Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil prices crashed as a result of what then seemed to be a “calculated” move by Riyadh which hoped to […]
Saudis Launched Oil Price War After ‘MBS Shouting Match with Putin’…
A telephone call last month between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman degenerated into a shouting match just before Riyadh decided to flood the market with oil in a move which sent prices spiralling. Saudi officials with knowledge of the disastrous call told Middle East Eye that the row threatened […]
AUDIO: The Duran Breaks Down the Story on the Shouting Match and Future of MBS…
The Oil Glut Is About to Get Even Worse…
With only a week to go before OPEC+ countries start flooding the world’s total oil production with an estimated extra 2.5 million barrels per day (bpd) amid the Covid-19 crisis, building one of the biggest oil supply gluts the world has ever seen, UK operator INEOS has decided to postpone its scheduled maintenance for the […]
Oil Jumps As Fed Pledges “Unlimited” Cash to Bolster the Economy…
Oil prices jumped by 4 percent early on Tuesday after the U.S. Federal Reserve launched on Monday extensive new measures to support the economy as the coronavirus pandemic spreads. But prices slid later in the morning. At 9:34 a.m. EDT on Tuesday, WTI Crude was up 3.98 percent on the day at $24.41, and Brent […]
Saudi’s Ramp Up Oil Production to Record Levels…
Saudi Arabia will once more be the world’s biggest producer of crude oil under plans announced Wednesday to further increase the Kingdom’s output to a new record level. Prince Abdul Aziz bin Salman, the Saudi energy minister, told Saudi Aramco to prepare to increase its maximum sustainable capacity — the limit to the crude it […]
The Reason Why Russia Refused to Cut Oil Production…
OPEC asked Russia to cut an additional 300,000 bpd in oil production at last week’s meeting in Vienna, but according to Russia’s Deputy Energy Minister, this would’ve been ‘technically challenging.’ OPEC asked Russia to add another 300,000 bpd to its production cut quota art the Vienna meeting last week, but it would have been technically […]
Can Saudi Arabia Survive the Oil Price War It Started?…
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential threats as a renewed oil price slump threatens to not only hit the country’s revenues and economic diversification programs but also the already fragile position […]
OPEC Threatens to Kill U.S. Shale…
The Organization of Petroleum Exporting Countries will once again become a nemesis for U.S. shale if the U.S. Congress passes a bill dubbed NOPEC, or No Oil Producing and Exporting Cartels Act, Bloomberg reported this week, citing sources present at a meeting between a senior OPEC official and U.S. bankers. The oil minister of the […]
IEA: U.S. to Become World’s Biggest LNG Exporter by 2022…
Exports of liquefied natural gas (LNG) from the United States are going to overtake those of Australia and Qatar, making the country the world’s largest supplier, according to the latest report by the International Energy Agency (IEA). The agency says more than half of the natural gas produced in the US will be converted to […]