Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…
1238 | the publication reaches you by | Bahrain NewsPrices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh drove through massive price cuts in a bid to win market share.
The bust-up signals the disintegration of an alliance between OPEC and Russia, the world’s second-biggest oil producer, which sought to control supply to support prices.
“Investors are buckling in for a protracted and precarious battle of the oil mega powers for world dominance,” said Stephen Innes, chief market strategist at AxiCorp.
He said it was unclear whether the Saudi move was “a short-term strategy or will be sustained for a prolonged period – which makes the outlook for crude prices extraordinarily uncertain”.
Nvestox management had already staggered a ‘loop-work’ environment within their key teams trading all major global exchanges, so…
958 | the publication reaches you by | Bahrain News
Do you have information you want to reach our readers?
You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.
The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
