There are three possible outcomes to the OPEC meeting: either they leave the situation as it is, or stick to a 30 million barrel per day ceiling, or cut oil production, Stuart Elliott, Senior Managing Editor of Europe & Africa Oil News, told RT.
If OPEC fails to take a unified approach on stabilizing oil prices the global economy will be the biggest winner because oil prices will continue to fall, Fred Beach, of the University of Texas at Austin, told RT.
A former self-described Al-Qaeda collaborator serving a life sentence in prison now says he wants to testify in court about what he claims to know about a Saudi Arabian prince’s alleged role in financing the September 11, 2001 terrorist attacks.
Brent crude continues its downward spiral, dipping below $80 per barrel, an important benchmark for global oil supplies, as the Organization of Petroleum Exporting Countries (OPEC) continues to resist cutting production with prices reaching 4-year lows.
The formal advisory body of Saudi Arabia, known as the Shura Council, has taken the rare step of recommending to the country’s absolute monarchy that it grant women the right to drive – but with some bizarre conditions.
A string of bombings and shootings marred the Ashura celebrations across the Muslim world – the main Shia holiday during which believers impassionedly gash their bodies with swords to show their grief for the suffering of Imam Hussein.
The House of Saud’s plans to execute a revered Shiite cleric and protest leader reveal the extent to which the regime is vulnerable and desperate to perpetuate itself. Going ahead with the execution would be strategic miscalculation.
Falling oil prices embarrass and make life difficult for countries that depend on oil exports, including Russia and Venezuela, and the US would enjoy making life difficult for them, economist Richard Wolff told RT.