Oil at $40 Possible as Market Transforms Caracas to Iran

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 […]

At least 17 inmates dead after poisoning in Venezuela

Caracas – At least 17 Venezuelan inmates who had been on hunger strike over prison conditions, died on Wednesday of  prescription drug poisoning, police sources told AFP. The prisoners at David Viloria Correction Centre, known as Uribana prison, in Venezuela’s Lara state, had been protesting since Tuesday over what they said was inhumane treatment and […]

The “market will stabilize itself,” says Saudi oil minister at OPEC meeting

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 […]

Opec under pressure to cut output as price of crude continues to drop

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 […]