The Wall Street Journal reports that Saudi Oil Refineries could take months to repair according to foreign contractors working with the Saudi state giant. Saudi Arabia state oil company Aramco had initially said repairs would take a few days. This was later changed to repairs would take ten weeks tops. Bloomberg estimated Saudi Arabia has …
Oil prices hit their highest in four months after Houthi drone attacks damaged Saudia Arabia oil refineries. At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the other major benchmark, West Texas Intermediate, rose 15% to $63.34. Iran has been backing the Houthi. Saudi Arabia oil supply was attacked. There …
One thousand U.S. troops are being sent to the Middle East in response to last week’s attacks on oil tankers in the Gulf of Oman. The US accused Tehran of being responsible for an explosion that set two oil tankers on fire off the coast of Iran. The Pentagon released video last week that officials …
Iran dropped 154,000 bpd to 2.554 million bpd in April. Iraq dropped 113,000 bpd to 4.63 million bpd. Saudi Arabia had 45,000 bpd less oil in April at 9.742 million bpd. Venezuela had a slight increase of 28,000 bpd to 768,000 bpd in April. In 2018, Venezuela averaged was 1.34 million bpd.
The power of Shale Oil 2.0 to increase oil production means the US can provide growing world demand and gives the US an economic win if it squeezes Iran out as an oil supply competitor.
Huawei’s global chief financial officer, Meng Wanzhou, has been arrested in Vancouver and is being sought for extradition by the US government. The reason was because Huawei violated US sanctions against Iran. Hong Kong fell about 2.5% and Tokyo stocks closed down 1.9%. Shanghai’s market fell 1.7%, while US stock futures were pointing down more …
France said on Tuesday there was no doubt Iran’s intelligence ministry was behind a June plot to attack an exiled opposition group’s rally outside Paris and it seized assets belonging to Tehran’s intelligence services and two Iranian nationals. The hardening of relations between Paris and Tehran could have far-reaching consequences for Iran as President Hassan …
IEA (International Energy Agency) and Saudi Arabia oil prices will go and stay above $80 per barrel as output from Venezuela and Iran drops. Saudi Arabia lifted output by 70,000 barrels a day to 10.42 million last month. This is short of the 11 million barrels per day that they promised. Venezuela could drop from …
Iran is launching a cryptocurrency backed by its national fiat currency the Rial. Transactions will be recorded on a private blockchain based on open-source Hyperledger Fabric technology. The Central Bank of Iran will control the issuance of new tokens at their discretion. The new cryptocurrency would help move money and avoid sanctions. Venezuela has tried …
Pentagon leaders say the U.S. Navy has no intention of altering any operations in the region. Iran has claimed control of the Persian Gulf and the Straits of Hormuz. Iran has about 100 small patrol boats that look like large speedboats with an automatic weapon and some other weapons on it. Iran also has anti-ship …
The head of the navy of Iran’s Revolutionary Guards, General Alireza Tangsiri, said on Monday that Iran had full control of the Gulf and the U.S. Navy did not belong there. Tangsiri said Iran had full control of the Gulf and the Strait of Hormuz that leads into it. Closing the strait would be the …