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A major attack on Saudi oil facilities has cut production by 5.7mn bpd, but the full effect will not be felt until existing reserves dry up.
Critics may see his cautious approach as evidence of a vulnerability: an aversion to getting dragged into an unpopular Middle East war in the run-up to the 2020 US election.
The attacks on Saudi oil infrastructure could turn out to be the oil industry’s 9/11. Reacting to the news, JP Morgan said: “Clearly oil assets have been massively mispriced. The assumption that production facilities are secure is wrong."
Europe takes little oil from Middle East. It is heavily dependent on Russia for crude deliveries and can turn to Moscow to fill any gaps. The effect on the oil price, however, is a different matter.
Iran’s Zarif accuses US counterpart Pompeo of “max deceit” over claims Tehran was behind drone attacks on Saudi oil facilities
Fraught situation as world waits on US to settle on a response.
Chances of “historic photo op” of Trump with Iranians creep up as US president reportedly considers backing French credit relief for Iran
CEZ executive calls Zolar the "pioneer of an innovative, decentralised model for purchasing rooftop solar systems".
Bolton firing shows failure of US’s Iran strategy says Tehran as more sparks fly over nuclear deal and oil standoffs
Energy companies left up to their necks in debt by lira crisis.
Europe’s Instex trade channel for Iran ‘won’t work until mirror company, money laundering and terrorism financing goals are met’
US shows no interest in French credit lines plan for Iran, Tehran announces uranium centrifuges step
Russian oil major Rosneft claims that state oil pipeline operator Transneft has failed to resolve all the issues with chlorine contaminated oil, Reuters reported on September 3 citing the announcement of Russia's largest crude oil producer.
Auditor’s decision to withdraw three years of reports is likely to change the outcome of the $500mn international legal battle between businessman Anatol Stati and the Kazakh state.
Europe can save nuclear deal with credit line or by persuading US to grant oil export sanctions waivers says Tehran
Unfavourable weather conditions this year limited production at Albania's main hydropower plants, while electricity imports soared.
Zarif’s remarks come as Australia and Bahrain agree to back US-led maritime security mission off Iranian coast already supported by UK.
Russia's finance ministry is insisting that the moratorium on oil and gas extraction support is extended for the Arctic region, while Rosneft pushes through support for its Arctic project Vostok Oil.