Tag Archives: overproduction

Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering …

Iraq and Saudi Arabia agreed on Saturday to work together to stabilize oil markets, Iraq’s Oil Ministry spokesman Asim Jihad said. Iraq and Saudi Arabia’s oil ministers also discussed at a meeting in Baghdad an electricity grid connection between the two countries to meet Iraq’s power needs, he said. Source: Reuters

Brent crude is likely to trade in the range of $70-$80 (Dh257.11-Dh293.84) per barrel in the coming days due to supply concerns stemming from the decision of US President Donald Trump to reimpose sanctions on Iran, one of the biggest producers of oil in the world. According to analysts, Iran’s …