Saudi Arabia’s influential royal Prince Turki al-Faisal al-Saud has said the kingdom would only consider cutting oil production if Iran, Russia and the US agreed to match those cuts because it wants to protect its market share. Speaking in London, the Prince who is a senior Saudi royal and the former head of the country’s […]
Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. Russia, the world’s largest producer, can no longer rely on […]
Oil prices fell sharply Thursday after the powerful oil collective OPEC said it would’t intervene in global markets and cut production levels to stem oil prices that have fallen 30% since June. Saudi Arabia’s oil minister Ali Al-Naimi delivered the news as he left a meeting of the cartel in Vienna. Crude oil prices plummeted […]
Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow. The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna today. The world’s […]
by Geoffrey Smith One of the axioms of global geopolitics is that a country can project power only as far as its economic might allows. There is good reason why the United States, by far the world’s largest economy, has been the dominant force in all things political and military for the past 60 years. […]
Oil fell for a second straight day on Tuesday as traders looked beyond price defense attempts by Russia and Venezuela and toward Saudi Arabia and OPEC for fresh leads on whether the group will cut output when it meets later this month. Saudi Arabia, the most powerful member of the Organization of the Petroleum Exporting […]
Record petroleum exports helped shrink the U.S. trade deficit in December to the smallest in almost three years as America moved closer to energy self- sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.
The Iraqi Cabinet on Tuesday decided to grant Jordan 100,000 barrels of crude oil, a gesture that was welcomed by the government in Amman. Announcing the decision on Tuesday, Iraqi government spokesperson Ali Dabbagh said on his official website that the council of ministers in Baghdad had decided to give 100,000 barrels of crude oil
Oil prices rose Monday after violence in Lebanon sparked fears of wider unrest in the Middle East. By early afternoon in Europe, benchmark oil for November delivery was up 75 cents to $90.80 a barrel
Following the drop in the international commodity markets , the prices of fuel changed in Lebanon on Wednesday October 10. While gasoline and Diesel fuel went down the price of natural gas went up.