The Consultative Assembly (also known as Shura Council) of Saudi Arabia, the only country in the world where women are not allowed to drive a car, says it is ready to discuss suspension of the ban but it must happen according to special rules.
The sudden oil price fall is the result of “treachery” against the interests of the Muslim world, says Iran’s President Rouhani. The 40 percent drop in oil prices since June has given Iran more significant problems as it’s already living under sanctions.
Oil plunged to a new five-year low with Brent futures for January falling below $66 per barrel on the London International Petroleum Exchange. The latest rout is due to banks and energy groups lowering price forecasts due to the continued supply glut.
As a lot of exported Russian oil and gas is paid for in foreign currency and the government debt is comparatively low, things in Russia are not that bleak despite the falling ruble and oil price, Patrick Young, global markets expert, told RT.
Brent crude oil slumped to below $70 on Friday, its lowest level since 2010, after OPEC decided not to cut oil production. Venezuela's Foreign Minister said the group had worse cases to handle, adding that the current slump has partly political grounds.
OPEC`s decision not to reduce oil production will affect major oil producers and may undermine the global oil industry, planting the seeds for a major oil crisis in 2015 or 2016, international oil economist, Dr. Mamdouh Salameh told RT.
Russian officials and experts warned that oil prices will remain below $80 per barrel for some time, after OPEC’s decision not to cut output. It will hurt the economies of Russia, Iran, and Venezuela – and deal a blow to shale oil production in the US.
The fact the Saudi oil minister thinks oil prices will stabilize themselves shows that Saudi Arabia is not willing to intervene alongside the rest of the OPEC members to cut production, Jasper Lawler, analyst at CMC Markets, told RT.
Instead of the illegal bombing of civilians in Syria a more systematic political process is needed to fight ISIS, including restricting access to its arms sources, which may be the Gulf States and Saudi Arabia, British Labour MP Jeremy Corbyn told RT.
A ‘unilateral decision’ was taken by OPEC not to cut production and to leave the daily output ceiling unchanged at 30 million barrels, despite a major oversupply that has caused oil prices to fall more than 30%.
OPEC is not a monolithic organization and it fails to agree on common policy, so it’s unlikely that the upcoming Vienna meeting will become a deciding factor on oil prices, Adrian Salbuchi, International consultant, told RT.