Oil

Arab Gulf Economies Take Massive Hit with Oil Price Crash

BAGHDAD — Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat.

AP Photo/Hasan Jamali

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 …

China Discovers 100 Million Tons of Oil on Uyghur Land

Chinese state media on Thursday announced the discovery of a massive oilfield in Tarim Basin, located in the Xinjiang Uyghur Autonomous Region, where millions of the local Muslims have been confined to concentration camps and “re-educated” to become better Communist subjects.

FILE - In this March 27, 2018 file photo, shows an oilfield controlled by a U.S-backed Kurdish group, in Rmeilan, Hassakeh province, Syria. Syrians living in government-controlled areas have survived eight years of war now face a new scourge in the form of widespread fuel shortages. (AP Photo/Hussein Malla, File)

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