This week Chinese energy representatives met by video with the Saudi Energy Minister and both sides expressed a strong desire to build a long, solid, and lasting cooperation in the energy sector. China is gradually taking over the US position in the Middle East energy system following the US-Saudi standoff. China and Saudi Arabia have already established a channel for oil settlement in RMB, and Ch [...]
After days of intense negotiations and video conferences OPEC+ and G20 have sealed a deal aimed at tackling the oil market imbalance. Economic analysts have explained how the newly introduced cuts will affect the market in the short- and medium-term.
On Sunday, Russia, Saudi Arabia, and the US struck a deal with the world's petroleum producers for major oil output cuts in response to a d [...]
Having bragged repeatedly of America’s energy independence, President Trump must confront the harsh realities of a global oil market no longer able to sustain inefficient US oil producers as he prepares to negotiate with the G20. The global economy struggles to adapt to the one-two punch of reduced oil demand brought on by the coronavirus pandemic and the Russian-Saudi Arabian price war, which h [...]
The Organization of the Petroleum Exporting Countries and allied oil exporters led by Russia are reportedly set to hold an urgent meeting on Sunday to clinch a last-minute agreement to save the oil market from further tumbling. The virtual meeting is scheduled for 4pm GMT, the Azerbaijan Energy Ministry confirmed to Russian media. The same time frame was reported earlier by Bloomberg. [...]
Saudi Arabia, a major strategic ally of the US, has been at the centre of an oil output cut dispute with Russia that unleashed a price war and sent already-volatile crude prices to their 18-year lows. American senators from oil-producing states reproached the Saudi ambassador in a heated phone call and threatened to rethink diplomatic relations with the kingdom, according to their accounts of the [...]
President Donald Trump last week hinted that the US would wade into the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for American consumers despite hurting the industry.
US President Donald Trump was quite happy with Saudi Arabia’s plans to oust Russia from certain oil markets by hiking oil production, Politico reports citin [...]
US President Donald Trump used to complain about the high oil prices that came as a result of the OPEC+ agreement, which saw many oil-exporting countries cut crude production. Now, however, is unhappy with the anomalously low price of black gold that is threatening to kill the American shale oil industry. Commenting on the ongoing oil price free fall, US President Donald Trump accused Russia and S [...]
Plummeting oil prices have sparked another round of predictions about the economic collapse of Russia – this time from US President Donald Trump, who sounded a lot like his predecessor Barack Obama on the subject. The price of crude oil has crashed to $20 this week, due to a one-two punch of Saudi Arabia flooding the market with record output and a sharp drop in global demand owing to the corona [...]
The crude rally is likely to continue this year as OPEC countries are losing their exports, analysts told RT. The key reason is US sanctions against major producers Iran and Venezuela. [...]
Crude prices will likely reach $100 per barrel for the first time since 2014, and OPEC has no leverage to prevent such a scenario, an analyst has warned. “Nobody wants to get caught short, full in the knowledge that more Iranian barrels are poised to be removed from the market,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published on Monday, as quoted by CNBC. [...]
If you can’t get them to keep quiet, ignore them, appears to be the playbook currently in use by OPEC. Tweets by US President Donald Trump demanding that OPEC boost its oil output as a means of lowering prices worldwide have been met with silence by the global fossil-fuel energy bloc. [...]