Author: Steven Sahiounie

The global oil industry suffered a major blow in 2020 after the coronavirus pandemic sent world crude demand and prices diving to record lows. While the prices have since recovered somewhat, the long-term consequences of the crisis are yet to be examined. Europe could face a major oil supply crisis accompanied by skyrocketing prices within the next decade due to shifts in the industry, a French think tank focusing on issues related to transitioning from fossil fuels, the Shift Project, said. The think tank indicates that the oil production of the main crude exporters to Europe, namely Russia and the former USSR,…

US President Donald Trump claims that some of the US troops removed from Germany over Berlin’s alleged delinquent payments to NATO will be relocated to Poland. “We’re going to be reducing our forces in Germany,” Trump said on Wednesday during a joint news conference with Polish President Andrzej Duda, citing Berlin’s “delinquency.” “Some will be coming home and some will be going to other places … Poland would be one of those other places – other places in Europe.” “They [Poland] asked us if we would send some additional troops – they’ll be paying for the sending of additional troops…

US stocks took a massive plunge on Wednesday, with the Dow Jones Industrial Average index falling more than 700 points amid a new uptick in COVID-19 coronavirus cases emerging across several US states. At closing bell, the Dow was down by 710.16 points, and the S&P 500 slid by 80.96 points. The tech-heavy Nasdaq Composite fared no better and wound up closing the day’s trading with a 222.20-point dip into red territory. Elsewhere, European markets underwent similar losses, as investor confidence plunged while new COVID-19 cases were recorded worldwide. In fact, Germany, whose Dax Performance index fell by more than…

Yemen’s Houthi Ansarullah movement has said that all missiles and drones used in the army’s latest raid precisely hit their targets in Saudi Arabia, warning of further strikes on more sensitive locations inside the kingdom if it fails to end the bloodshed in Yemen. Mohammed al-Bukhaiti, a senior member of Ansarullah’s political bureau, made the remarks on Tuesday shortly after Yemeni Armed Forces conducted large-scale attacks on a the headquarters of the Saudi Defense Ministry and general intelligence agency as well as King Salman Air Base, among other military targets in the capital Riyadh and Najran and Jizan regions. However, the Saudi-led coalition waging war on Yemen…

A surge in the number of coronavirus infections around the world has pushed European stocks down from a two-week high as investors turned cautious amid fears of a new wave of COVID-19. The pan-European STOXX 600 declined 1.5, with travel & leisure, automakers and banks being among the hardest hit sectors. The decline comes as European Union nations are prepared to block American travelers from entering as many US states reported record daily increases in coronavirus cases amid relaxing of lockdowns in a move that raised worries of further restrictions. “While the economic impact of such measures will be less…

The United States is weighing its tariffs on European products and is considering changing rates for various products as part of the trading partners’ aircraft dispute, according to a notice by the Office of the US Trade Representative. “In connection with this review, the US Trade Representative is considering modifying the list of products of certain current or former EU member States that currently are subject to additional duties,” the filing posted late on Tuesday said. The review stems from the United States’ dispute with the European Union involving Europe’s Airbus (AIR.PA) and US rival Boeing (BA.N), it said. The World Trade…

Iran says all countries must commit to the global fight against terrorism, condemning terrorist attacks by Kurdistan Workers’ Party (PKK) militants on both Iranian and Turkish targets. “The fight against terrorism must be a global action, and it is imperative that all countries commit to it,” Iranian Foreign Ministry Spokesman Abbas Mousavi said on Wednesday, regarding recent clashes that took place near the joint Iranian-Turkish border between terrorist elements and Turkish military forces. Mousavi said that Turkish media reported an armed between elements of terrorist groups and Turkish military forces near the joint Iranian-Turkish border on Tuesday evening, which injured two…

Amina Taylor Russia is urging an immediate de-escalation of hostilities in Libya with a plea for all sides involved in the deadly conflict to lay down their weapons. Sergei Lavrov, the foreign minister for the Russian Federation clarified his country’s stance on the issue at a press conference in the country’s capital on Tuesday. The Libyan crisis is already threatening to spill outside the country’s borders with the French president Emmanuel Macron issuing a stern warning to Turkey’s leader Recep Tayyip Erdogan saying France will not tolerate Turkey’s military intervention in Libya, accusing Ankara of playing “a dangerous game”. Turkey’s…

Documents for the Venezuelan national oil company, PDVSA, and shipping data showed that tankers carrying about two months of Venezuelan oil were are at sea. Washington is tightening sanctions to stop Venezuela’s oil exports and depriving the government of President Nicholas Maduro of its main source of revenue. There are at least 16 tankers carrying 18.1 million barrels of Venezuelan oil stuck at sea in different regions of the world because of buyers’ reluctance to receive penalties, according to Refinitiv Icon. This amount is equivalent to nearly two months worth of production at the current production rate in Venezuela, according…

The Turkish air bridge to Libya has recently intensified, as Ankara pushes more weapons to the Tripoli-based Government of National Accord (GNA). According to maritime observer Yoruk Isik, the Turkish Air Force’s Erkilet based 221st Squadron A400 turboprop transport plane traveled from Ataturk International Airport to unknown destination in Libya. The plane, which is likely carrying various weapons, is traveling to the North African nation amid a new push by the Government of National Accord forces to capture the strategic port-city of Sirte. Over the course of week, the Government of National Accord has pushed several units of reinforcements to…