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Gang Steals 50 Million Liters of Oil in India

Gang Steals 50 Million Liters of Oil in India

New Delhi, London – Indian Police in Rajasthan have busted a gang accused of smuggling more than 50 million liters of crude oil inside water tankers from the country’s largest onshore oilfield, a police official said. The gang had purchased land adjacent to the...
OPEC’s Report Drops Oil Price

OPEC’s Report Drops Oil Price

Al-Khobar – Oil prices fell after OPEC’s monthly report stated that Saudi Arabia increased its February output by 263,000 barrels per day to 10 million bpd, but the prices soon rose again after a source explained that the increase was not intended for the...
It’s Going to Be a Hot Summer for Oil Prices

It’s Going to Be a Hot Summer for Oil Prices

Oil prices have been falling since the New Year. After a bullish announcement from the Organization of Petroleum Exporting Countries and production cuts by non-OPEC nations, the narrative has become bearish, focused on drilling for U.S. shale oil, as well as the...
U.S. Federal Reserve Raises Interest Rates

U.S. Federal Reserve Raises Interest Rates

London – U.S. Federal Reserve decided to raise interest rates for the first time in 2016 since the election of Donald Trump, and the second time in a decade. The bank voted unanimously to raise the U.S. central bank’s target range for the federal funds rate to 0.50 to...
Oil Prices Continue to Drop

Oil Prices Continue to Drop

Cairo–Oil prices continued to drop during Wednesday’s session despite the decrease in the U.S. crude oil’s reserves. Yet, the Libyan statements that oil production could be increased soon had negative effects on the market. The oil market received two blows this week...