Petroleum politics

Iranian President Hassan Rouhani said Jan. 12 that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop.

OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Jan. 13, adding that rising North American shale oil output needed to be curbed.
      

Bankers Petroleum, the main crude oil producer in Albania, on Tuesday said it was partially halting its drilling programme while working on cost saving projects due to the fall in oil prices.

European benchmark Brent oil sank under $50 per barrel today for the first time since 2009, hit by OPEC's production stance, oversupply, weak demand and the strong dollar.

In morning London deals, Brent North Sea crude for delivery in February dived to a 5.5-year low at $49.81 a barrel. New York crude had already slumped under $50 on Jan. 5.

As the global economy has recently entered another crazy era with the plunging oil prices down to $60 per barrel, the Turkish economy is again in the middle of opposing trends; old and new “norms.”

As global economy revives, oil prices will rebound to between $70 and $80 by the end of 2015, even in the absence of any production cut, say OPEC delegates Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year as a global economic recovery revives demand, OPEC delegates said this week in the first indication of where the group expects o

Turkey is about to make new deals with new companies, which will be of great importance to Iraqi oil, Energy Minister Taner Yıldız said at the launch meeting of the World Energy Outlook 2014 report of the International Energy Agency (IEA) yesterday, as reported by Anadolu Agency.

Saudi Arabia, the largest producer in the OPEC oil cartel, cannot reduce its output, the kingdom's oil minister said on Thursday despite plunging prices.
      
Ali al-Nuaimi added that commodity price fluctuations are to be expected, and he expressed optimism for the future despite crude's price drop of about 50 percent since June.
      

Brent crude oil prices fell over $1 per barrel and below $60 for the first time since July 2009 in early European trading today as Chinese factory activity slowed and stumbling emerging market currencies dented demand expectations.

Global demand for OPEC crude in 2015 will be less than expected and far below its current output, the group said Dec. 10, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.