Iraq Balks sets in more challenge as it joins OPEC. However, the latter draws more complications to the output deal.
The Pentagon on Tuesday unveiled its plan to boost spending in defense mechanism in 2017, aiming to increase its military capability to back its European NATO allies. The US Defense Department requested a budget seeking 7.5 billion US dollar for operations in Syria and Iraq for the year 2017.
The new regulation is being established initiated by the San Bernardino shooting in California that killed 14 people and left 22 wounded. It has drawn many concern and dismay among European citizens, especially those with the dual nationalities as mentioned. Europe could also reciprocate, restricting American with the same duality to enter Europe.
Vietnam warned China against drilling an oil rig in borderline waters in the South China Sea. Vietnam's anxiety over the rig develops subsequent to a recent flight testing carried out by China on a fake island in Spratly archipelago.
Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.
Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.
Oil explorer Tullow expects to report revenue of $1.6 billion for the year 2015. The company also anticipates its impairment charges to be $0.9 billion for the full year.
The war-torn countries around the globe have been forcing fleeing of the locals to nearby countries. The large percentage of refugee migration has principally been seen from war struck countries like Syria, Iraq and Afghanistan since World War 2. Recently, millions and millions of Syrian refugees fled for shelter in their neighboring countries, but alongside their lives lack many other basic needs.
ISIS (Islamic State in Iraq and Syria) has begun selling Iraqi crude oil to Syria, against which the Islamic militant group has been fighting to take over the country.
The Pentagon has decided to dispose of its ancient Humvees with a new fleet of trucks for combat. They tested out prototypes from AM General LLC, Lockheed Martin Corp and Oshkosh Corp in January.
The U.S. crude oil's price continued to crash allowing it to reach its lowest level in more than six years. Benchmark U.S. crude oil has fallen to $1.88 equivalent to 4% making it settle at $43.08 a barrel In New York City, which is at its lowest since March 2009. The front-month continuation contract for U.S. crude had previously struck a 2015 low of $42.03.
An Iraqi bank controlled by Jordanian interests plans to open five more branches in Iraq by the end of this year, a sign that there is still money to be made in much of the country despite civil war and low oil prices.
Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.
The World Bank is seeking to finance development projects in areas in Iraq that the government has recaptured from Islamic State militants, its regional vice president said.
Brent crude oil fell toward $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.