The world's oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact. In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were clouding the outlook it believes that the market balance is set to flip from surplus into deficit, a development that would favour efforts by oil producing nations to keep prices high. Tensions have been mounting in recent days after the mysterious sabotage of several tankers in the Gulf and drone attacks claimed by Iran-aligned Yemen rebels shut down one of Saudi Arabia's major oil pipelines. Saudi Energy Minister Khalid al-Falih called the pipeline attacks, which did not halt exports despite the temporary shutdown of the pipeline, an "act of terrorism... that not only targets the kingdom but also the security of oil supplies to the world and … [Read more...] about Oil supply drops as Iran sanctions bite: IEA
Oil
Global oil prices fall
The global oil prices have fallen to $70,94 according to the e-commerce results, Russia’s Gazeta newspaper reports. According to the source, the price for Brent July futures dropped by 0,42% to settle at $70,94 per barrel. The price for WTI oil futures reduced by 0,74% to stand at $61,32 per barrel. To note, one barrel equals 158,988 liters. Տեքստում սխալ կամ վրիպակ նկատելու դեպքում, ուղարկեք խմբագրին հաղորդագրություն` նշելով տվյալ սխալը, … [Read more...] about Global oil prices fall
Belarus, Russia to discuss oil issues in Moscow on 16 May
MINSK, 15 May (BelTA) – Belarus Deputy Prime Minister Igor Lyashenko will meet with Russian Vice Premier Dmitry Kozak in Moscow on 16 May, BelTA learned from the Council of Ministers. “Vice Premier Igor Lyashenko will travel to Moscow on 16 May for the talks with Russian counterpart Dmitry Kozak to discuss oil issues,” the Belarusian government informed. BelTA reported earlier that on 19 April Belneftekhim registered a massive decrease in the quality of the Russian oil mixture Urals flowing in transit into the main oil pipeline section operated by OAO Polotsktransneft Druzhba. The concentration of chlororganic compounds in oil exceeded standard thresholds dozens of times over. The oil pipeline system Druzhba is designed to deliver oil to Belarusian oil refineries and transport oil to Europe in transit via Belarus in two directions – via Poland and via Ukraine. More about Economy … [Read more...] about Belarus, Russia to discuss oil issues in Moscow on 16 May
Saudi oil spikes on turmoil & sifting through steel struggles
Following yet another attack on Saudi Arabian oil facilities, the price of oil saw another spike in price on Tuesday; David McAlvany of McAlvany Financial Group joins us to drill into this story and other problems plaguing petro. Plus, as China and the US continue to trade blows, just how is it affecting the other superpower involved in the shipping skirmish? Sourabh Gupta of the Institute for China-America studies joins us to analyze the current state of economics in the People’s Republic. Plus, Bayer is back in the hot seat as yet another court rules against their Roundup product; RT correspondent Sara Montes de Oca joins us to delve into Bayer’s big moves in the stock. And steel is having a bit of a struggle on both sides of the Atlantic; RT’s Alex Mihailovich takes a look at what is mauling the metals industry. And finally, RT producer Brent Jabbour brings us the latest from the Consensus conference in New York City to show us just how blockchain may speed up your … [Read more...] about Saudi oil spikes on turmoil & sifting through steel struggles
Riyadh says oil facility attacks target world supplies
Saudi Arabia said Wednesday that attacks on two of its oil tankers and a major pipeline targeted not only its own security but that of the world's supplies. Drone attacks claimed by Iran-aligned Yemeni rebels shut down one of the kingdom's main oil pipelines on Tuesday, further ratcheting up Gulf tensions after the mysterious sabotage of four ships, two of them Saudi tankers, just outside the Gulf on Sunday. "The cabinet affirms that these acts of terrorism and sabotage ... do not only target the kingdom but also the security of world oil supplies and the global economy," it said after a meeting chaired by King Salman in the Red Sea city of Jeddah on Tuesday evening. Tuesday's drone strikes hit two pumping stations on the kingdom's east-west pipeline, which can carry five million barrels of crude per day and provides a strategic alternative route for Saudi exports if the shipping lane from the Gulf through the Stait of Hormuz is closed. Yemen's Huthi rebels claimed responsibility for … [Read more...] about Riyadh says oil facility attacks target world supplies