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.
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.
Delegations from Russia, Saudi Arabia, Mexico and Venezuela have met for the first time in such a format for talks in Vienna to discuss rapidly dropping oil prices. The group agreed to monitor prices for a year
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.
If Nicolas Maduro, President of Venezuela, decides to pay ExxonMobil $1.6bn in compensation for the nationalization of an oil project that will be almost a business deal with the devil, and Venezuela will only lose.
Emotions are running high at the 69th UN General Assembly, with Islamic State, “economic terrorists” and US spying firmly in the firing line. RT has listened to all the speeches (so you don’t have to) to bring you the best quotes of the week so far.
Venezuelan authorities were scrambling to gather information on a massive blackout that impacted the capital of Caracas as well as large swaths of the country, highlighting what has been a persistent problem for the South American country.
Venezuelan President Nicolas Maduro has alleged US involvement in a plot to oust his government and assassinate him. The South American leader said there are hundreds of emails that prove members of the State Department were part of the conspiracy.