The International Energy Agency (IEA) has warned that short-term risks downside have increased as oil glut is expected to be worse than anticipated. With Iran resuming oil production, the sluggish global demand is adding further to the woes. OPEC's continuation of oil production is keeping pressure on oil prices.
lifting of sanctions
Breaking News
Saudi Arabia has ruled out allegations that Iran has been targeted in the oil price war. Saudi Arabian foreign minister said that it's demand-supply situation that determines price in the global oil market. The low price is also hitting US shale oil, which involves high cost of production.
Subscribe to VCpost newsletter
Most Popular
- SSDI Payment April 2024: Who Will Receive Social Security Benefits Today?
- Tesla Spends $200,000 in Promoting Elon Musk's Social Media Platform X Following Mention of 'Minimal Advertising Efforts'
- Brazilian Woman Wheels Her Dead Uncle Into the Bank to Withdraw Loan in His Name
- Australian Farmer Prepares Grave of 3,000 Sheep After Failing to Find Buyer
- Tech Giants Gear Up for Earnings Showdown; Investors Await if AI Strategies Turned Into Profits
- Netflix Exceeds Projections with 9.33 Million New Subscribers in Q1, Hitting Nearly 270 Million Total
- Stability AI Cuts 10% of Its Workforce Following the Controversial Exit of Its CEO
- Trump Media Investors Finally See Uptick in Their Shares for 2 Straight Days
