No One Knows How Much Oil Is Being Stored Around the World
Many countries keep their reserves a secret, meaning the price of oil is based on a huge amount of guesswork. Peak oil, if it even exists , is very much Continue Reading
Offshore Rig Owners Fall Most in More Than Month on Drop in Oil
The world’s largest owners of offshore drilling rigs fell the most in more than a month as oil’s drop below $40 extended their pain. Diamond Offshore Drilling Inc. fell 5.7 Continue Reading
Worse Fighting Could Halt South Sudan Oil Output, Monitor Says
African nation’s crude production already reduced by civil war Group observing peace deal sees possibility of larger battles Clashes between South Sudanese forces that re-erupted last month could escalate into Continue Reading
Kuwait to Raise Gasoline Prices to Counter Oil Revenue Plunge
Kuwait’s government approved an increase in prices of gasoline sold locally, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances. The OPEC member will Continue Reading
Libya Oil Exports Seen Limited Until Blockades on Fields Lifted
Factions in divided nation continue to shut oil fields Libya’s state crude producer is working to resume oil shipments from three ports after a deal was struck to settle payments Continue Reading
Rouhani: Iran’s post-sanctions era revolutionary
With options for oil and natural gas expanding, Iranian President Hassan Rouhani said a joint nuclear agreement has strengthened the country’s independence. Iran celebrated Monday the 50th anniversary of a Continue Reading
U.S. Launches Airstrikes Against Islamic State in Libya
The United States launched multiple airstrikes against Islamic State militants in Libya on Monday, opening a new, more persistent front against the group at the request of the United Nations-backed Continue Reading
US planes bomb Isis stronghold on Libyan coast
The US launched air strikes against Isis in the Libyan city of Sirte in a bid to support forces allied to the government who are battling to regain control of Continue Reading
Iran Expected To Approve New Oil Contract Models This Week
Bijan Zanganeh It’s expected that Iran will approve a new model for oil contracts on Wednesday that should open the door for foreign investors to help the country reestablish its Continue Reading
Saudi Arabia Seen Stepping Up Fight Against Bank Cash Crunch
Kingdom takes measures to shore up economy amid low oil prices Banks face liquidity squeeze as government pulls deposits Saudi Arabia may be embarking on a new phase in its Continue Reading