oil prices

Spencer McGowan: Trump Should Tariff Saudi Arabia for Dumping Oil

President Donald Trump should impose tariffs on Saudi Arabia’s oil exports to the U.S. in response to the kingdom’s dumping of oil during record-low global prices of the commodity caused by coronavirus-related economic shutdowns, said Spencer McGowan, founder of McGowan Group Asset Management and host of NetWorth Radio.

Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the …

Saudi Oil Output to Hit Record High in April

Saudi Arabia is evidently very serious about the oil price war it launched this week, signaling that its national oil company Saudi Aramco will hit a record high production level of 12.3 million barrels per day in April. 

Saudi Arabia, the world's top oil exporter, has posted a budget deficit since 2014 when a crash in oil prices shrank its revenues

Iran Admits Recession After U.S. Sanctions Worse than Expected

The Iranian government published a report on Sunday showing the national Gross Domestic Product (GDP) contracted by 4.9 percent over the fiscal year ending March 21. The announcement revealed Iran’s economy contracted much more sharply than anticipated after U.S. sanctions were reimposed by President Donald Trump.

Iranian President Hassan Rouhani (L) arrives to attend a ceremony marking the country's annual army day in Tehran, on April 18, 2019. - Iran's President Hassan Rouhani called on Middle East states on April 18 to "drive back Zionism", in an Army Day tirade against the Islamic republic's archfoe Israel. …

Iran Sentences Currency Traders to Death for ‘Disrupting the Economy’

The Iranian Supreme Court on Tuesday upheld death sentences against financial traders Vahid Mazloumin and Mohammad Esmail Ghasemi on charges of “spreading corruption on earth” because their currency trades were allegedly intended to “disrupt the economy” at a time of “enemy pressure” on Iran, that enemy being the United States.

Amnesty International found that at least once a week between 2011 and 2015, groups of up to 50 people at the Saydnaya prison near Damascus were taken out of their prison cells for arbitrary trials, beaten, then hanged Amnesty International found that at least once a week between 2011 and …

China Could Ramp Up Iranian Oil Purchases to Blunt U.S. Sanctions

The Wall Street Journal noted on Tuesday that the Trump administration’s plan to pressure Iran with renewed sanctions might have one big flaw: China. The Chinese are in a position to buy so much Iranian oil that the effect of isolating Iran from U.S. and European markets will be greatly diminished.

Iran possesses the second largest gas reserves on the planet, after Russia, and the fourth largest oil supplies

Saudis Planning $10B Investment in Texas

Saudi oil executives inked multi-billion dollar deals with companies to explore building petrochemical facilities along the Texas Gulf Coast. Essentially, they hope to capitalize on the U.S. oil and gas boom, largely fueled by shale drilling in the Permian Basin.

FILE - This June 27, 2017, file photo shows an oil rig at sunset in Midland, Texas. President Donald Trump relentlessly congratulates himself for the healthy state of the U.S. economy, with its steady growth, low unemployment, busier factories and confident consumers. But in the year since Trump’s inauguration, most …