• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 23 mins WTI @ $75.75, headed for $64 - 67
  • 5 hours The Dirt on Clean Electric Cars
  • 12 mins EU to Splash Billions on Battery Factories
  • 2 hours Petrol versus EV
  • 9 hours These are the world’s most competitive economies: US No. 1
  • 9 hours The end of "King Coal" in the Wales
  • 18 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 16 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 18 hours Coal remains a major source of power in Europe.
  • 8 hours E-mopeds
  • 1 day Poland signs 20-year deal on U.S. LNG supplies
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 4 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Global Economy Throwing Up Red Flags For Oil

Global Economy Throwing Up Red Flags For Oil

Investors are feeling increasingly gloomy…

Bearish Sentiment Returns To Oil Markets

Bearish Sentiment Returns To Oil Markets

Oil market are set for…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

New U.S. State Secretary Could Discourage Global Oil Output

Oil

Incoming State Secretary Mike Pompeo could change foreign policy in a way that could trigger the loss of 1.4 million barrels per day in global crude supply s

ence of reciprocal efforts by US allies, seem likely to shift Iranian crude volumes from low-risk-tolerance destinations to high-risk-tolerance destinations, changing flows without necessarily changing volumes," analysts with ClearView Energy wrote Tuesday.

Russia is moving in on both Venezuela and Iran to gain new allies in South America and the Middle East. A consortium of Russian and Iranian companies signed an agreement with Tehran to develop two oilfields located on the country’s border with Iraq this week, Iran’s second deal since the nuclear pact.

Russia’s state-run Zarubeznheft Oil Co. and Iran’s Dana Energy are the contract’s private signatories. Since the 2015 nuclear deal that reintroduced Iran to global oil markets, this is only the second international development deal that has reached fruition. Last year, the country signed a $5 billion agreement with France's Total SA and a Chinese oil company to develop a sizeable offshore natural gas field.

Since President Donald Trump’s inauguration, he has threatened on multiple occasions to scrap the deal entirely. Trump has begrudgingly waived sanctions on Iran multiple times so far, as he is required to do every few months as a way of recertifying the nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA). 

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News