A group of leading Congressional Democrats are seeking to punish longtime US ally Saudi Arabia for the latest “shock” oil output cuts recently announced by OPEC, which was taken by the Biden administration as a direct slap in the face and shot across the bow. Senator Chris Murphy and Rep. Ro Khanna are leading the charge to get advanced anti-air missile systems which the Pentagon has stationed... 

The authorities of the Kingdom of Saudi Arabia consider a possibility to abandon the US dollar as the main currency in payments for Saudi oil. Riyadh may make such a decision in the event the United States passes a new law to ban the Organization of Petroleum Exporting Countries, OPEC. High-ranking Saudi officials in charge of the energy sector have been discussing the prospect of waiving the US dollar... 

Anti-socialist protesters flooded Venezuela’s capital in one of the largest mass protests against President Nicolas Maduro’s rule in over a decade – and one of the largest protests in world history. Chanting “this government will fall,” millions rallied across Caracas to demand a recall referendum against Maduro amid the crippling economy in the OPEC country. “We are going to bring down... 

Royal Dutch Shell has announced plans to lay off 6,500 jobs this year due to global decline in oil prices. While announcing a 35% decrease in its profit, a statement from the company says it is intending to slash operating costs for 2015 by 10%. The London-listed oil firm said it may force to cut more jobs next year warning that lower oil prices could continue for several years. “We’re taking... 

Oil prices have plunged more than 50 percent since June last year. Oil prices have slumped even further to reach six-year lows, amid oversupplies by certain countries and a sluggish global economy. The US benchmark West Texas Intermediate (WTI) for February delivery saw an 18-cent drop on Tuesday, selling at USD 45.89 per barrel on the New York Mercantile Exchange. It was the WTI’s lowest close since... 

Who is to blame for the staggering collapse of the price of oil? Is it the Saudis? Is it the United States? Are Saudi Arabia and the U.S. government working together to hurt Russia? And if this oil war continues, how far will the price of oil end up falling in 2015? As you will see below, some analysts believe that it could ultimately go below 20 dollars a barrel. If we see anything even close to...