Saudis threaten US with ‘Nuclear Option’ to kill petrodollar; warns not to go ahead with NOPEC bill

Saudi Arabia has threatened to use the “nuclear option” of undermining the petro-dollar if the U.S. moves forward with the NOPEC bill. The U.S. Congress has been mulling legislation, known as the NOPEC bill, which would allow the US  Justice Department to take antitrust action against OPEC for manipulating the oil market. Specifically, the bill would […]

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Has Washington entered into a secret nuclear deal with Saudi Arabia?

Washington has secretly given the go-ahead to several companies to sell nuclear power technology to Saudi Arabia, Reuters reports, citing a document it had obtained. The document featured an approval of six authorizations for nuclear power tech by Energy Secretary Rick Perry. The request for secrecy came from the companies that won the authorizations, according to […]

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World’s largest oil Company, Aramco merges with petrochemical giant, SABIC

The long-awaited Saudi Aramco’s acquisition of Saudi Basic Industries Corporation (SABIC) is finally almost done. With a statement to the press, Aramco CEO Amin Nasser reported that Aramco has acquired a 70 per cent stake in SABIC, with an estimated value of $69.1 billion. Aramco’s CEO Nasser reiterated that the “deal is a major step […]

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U.S. to lead global oil supply growth, no peak in oil demand in sight – IEA

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The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s (IEA) annual oil market forecast. By the end of the forecast, oil exports from the United States will […]

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Global liquid fuels production to outpace demand: EIA

Global liquid fuels production is expected to exceed global consumption through 2020, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook. EIA forecast that higher U.S. crude oil production growth and slightly lower global oil consumption will offset the short-term supply reductions. As a result, global petroleum liquids stocks will increase and […]

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