Oil Prices

Saudi Arabia’s Energy Minister Khalid Al-Falih told reporters in early December that OPEC will monitor oil output and production to ensure that the agreement to curb output is met by all until the end of 2018 [Xinhua]
If you haven’t heard by now, 2017 ends with oil prices well breaching the $60 a barrel mark leaving producers much more confident as they head into 2018.
This is a boon on two fronts for the world’s biggest oil producers Russia and Saudi Arabia.

Among the many articles I received this past week about the coup (and chaos) in Saudi Arabia, this one shared by Mr. V.T. is…
The post THE (OUT)HOUSE OF SAUD: THE COUP, THE OIL, AND THE MONEY appeared first on Giza Death Star.

Shortly after hosting US President Trump in Saudi Arabia, the Kingdom’s actual ruler – Deputy Crown Prince Mohammed bin Salman – flew off to Russia to meet Russian President Putin.
My colleague Adam Garrie has recently suggested that Saudi Arabia needs Russia more than Russia needs Saudi Arabia, and that this account for the visit.  He is absolutely right.

Most people assume that oil prices, and for that matter other energy prices, will rise as we reach limits. This isn’t really the way the system works; oil prices can be expected to fall too low, as we reach limits. Thus, we should not be surprised if the OPEC/Russia agreement to limit oil extraction falls apart, and oil prices fall[Read More...]

A Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia. (AP/Hasan Jamali)
MINNEAPOLIS– While the geopolitical implications of Trump’s recent airstrikes against the Syrian government have dominated both mainstream and alternative news outlets, what has been largely overlooked thus far is their economic impact. Soon after the strikes took place, crude oil prices jumped, reaching a one-month high on Friday by surpassing 55 dollars per barrel.

The last few days have witnessed a further sharp fall in oil prices after the rally in late 2016 caused by the agreement between Russia and OPEC to cut oil output.
It is generally acknowledged that the terms of the agreement have been fulfilled, and that the two biggest producers – Saudi Arabia and Russia – have indeed cut production as they promised.  Nonetheless oil prices are now falling again.

Vehicles pack a main road during rush hour in Beijing. China, which overtook the U.S. in late 2010 as the world’s largest oil importer, has the single biggest influence on global demand for fuels. (AP Photo/Alexander F. Yuan)
(Analysis) — Oil prices are back up and rising. The low oil spell that started in 2014 has concluded. This sudden rally, like its sudden decline, is not accidental.  The new situation has definite implications for the ongoing international tension.

Press Release No. 16/529 “IMF Staff Concludes Visit to Russian Federation” End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.

The currencies of three BRICS economies have steadily strengthened against the US dollar in recent weeks.
Brazil’s real, Russia’s ruble and South Africa’s rand have benefited from a ‘pause’ in the momentum to raise interest rates, particularly in the US.
All three countries have battled recession in contrast to BRICS members China and India, which are forecast to grow 6.7 per cent and 7.6 per cent, respectively, in 2016.
The rand is up nearly 15 per cent against the dollar in 2016 after suffering a significant slump in mid-2015.

According to the International Monetary Fund, Saudi Arabia’s economy is in danger of collapse as oil prices grow increasingly unstable.
The post Analysts Say Saudi Arabia’s Economy in Danger of Collapse appeared first on The Anti-Media.