Crude oil drops below $47 as agreement between OPEC and Russia falls through

Crude oil drops below $47 as agreement between OPEC and Russia falls through

Vienna: The agreement between OPEC, the main organisation of the oil-producing countries, and Russia, regarding oil production cut, has fallen through. This caused the international oil rates to tumble and they slid to below $47 per barrel level. A leading analyst and advisory company, from the oil sector, warned that if OPEC members do not […]

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Russian spokeswoman accuses the US of smuggling crude oil from Syria

Russian spokeswoman accuses the US of smuggling crude oil from Syria

Moscow: Russian foreign ministry spokeswoman, Maria Zakharova levelled a serious allegation, ‘The United States perpetually pats its own back claiming to be a country promoting democratic values and abiding by the international regulations. But this very country is stealing crude oil from Syria, behind the façade of conflict against the terrorist organisation IS.’ The Russian […]

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The US imposes sanctions against Chinese government company buying crude oil from Iran

The US imposes sanctions against Chinese government company buying crude oil from Iran

Washington/Hong Kong: The United imposed sanctions against the Chinese government company for continuing to buy oil from Iran, violating the harsh sanctions imposed against Iran. US Secretary of State, Mike Pompeo, said that sanctions had targeted the Zhuhai Zhenrong Limited and its Chief Executive Officer (CEO) Youmin Li. China has criticised the new US sanctions […]

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Russia and Saudi Arabia agree on reducing crude oil production: President Vladimir Putin

Russia and Saudi Arabia agree on reducing crude oil production: President Vladimir Putin

Moscow: Analysts have indicated a change in equations, in the fuel market, because of the trade war, the supply exceeding the demand situation and tension over the Iran issue. Against this background, Russia and Saudi Arabia have once again concurred on the issue of reducing crude oil production. Both the countries have been willing to […]

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Crude oil rates will zoom to $300 per barrel if there is opposition to the OPEC-Russia front; claims Saudi study group

Crude oil rates will zoom to $300 per barrel if there is opposition to the OPEC-Russia front; claims Saudi study group

Riyadh: A study group from Saudi had warned ‘Our analysis shows that back in 2011-2012 when Libya experienced supply disruptions, prices for crude could go to sky-rocket. The same can be repeated in the future. If it were not for the decisions made by Russia and Saudi Arabia as part of OPEC+ cooperation, in 2018, […]

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Crude oil rates jump after consensus between Russia and Saudi, crosses $ 60 per barrel mark

Crude oil rates jump after consensus between Russia and Saudi, crosses $ 60 per barrel mark

Moscow/Riyadh: Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed Bin Salman have reached a consensus about continuing the cooperation in reducing the levels of oil production during their discussions. In line with this, an announcement of reduction in oil production is expected from both the countries. Riding on the news of consensus between […]

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Sanctions against Iran & trade war could trigger a surge in crude oil prices up to $120, claim analysts

Sanctions against Iran & trade war could trigger a surge in crude oil prices up to $120, claim analysts

Washington: The experts and analysts in the oil sector have claimed that crude oil rates could rise up to $120 due to the sanctions imposed by the United States on Iran and the trade war in the global economy. The oil supply from Iran has declined since the European and Asian countries have taken steps […]

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