OIL PRICES: TREACHERY
Iran's President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts.
Oil prices have plunged by more than 40 percent since June to less than $70 a barrel, placing severe strain on Iran's economy, which is already hobbled by international sanctions imposed over its nuclear program. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition.
Rouhani told a Cabinet meeting Wednesday that the fall in prices is at least partly "politically motivated," the result of a "conspiracy against the interests of the region, the Muslim people and the Muslim world."
"Iran and people of the region will not forget such conspiracies, or in other words, treachery against the interests of the Muslim world," he said.
OPEC controls about 40 percent of the world oil market and Saudi Arabia, the largest oil exporter, produces nearly 10 million barrels a day — a third of the OPEC total. Riyadh has thus far refused to go along with Iran, Russia, Nigeria and Venezuela, all of which want to scale back production to drive prices up.
The fall in prices has mainly been attributed to a U.S. oil boom and lower world demand because of weakened economies. Saudi Arabia is opposed to cutting production because it fears its market share could erode.
Saudi Arabia and Iran are longtime rivals who have been fiercely divided over the civil war in Syria, where Shiite Iran supports President Bashar Assad while Saudi Arabia backs the mainly Sunni rebels fighting to topple him.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.