Iran hopes its crude oil exports will be back to the pre-sanctions level of 2.5 million barrels per day (bpd) and the oil price to rise to around $80 a barrel by end of 2016, according to Iran’s Deputy Oil Minister Rokneddin Javadi.
Saudi Arabia claims its oil price policy of taking investment away from US shale producers and other foreign competitors is succeeding. The OPEC kingpin continues pumping near record volumes to win market share in the global oil ‘battle’.
Global oil supply remained flat in the first quarter of 2015, as slowing shale output in the US was offset by OPEC and increased supply from "unsuspected corners," such as Vietnam, Malaysia and China, according to the International Energy Agency (IEA).
Global food prices continued to decline and fell to their lowest since 2010 on lower agricultural commodities prices the UN Food and Agriculture Organization (FAO) said. More supplies and a strong US dollar have kept prices under downward pressure.
The price for Brent futures reached a new high for 2015, rising above $68 a barrel on the London ICE stock exchange. The recovery in oil prices prompted a strengthening in Russia’s currency, causing the dollar to fall below 51 rubles.
Russian President Vladimir Putin has tasked the new Agriculture Minister Aleksandr Tkachyov with strengthening the sector and solving import substitution goal quickly. Western food imports have been banned following the US and EU anti-Russia sanctions.
With apologies to their respective spouses, if Jeb Bush’s son, George P. Bush, had married Chelsea Clinton, Americans could have spared themselves the spectacle of Election 2016 and saved billions of dollars.
A third of higher income Americans are living paycheck-to-paycheck, even when they earn $75,000 a year because they would rather spend money on eating out and experiences than save money for retirement, according to a new survey.
The dramatic 50 percent decline in oil prices which started last summer had a relatively small impact on the global economy with 0.7 percent GDP growth worldwide, the IMF estimates. However, cheap oil has affected major economies differently.