German exports to Iran, mostly machines and equipment, jumped in the first half of the year following the removal of international sanctions against the Islamic Republic, official trade data showed today.
There are some that are laughing off the possibility of a production freeze because of the failure at Doha in April, but one must not just dismiss it. A deal at Doha was closer than anyone imagined and there is a possibility that they can put those pieces back together.
Crude oil prices fell to their lowest levels since April today, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products.
Risk on, risk off and risk all over the place. Crude oil prices are falling even as stocks fly in the aftermath of that blockbuster monthly jobs report. While stocks seem happy with the fact that the U.S. job market dismal numbers rebounded, many others are not so convinced our problems are behind us.
U.S. crude oil production is falling while Iranian production is rising as we grow more dependent on Middle Eastern oil each passing day. The Energy Information Administration reported that U.S. oil production fell 200,000 barrels a day down to only 8.428 million barrels a day.
The Organization of the Petroleum Exporting Countries meeting in Vienna just got a lot more interesting. Saudi Arabia's new oil minister Khalid Al-Fali wants to show a softer side and repair diplomatic damage done that the failed “Doha Initiative.” He said that the Kingdom will back an oil production ceiling at today’s meeting.
Donald Trump laid out his vision for American Energy to North Dakota shale country as he received the delegates he needs to clinch the Republican Nomination for President of the United States. Trump vowed to change the anti-energy movement under the current administration and reverse "draconian climate rules” and says he will lead by having the government out of the way.