Category: Middle East

Militant fighting, price plunge threaten Iraq’s oil production goal

Iraq is supposed to add more new oil production by the end of this decade than any other OPEC member.  More »

Global crude plunges through $60 as producers fail to curb glut

Brent futures slumped as much 3.3 percent to its lowest since May 2009 in London.  More »

Commentary: actions speak louder than words on oil prices

FuelFix.com Voices blogger Matt Smith takes a look a prices. His starting premise: “With soooooooo much talk swirling about the current oil price drop, I feel compelled to focus less on the rhetoric and more on the data. So the vibe of this post lands somewhere inbetwixt Elvis Presley’s ‘a little less conversation, a little more action’ and one of my bosses favorite phrases: ‘In God we trust, all others must bring data’.”  More »

Oil jumps most in two weeks as fighting, strike curb OPEC output

Fighting disrupted exports from Libya’s largest and third-largest crude ports and halted output from some fields, state-run National Oil Corp said.  More »

OPEC chief urges oil investment despite low prices

The secretary-general of OPEC on Sunday urged Gulf Arab nations to keep investing in oilfield development despite the plunge in crude prices and gave no indication the cartel was prepared to shift its strategy to halt the slide.  More »

Oil price hit by OPEC numbers as Saudis stand firm on output

OPEC cut the forecast for how much crude it will need to produce next year by about 300,000 barrels a day to 28.9 million a day, the least since 2003.  More »

Iranian president calls fall in oil prices ‘treachery’

Rouhani spoke at a Cabinet meeting Wednesday about what he thought was a “politically motivated” fall in prices.  More »

As oil resumes drop, Iran sees $40 if there’s OPEC discord

Brent collapsed 15 percent since OPEC agreed to leave its production ceiling unchanged on Nov. 27, resisting calls from members including Venezuela to cut output to stabilize prices.  More »

OPEC says 2015 demand for its crude will be weakest in 12 years

OPEC lowered its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day.  More »

Kuwait sees oil stuck at $65 for six months until OPEC moves

OPEC decided on Nov. 27 to maintain its output target, prompting a drop in European benchmark Brent crude to less than $70 a barrel for the first time since May 2010.  More »

Global gasoline prices don’t look the same as in the U.S.

Weak global demand and a flood of cheap oil from North American producers are sending the price of gasoline plummeting, but the savings won’t look the same around the globe as they do in the U.S.  More »

Brent heads for 5-year low as Saudi discounts spur competition

Futures slid as much as 1.1 percent in London and are headed for a second weekly decline.  More »

300,000 Iraqi oil barrels signal glut will deepen

Just five days after OPEC decided to maintain production levels, Iraq, the group’s second-biggest member, inked an export deal with the Kurds that may add about 300,000 barrels a day to world supplies.  More »

Tanker’s fate unresolved after historic deal

Lawyers representing Baghdad and Erbil met for 20 minutes behind closed doors with a U.S. federal judge on Wednesday to discuss the case involving a tanker carrying Kurdish crude that has been trapped in legal limbo since late July but no action was taken.  More »

Cheap oil is hitting these countries the hardest

The pain being felt in OPEC countries is likely being taken as good news in U.S. foreign policy circles.  More »
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