Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.
Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported.
In December 1979 Soviet troops invaded Afghanistan. The oil price at the time was at its peak of $101 a barrel.
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ISIS was making $40 million a month on oil alone in early 2015, according to the U.S. Treasury. Now, it’s making only a fraction of that, according to the State Department.
What we are seeing today in the oil market is no less than war to the death between Saudi Arabia and the North American oil industry, Gal Luft, co-director of the Institute for the Analysis of Global Security (IAGS), a Washington based think tank focused on energy security, believes.
Saudi Arabia remains one of the United States’ most crucial allies in the Middle East, a longstanding relationship built on oil money and national security interests.
Islamic State is looking at potentially vulnerable oil assets in Libya and elsewhere outside its Syria stronghold, where the militant group controls about roughly 80 percent of the oil and gas fields, a senior U.S. official said.
British warplanes hit oil fields that help finance the activities of the Islamic State in Britain’s first airstrikes following a vote in Parliament that authorized military action in Syria, its defense secretary said Thursday.
As its smuggling and oil businesses have faltered, the Islamic State has fallen back on ever-increasing taxes and tolls imposed on its squeezed citizens.
