Oil Prices

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss meetings held in Vienna for the Organization of Petroleum Exporting Countries (OPEC) cartel and OPEC+, which resulted in an impasse for negotiating production cuts amidst the coronavirus outbreak. Crude prices hit 2017 lows.
OPEC+ leader, Russia, does not want to cut oil production and instead is calling for a “stimulus”. Saudi Arabia, the United Arab Emirates and other OPEC countries are desperate for further cuts, as demand for their own oil is declining.

The reporter as clown — for whom the truth is too difficult to report —may be the final stage of much of mainstream journalism’s degeneration, writes John Pilger for Consortium News. By John Pilger Special to Consortium News Travelling with…Read more →

The recognition by U.S. House Speaker Nancy Pelosi and former Vice President Joe Biden of Juan Guaidó as Venezuelan president is the latest demonstration of the consensus in Washington over the nefariousness of the Nicolás Maduro government. Not since Fidel Castro’s early years in power has a Latin American head of state been so consistently demonized.

Authored by Tom Luongo:

WASHINGTON — (Opinion) You’ve got to hand it to Donald Trump: when the U.S. president kisses up to murderers, he lays his reasons right out there for us. The rulers of Saudi Arabia, most notably Crown Prince Mohammed bin Salman, shall go without so much as a wrist slap from the world’s most powerful and influential country because oil prices might go up in America. And multi-billion dollar weapons deals — the true value of which Trump has grossly inflated for boasting purposes — might be jeopardized.

On Monday, Washington re-imposed sanctions against Iran. Touted by U.S. President Donald Trump as the “strongest we’ve ever imposed,” the renewed sanctions expand the restrictions in effect prior to the 2015 nuclear deal.
As the United States launches direct attacks on Iran’s economy through these increased sanctions, Iran is resisting by vowing to continue selling oil on the international market regardless of the consequences.

MOSCOW – On Wednesday, Reuters reported the details of a private and “secret” deal reached between Russia and Saudi Arabia, a deal that was aimed at increasing oil output in order to offset the coming shock to oil prices that will follow U.S. efforts to starve Iran of its oil revenues.

(MEE) — Oil will soon cost $100 per barrel due to supply disruptions caused by US President Donald Trump, Iran’s OPEC Governor told Reuters on Thursday, as he warned that expectations of Saudi Arabia and Russia helping bring down prices were in vain. Trump accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher […]

Oil prices are on the rise, and Trump is not happy about it. This past Wednesday, Trump took to Twitter to express his displeasure with the rise in the price of oil, a price increase that is partly due to the sanctions that he himself imposed on the oil producing nation of Iran.

Oil prices are too high, OPEC is at it again. Not good!
— Donald J. Trump (@realDonaldTrump) June 13, 2018

Global demand for oil is expected to rise, helping push oil prices higher [Xinhua]
For the first time in more than three years when oil prices first took a dive, Brent crude hit $71 a barrel on Thursday on news that inventories had fallen again in the US.
US benchmark West Texas Intermediate crude futures rose to $66.53.
Oil markets have been steadily rising since Saudi Arabian-led OPEC agreed to oil production cuts with non-cartel world producers such as Russia.