The Federal government in the United States has agreed to a crude oil trade with Mexico, in a landmark decision that could be the beginning of a huge change to the face of the crude oil industry in the United States. For the past 30 years, the United States has had a ban on exporting crude oil to most countries, due to many factors, most notably a desire for energy independence. The opening up of the market to trade with Mexico, is an huge step made by the Obama administration.
China’s decision to devalue its currency, the yuan, to support its slowing economy and reducing exports has had a negative impact on companies and investors in other countries. Suppliers that sell to China took a lot of the fall-out. For instance, the company Freeport-McMoRan lost 12.27%. Car companies and those that sell top range items will also suffer because monetary devaluation now means that the Chinese population cannot afford to purchase more expensive products.
According to several news channels, oil prices continued to fall today and fell with as much as 3 percent on Wednesday, after U.S stockpiles hit some record highs.
According to analysts and traders, the market could very well shed more of the rebound seen over the past two weeks.
If the first questions were related to the U.S. as a possible oil-exporting country then, given the past when they granted licenses to export, some interesting questions arises whether the U.S. will commence sending oil to Europe ?
Under what conditions will these licenses be granted? How will Europe's current distributors cope with this situation?
A dream of the former president was to certainly use the oil resources of the country as leverage to wealth
In early November, Guatemala withdrew from the Petrocaribe oil alliance launched by Chavez, representatives of Brazil and Colombia have held meetings with their Venezuelan counterparts to collect overdue payment
Although Venezuela sits atop the world's largest reserves, production has steadily declined in recent years. Global prices for crude are also lower as hydraulic fracturing technology boosts supplies in the U.S.
Yesterday after foreign ministers from the U.S., Europe, China and Russia made unscheduled trips to Geneva the third round of talks in six weeks reached to a conclusion.
The deal releases some of Iran’s oil assets.
“Sanctions have been hitting Iran oil dramatically. There is hope that in the long term the supply dynamics will improve. High commodity prices are one of the key costs to businesses and consumers so a decline in oil equates to lightening up the tax burden.”
President Nicolas Maduro will be able to govern without consulting Congress for 12 months.
The president says the aim of the new powers is to tackle the economic crisis.
Maduro is attacking the country's producers and businesses to boost his United Socialist Party of Venezuela for local elections.
The deeply divided oil-producing country is going to the polls on 8 December .
The powers are offering a gradual rollback of sanctions that have crippled Iran’s economy, raising concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 25, or 0.42%, to Rs 5,969 per barrel in 252 lots.
Crude oil for December delivery shed 31 cents to $93.53 a barrel on the New York Mercantile Exchange.
The golden age of oil is fast becoming a thing of the past, as crude oil inventory begin to decline. All over the world countries are searching for alternitive fuels, and developing new technologies to offset the ever increasing cost of oil. Many oil producing nations have begun to limit their exports of crude oil.