-than-expected U.S. inflation print also supported bullion by strengthening expectations of rate cuts. Spot gold was up 0.4% at $2,943.03 an ounce, as of 0522 GMT, while U.S. gold futures firmed 0.2% to $2,951.90, Reuters reported. Spot silver fell 0.5% to $33.05 an ounce, platinum lost 0.5% to $979.09, while palladium gained 0.6% to $954.05. ---Ends/Thuraiya/AG ...

Oman Oil Price Rises 1.46 US DollarsMuscat, 13 Mar (ONA) --- Oman oil price (May delivery 2025) today reached 72.14 US Dollars, comprising a rise by 1.46US Dollars compared to the price of yestarday “Wedensday” which stood at 70.68 US Dollars.The average price of Oman oil (March delivery 2025) has stabilized at 80.26 US Dollars per barrel, thus 7.10 US Dollars per barrel higher than February delivery 2025.---Ends/Thuraiya/AH ...

Oman, Afghanistan Explore Means of Boosting Trade TiesMuscat, 12 Mar (ONA)--- Faisal Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI) received here today Mawlawi Amir Khan Muttaqi, Acting Minister of Foreign Affairs of Afghanistan.The meeting comes within the context of promoting relations between Oman and Afghanistan in the economic and trade areas. The two sides discussed ways to expand cooperation in the fields of trade, investment and economy, as well as developing ties in the logistics and tourism sectors. They also touched on supporting joint projects that ...

Mining License Management Service Launched on Taqa Platform Muscat, 12 Mar (ONA) --- The Ministry of Energy and Minerals announced the expansion of its services for investors in the mining sector in the Sultanate of Oman. The updated services are provided via "Taqa" digital services platform.The expansion will include the management of mining licenses and the platform's current services, which include managing auctions for public sites and concession areas. The new technologies on "Taqa" platform bolster the investment experience of the mining sector through a set of ...

Asyad Shipping Successfully Lists on Muscat Stock Exchange Muscat, 12 Mar (ONA) — Asyad Shipping Company, one of the world’s largest diversified maritime providers and a global leader in deep-sea transportation, today successfully listed on the Muscat Stock Exchange (MSX) following the completion of its IPO. The Company raised RO 128.1 million (equivalent to USD 332.8 million) from domestic and international investors. The bell ringing ceremony took place at this morning at the MSX, with trading of Asyad Shipping’s shares commencing under the ticker symbol “ASCO”. A ...

MSX Drops 41PointsMuscat, 12 Mar (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (41.3) points, comprising a drop by (0.94%) to close at (4364.08) points, compared to the last session, which stood at (4405.42) points.The trading value today stood at (RO 5,771,711), comprising a rise by (92.3%), compared to the last session, which stood at (RO 3,805,000).The report released by MSX pointed out that the market value went up by (2.088%) to reach about (RO 27.60) billion.The report added that the value of shares bought by non-Omani investors reached (RO 560,000), comprising ...

Special Economic Zone at Duqm Launches its Future Strategy Duqm, March 12 (ONA) ---The Special Economic Zone at Duqm (SEZAD) has launched its 2025-2030 strategy. The step forms part of efforts made by the Public Authority for Special Economic Zones and Free Zones (OPAZ) to enhance the potential of its affiliate bodies and to attract investments. The strategy focuses on making the SEZAD a preferred strategic destination for renewable energy and sustainable industries, capable of offering various business opportunities and contributing to the revitalization of the tourism sector ...

Oman, Pakistan Review Means of Attracting Investments Muscat, 12 Mar (ONA) --- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion received today Jam Kamal Khan, Federal Minister of Commerce of the Islamic Republic of Pakistan, who is currently visiting the Sultanate of Oman. During the meeting, the two sides discussed means of strengthening economic relations. They also explored cooperation opportunities in various sectors, such as food security, mining, medical supplies, and pharmaceuticals. The meeting touched on promoting promising sectors, ...

Oil up on Weak Dollar but Tariff Concerns Cap GainsSingapore, 12 Mar (ONA) --- Oil prices edged up today, buoyed by a weaker dollar, but mounting fears of a US economic slowdown and the impact of tariffs on global economic growth capped gains. Brent futures rose 27 cents, or 0.39%, to $69.83 a barrel, while US West Texas Intermediate crude futures gained 29 cents, or 0.44%, to $66.54 a barrel. The dollar index, which fell 0.5% to fresh 2025 lows yesterday, boosted oil prices by making crude less expensive for buyers holding other currencies.--- ...

Gold Holds Steady as Markets Eye Inflation DataSingapore, 12 Mar (ONA) --- Gold held steady today ahead of a key US inflation data that could help gauge the Federal Reserve's interest rate path amid trade tensions and economic slowdown fears. Spot gold was flat at $2,915.65 an ounce, while US gold futures were steady at $2,915.65. Investors await US Consumer Price Index (CPI) data due later in the day to analyse the Feds interest rate stance going forward this year (2025). Spot silver lost 0.6% to $32.76 an ounce, platinum rose 0.8% to $ 982.52, and palladium ...

EU to Impose Counter Tariffs on US ImportsBrussels, 12 Mar (ONA) --- The European Union (EU) today said that it would impose "strong but proportionate" tariffs on US goods starting in 1 April 2025, in response to the 25% tariffs imposed by Washington on steel and aluminum imports, which took effect today. President of the European Commission Ursula von der Leyen said "We deeply regret this measure." "Tariffs are taxes. They are bad for business, and even worse for consumers," she added.--- ...

25% US Tariffs on Steel, Aluminum Take EffectWashington, 12 Mar (ONA) --- US President Donald Trump's 25% tariffs on steel and aluminum imports came into effect today, taking the United States a step closer to a trade war with its major partners. On 10 February 2025, Trump signed two executive orders imposing 25% tariffs on steel and aluminum imports from all countries, effective today (12 March 2025), "without exceptions or exemptions." The hefty tariffs are likely to increase the cost of producing virtually everything in the US, from household appliances to cars and ...

Oman Oil Price Rises 18 CentsMuscat, 12 Mar (ONA) --- Oman oil price (May delivery 2025) today reached 70.68 US Dollars, comprising a rise by 18 cents compared to the price of yestarday “Tuesday” which stood at 70.50 US Dollars.The average price of Oman oil (March delivery 2025) has stabilized at 80.26 US Dollars per barrel, thus 7.10 US Dollars per barrel higher than February delivery 2025.---Ends/Thuraiya/AH ...

MSX Closes at 4405 Points Muscat, 11 Mar (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (0.7) point, comprising a drop by (0.02%) to close at (4405.42) points, compared to the last session, which stood at (4406.16) points. The trading value today stood at (RO 3,805,000), comprising a increase by (54.5%), compared to the last session, which stood at (RO 1,941,949). The report released by MSX pointed out that the market value went down by (0.587%) to reach about (RO 27.03) billion. The report added that the value of shares bought by non-Omani investors ...

Kyrgyzstan's Economy Grows 10.7% in January-February 2025Bishkek, 11 Mar (ONA) --- Kyrgyzstan's economy recorded growth in key indicators in January-February 2025. The country's GDP in January-February 2025, according to preliminary estimates, amounted to about USD2.35 billion, an increase by 10.7%, compared to the same period in 2024. The service sector's share in the GDP accounted for 51.9%, while the commodity production sectors' share was 29.2%, and product taxes contributed 18.9%. The data showed that exports decreased by 24.7%, reaching USD142.2 million, while ...

Dollar Fluctuates amid Concerns over Economic Slowdown Singapore, 11 Mar (ONA) --- The US dollar index experienced fluctuations today, stabilizing at 103.8. The index was weighed down by losses against the Japanese yen, which surged to a five-month high, highlighting the yen's status as a safe-haven currency amid market uncertainty. Meanwhile, the dollar showed slight gains against the Australian dollar and the British pound. Investor sentiment has been heavily influenced by concerns about a potential slowdown in US economic growth. This caution was reflected in the ...

MSX to Celebrate Asyad Shipping Company’s Listing Tomorrow Muscat, 11 Mar (ONA) --- Muscat Stock Exchange (MSX) will celebrate tomorrow (Wednesday), 12 March 2025, the listing of Asyad Shipping Company and the start of trading its shares after the completion of the initial public offering (IPO) process for 20 percent of its capital. Asyad Shipping Company will be the first company from the maritime transport sector to be listed on the Muscat Stock Exchange as part of the efforts made to boost the MSX by listing companies that reflect the performance of all sectors in ...

Gold Rises as Dollar, Treasury Yields FallSingapore, 11 Mar (ONA) --- Gold rose today on weak dollar and Treasury yields, as investors awaited inflation data to assess the Federal Reserve's policy path amid simmering trade tensions and fears of economic slowdown. Spot gold rose 0.3% to $2,898.27 an ounce, while US gold futures firmed 0.1 to $2,902.50. The dollar index hovered near a four-month low hit last week, making bullion less expensive for overseas buyers, while benchmark 10-year US Treasury yields fell. Investors now await US Consumer Price Index ...

Oil Prices Edge Lower as Concerns over Tariff Impact GrowSingapore, 11 Mar (ONA) --- Oil prices fell for a second day in early trade today on worries that US tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply. Brent futures fell 29 cents, or 0.42%, to $68.99 a barrel, while US West Texas Intermediate crude futures lost 36 cents, or 0.55%, to $65.67 a barrel.--- ...

Oman Electricity Production Increases by 7.6% Muscat, 11 Mar (ONA) --- The total electricity production in the Sultanate of Oman till the end of December 2024 grew by 7.6% to 48,452.7 gigawatts per hour, compared to 45,012.9 gigawatts per hour during the corresponding period in 2023, according to preliminary statistics released by the National Centre for Statistics and Information (NCSI). The governorates of North Al Batinah, South Al Batinah and Al Dhahirah registered a total production of 30,253.2 gigawatts per hour, constituting a rise by 6.4% compared to December ...

Oman Oil Price Declines 87 CentsMuscat, 11 Mar (ONA) --- Oman oil price (May delivery 2025) today reached 70.50 US Dollars, comprising a decline by 87 cents compared to the price of yesterday “Monday” which stood at 71.37 US Dollars.The average price of Oman oil (March delivery 2025) has stabilized at 80.26 US Dollars per barrel, thus 7.10 US Dollars per barrel higher than February delivery 2025.---Ends/Thuraiya/AH ...

Dollar Starts Week Softer Singapore, 10 Mar (ONA) --- The US dollar was softer today and trading near its lowest level in four months against major currencies as concerns over a global trade war troubled investors, lifting safe havens the yen and the Swiss franc. The US dollar index, which measures the currency against six major peers, eased 0.1% to 103.59. The dollar fell more than 3% last week against major rivals. The yen was 0.5% firmer at 147.27 per dollar. The Swiss franc hit a three-month high of $0.87665 in early trading. The euro was 0.3% higher ...

OIA Invests in Biopolymers Field Muscat, 10 Mar (ONA) --- As part of its strategy to invest in advanced technologies, Oman Investment Authority (OIA) has announced its investment in the US based company Tidal Vision, a leading innovator in the field of biopolymer technology. This investment was made during Tidal Vision’s Series B funding round, in which the company successfully raised over $140 million from strategic investors, according to its recent announcement. Through such international investments, OIA aims to localize innovative solutions to meet domestic market ...