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Sudan Independent

Economy

IEA Chief Warns Commercial Oil Inventories Are Depleting Rapidly Only Weeks Left

IEA Chief Warns Commercial Oil Inventories Are Depleting Rapidly Only Weeks Left

Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks' worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves "are ‌not endless".

Operating Profits Drive Saudi Petrochemical Firms to Record 111 Jump in Earnings

Operating Profits Drive Saudi Petrochemical Firms to Record 111 Jump in Earnings

Saudi-listed petrochemical companies posted a sharp improvement in financial performance during the first quarter of 2026, driven by a strong recovery in operating efficiency that pushed the sector’s net profits up 111.75 percent to more than SAR374.36 million ($92.57 million). The turnaround reflected the success of major companies in adapting to global market changes, with the sector’s operating profits surging nearly fivefold to $548.97 million.

G7 Finance Chiefs Meet to Seek Common Stance on Unstable Ground

G7 Finance Chiefs Meet to Seek Common Stance on Unstable Ground

Finance chiefs from the G7 industrialized nations gather in Paris on Monday for two days of talks aimed at forging a united front as the Middle East war roils economic prospects worldwide. France, which currently chairs the rotating presidency of the Group of Seven, faces the tricky task of keeping dialogue open as trade feuds spurred by US President Donald Trump's tariff blitz compound geopolitical tensions.

Chinas Economy Slows in April as Output Retail Sales Sharply Undershoot Forecasts

Chinas Economy Slows in April as Output Retail Sales Sharply Undershoot Forecasts

China's economic growth lost steam in ‌April as industrial output and retail sales growth sharply missed expectations as the Asian powerhouse grappled with higher energy costs from the Iran war and sluggish domestic demand. Data from the National Bureau of Statistics (NBS) showed on Monday that factory output grew 4.1% from a year earlier last month, compared with a 5.7% rise in March and a Reuters poll forecast for 5.9% growth. It marked the slowest growth since July 2023.

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