The current oil price decline can be explained by heavy selling in US future markets which is part of an all-out economic war between the US and countries like Russia, Iran and Venezuela, says financial journalist, Willem Middelkoop.
US should hold itself to a higher standard and stop acting unilaterally and violating international rules whenever it feels its interests jeopardized, said Nick Sarwark of the Libertarian National Committee on President Obama’s State of the Union speech.
OPEC countries have so far failed to reach an agreement on cutting oil production and currently the group is divided into two camps: those in favor of reducing production and those who want to keep things as they are oil expert Rami Eljundi told RT.
The oil price crash is the first battle of Global War I between the geopolitical interests of the West versus Russia and its allies, says international consultant Adrian Salbuchi. In the future we might see the same happening over water or food, he adds.
Refusing to cut production OPEC is planting the seeds of a future oil crisis where global consumption will overtake a global production, Dr. Mamdouh Salameh, consultant on oil and energy at the World Bank told RT.
For the sake of the Russian economy, the Central Bank cannot continue its waiting game strategy for too long hoping that speculators give up before it does, says Mike Ingram, a market strategist at BGC Brokers in London.
Oil prices that have collapsed to 5-year lows will dramatically hit Canada, as energy sales provide about 30 percent of the budget revenues, Jennifer Winter, Associate Director at University of Calgary, told RT.
Supermarket giant Morrisons binned of 10,000 Cornish pasties after their delivery driver arrived 17 minutes late for collection, according to a report on hunger in the UK. The report also found that 4.3 million tons of edible food is discarded annually.