US and EU sanctions against Moscow are in danger of turning round and biting the west by constraining global oil supply and pushing up prices in coming years, the former chief executive of BP has warned.
Tony Hayward said that … Read the rest
Tag: oil price
Iraq violence sends oil soaring
Sectarian violence in Iraq sent the price of oil skyrocketing on Thursday, propelling both Brent and West Texas Intermediate up more than two percent amid growing concerns about a threat to global supply.
After a delayed reaction to turmoil raging … Read the rest
Iraq, Iran to challenge Saudi oil dominance
Iraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia’s grip on the Organisation of Petroleum Exporting Countries.… Read the rest
Coming ‘oil glut’ may push global economy into deflation
One piece of the jigsaw puzzle is missing to complete the deflation landscape across the West: a slide in oil prices. This is becoming more likely each month.
Turmoil across the Middle East and parts of Africa has choked supply … Read the rest
Egypt: Suez bottleneck could boost oil price
Egypt is a key bottleneck in the global oil industry. Should the current turmoil in the North African country get any worse, a potential oil spike could damage any nascent economic recovery.
After last week’s bloody crackdown by the Egyptian … Read the rest
Saudi prince warns against fracking
A Saudi prince has warned that his oil-reliant nation is under threat because of fracking technology being developed elsewhere around the world.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil … Read the rest