Data from the Saudi Ministry of Finance showed continued control of public spending during the third quarter of 2026, as expenditures declined by 4 percent on an annual basis to 343.4 billion riyals ($91.6 billion), coinciding with a decline in total revenues by the same proportion to 259.1 billion riyals ($69.1 billion), despite a 23 percent decline in oil revenues.
Oil revenues amounted to 116.5 billion riyals ($31.1 billion), while the deficit amounted to about 84.3 billion riyals ($22.5 billion), as a result of expenses exceeding total revenues.
The data highlights the continuation of the approach to controlling expenditures in the face of fluctuations in oil revenues, while maintaining government spending within a balanced management of public finances.
The Iraqi Oil Minister announced, on Tuesday, that agreements had been reached with the American company Chevron regarding the contract for the West Qurna 2 oil field. One of the largest oil fields in the world, according to the official Iraqi News Agency (INA).
The announcement comes within the framework of ongoing negotiations between Baghdad and the American company to take over management of the field, which was managed by the Russian company Lukoil, and produces about 460 thousand barrels per day.
Last February, Chevron entered exclusive negotiations with Iraq to acquire the field, in a move that would expand the American company's presence in the Iraqi oil sector.
“West Qurna 2” is considered one of the most prominent oil assets in Iraq, and represents about 10 percent of the country’s oil production. This gives the agreement special importance for Baghdad’s plans to develop the energy sector and enhance cooperation with international oil companies.
The Turkish authorities arrested the CEO of the Istanbul Stock Exchange, Korkmaz Ergun, on charges related to bribery, as part of expanded investigations into an investment fund fraud scandal that extended to officials in financial and regulatory institutions, and figures in the government apparatus, according to what was reported by the official Anadolu Agency.
Ergun was detained for questioning on October 31, before the stock exchange's board of directors decided, on November 1, to remove him from his position and assign Executive Vice President, Attila Turli, to assume his acting duties.
According to the investigations, Ergun is considered the highest-ranking official to be arrested so far in the case, which began against the backdrop of suspicions of market manipulation through investment funds, before the investigation circle expanded to include fund managers, officials of listed companies, political figures, and prominent leaders in Turkish financial institutions.
The case dates back to last September, when several investment funds collapsed, causing severe losses in Turkish stocks and affecting about half a million investors.
Investigations escalated after the authorities announced last September the liquidation of a number of investment funds, after some of them failed to meet requests to recover investors’ money, which led to severe turmoil in the Turkish stock market.
According to Turkish media reports, the liquidation decisions included 131 funds, managed by 7 asset management companies, and the number of affected investors is about 456,000.
The Turkish Minister of Justice, Akın Gorlik, said on Tuesday that investigators had discovered what he described as an organized and integrated network of fraud in the financial markets, noting that the investigations revealed that this network extended to higher levels of the financial bureaucratic apparatus and regulatory authorities.
He added that the suspects' statements lead investigators to new goals, indicating that the scope of the case has expanded and has gone beyond fund managers and listed companies.
In a related development, the Turkish authorities ordered the arrest of 6 additional people, including a former official at the Capital Markets Council, according to what was reported by the Turkish channel NTV, citing sources that Reuters did not name. The decisions included former officials of the Council and an employee of the Banking Supervision Authority, in conjunction with the arrest of an executive at Terra Holding Company.
Yunus Arincı, CEO of Istanbul Takas and Saklama Bank, which specializes in the settlement and central custody of financial assets, also resigned after being questioned by public prosecutors over the weekend.
433 suspects in the case
The Turkish Minister of Justice said that the investigations currently include 433 suspects, including 112 detainees pending trial, while 38 people are still fugitives from justice. He added that the authorities imposed restrictions on the assets or bank accounts belonging to 359 individuals and 111 legal entities.
In the context of recovering funds related to the case, Gorlik indicated that about 30 billion Turkish liras ($600 million), including cash, real estate, and stocks, were returned through a designated account for voluntary repayment established by the Turkish Savings Deposit Insurance Fund, with the aim of recovering funds for the benefit of affected investors.
The latest developments reflect the expansion of the scope of the investigation, from suspicions of manipulation of stock prices and investment funds to officials in institutions that supervise Turkish financial markets, in a case that raised questions about oversight mechanisms and investor protection in the market.
