Oil steadies after Iranian influx pushes the price to under $28 January 18, 2016 The oil price steadied in yesterday’s trading after the immediate reaction to Iranian production coming back onto the market sent it below $28 a barrel. International benchmark Brent crude fell to fresh lows not seen since September 2003, hitting $27.67 before climbing back about $28. Oil cartel group Opec warned in its latest monthly review [...]
World Bank cuts its oil price forecast to $37 per barrel January 26, 2016 The World Bank cut its 2016 oil price forecast to $37 per barrel in its quarterly report released today, from $51 outlined in October. The Washington-based organisation cited Iran’s return to the market, alongside the increased resilience of the US shale gas industry. On the demand side, it pointed to warm weather in the Northern Hemisphere and [...]
Oil production freeze: Saudi will not cut output as US stockpiles soar February 18, 2016 The oil price has has fallen off a cliff on a double whammy of bad news: De facto Opec leader Saudi Arabia has said it will not cut production according to reports, while the US Energy Information Administration has announced inventories of crude swelled in the week to 12 February. The price per barrel of US [...]
Iran nuclear programme: Saudi Prince warns that if Iran strikes a deal, his country will want the same March 16, 2015 Prince Trurki al-Faisal of Saudi Arabia says that if the West strikes a nuclear deal with Iran, it is likely that many other countries will demand the same allowances. During an interview with the BBC, he warned that Saudi Arabia was among the nations that would seek the same rights, and that a situation where [...]
Saudi Arabia pushes oil price higher as it promises to stabilise the market February 29, 2016 The oil price was been pushed higher this afternoon after de facto Opec leader Saudi Arabia vowed it will try to limit volatility as it tries to stabilise the market. Oil investors are closely watching for any sign that Saudi may be weakening its previous commitment not to cut output even as it tries to broker a [...]
Oil prices: Iraq will co-operate to cut production in bid to prop up Brent crude January 30, 2016 Iraq's oil minister has said his country would co-operate if Organization of the Petroleum Exporting Countries (Opec) and non-Opec members agree to cut crude production, in the wake of a supply glut that's sent oil as low as $27 per barrel this year. It comes as one of Opec's poorer member, cash-strapped Venezuela, has called a meeting to [...]
Brent crude and WTI: Oil prices dip back below $30 January 15, 2016 Brent crude oil dipped back below the $30 per barrel mark today, as the prospect of more Iranian oil looms over an already oversupplied market. Brent crude, the global benchmark, shed 3.5 per cent to $29.89 per barrel this morning. Meanwhile, West Texas Intermediate (WTI) crude, the US benchmark, shed 5.05 per cent to $29.62. "It was [...]
Russia has started sending S-300 missiles to Iran again April 13, 2015 Iran is already seeing the benefits of coming to a tentative agreement with world powers over its nuclear programme – the Kremlin has just lifted a ban on providing it with S-300 missiles. Russia originally signed a multi-million dollar contract with Tehran to deliver the weapons in 2007, but the US and Israel voiced concerned [...]
Iran and world powers race to agree accord before deadline March 29, 2015 World powers stepped up nuclear talks with Iran today as they race to agree on the parameters of an accord ahead of a self-imposed deadline on 31 March. The foreign ministers of the United States, France and Germany are reported to have cancelled their travel plans over the next few days. It's hoped the negotiations, [...]
As the world descends into global chaos, the United States is on the border of disorder February 12, 2016 As the world’s foreign and defence policy elite descend on the Bavarian capital for this weekend’s 52nd annual Munich Security Conference participants and observers are likely to ask: Where are the Americans? True, the congressional delegation is strong, with a dozen or so senators and representatives making the trip. But apart from secretary of state [...]