Oil prices jump as Saudi Arabia, Russia extend production cut till December
Oil prices jumped about 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.
Oil price plunges below $1 as coronavirus hits global economy
Oil prices have plunged further below $1 a barrel with the threat to erase decade of demand growth with thousands of jobs under threat as coronavirus continues to spread further. A Bloomberg report revealed that industrial and economic activity is grinding to a halt as governments around the globe extend shutdowns due to the swift […]
Saudi Aramco reports 20.6 per cent drop in 2019 profit
Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement. These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi […]
Iran-US: Oil prices spike over 4.5% after attacks
Oil prices spiked Wednesday morning, rising over 4.5 per cent at one point after Iran fired a barrage of ballistic missiles against two airbases in Iraq used by the United States and coalition forces. The benchmark WTI jumped as much as 4.53 per cent to $65.54 a barrel before settling down slightly after Iran unleashed […]
Iraq could ‘pay price’ for US strike on Iran commander ― Analysts
The killings of Iranian commander Qasem Soleimani and a top Iraqi paramilitary chief in a US strike on Baghdad Friday threaten to drag Iraq into the abyss of regional conflict, analysts warned. The US strike on Baghdad international airport targeted a convoy carrying Soleimani and his top Baghdad-based adviser Abu Mahdi al-Muhandis, the deputy head […]
Oil prices surge after US strike kills Iranian general
Oil prices soared more than four per cent Friday following news that the US had killed a top Iranian general, fanning fresh fears of a conflict in the crude-rich region, with Tehran warning of retaliation. The head of Iran’s Quds Force, Qasem Soleimani, was hit in an attack on Baghdad’s international airport early Friday, according […]
