NEW YORK — The almost 10 per cent nosedive in headline oil prices this week has many hallmarks of a shocking but short-lived slump, triggered by a confluence of external events and exacerbated by safety-seeking investors and momentum-chasing traders.
By Simit Patel:Last week was and eventful one in the saga surrounding Iran and the corresponding tensions in the global economy. Before we get into where this is all headed, let's recap where what's gone down:
NEW DELHI: The corporate affairs ministry has asked the Securities and Exchange Board of India (Sebi) to align its guidelines for related party transactions with the amended Companies Act, which will significantly ease the very strict rules for listed companies. The move will benefit Suzuki, which plans to set up a wholly-owned car making subsidiary in Gujarat, and Vedanta, which is looking to merge subsidiary Cairn India with itself. The proposals have not gone down well with the minority shareholders of Maruti Suzuki and Cairn India.
Having reached their highest price levels in three weeks, crude oil prices are retreating during today’s trade. Bidness Etc explores the reasons behind the movement of the commodity\'s future contracts today.
As of 8:30 AM EST today, West Texas Intermediate (WTI) crude oil futures expiring in February next year were trading down by 2.65% at $37.09 per barrel. Following the benchmark for US crude prices, the United States Oil Fund LP (ETF) (NYSEARCA:USO) was trading down by 8.56% at the same time.
HOUSTON, TX – Canadians are not the only ones frustrated with U.S. President Barack Obama’s energy policy.
Alaska Senator Lisa Murkowski and ConocoPhillips CEO Ryan Lance said Washington needs to adapt to the new era of low oil prices by speeding up regulatory approvals and lifting a ban on oil exports that is imposing virtual “sanctions” on already ailing domestic producers.
Murkowski, chair of the U.S. senate’s energy committee, said many U.S. federal policies are “alarmingly deficient and outdated…[and] in need of modernization and reform.”
MUMBAI: Iran on Tuesday reached an agreement on its nuclear programme with six world powers led by the US, a development that could end a nearly four-decade-old standoff with the West. The agreement limits Iran's nuclear capabilities for a decade and puts in place a tighter inspection regime in return for lifting financial and military sanctions. Indian oil firms, especially upstream players such as ONGC and Oil India, could be in for big gains as Iran is likely to pump more crude oil into an already surplus market, pushing prices even lower.
The nuclear deal signed on Sunday will not allow any more Iranian oil into the market, or let western energy investors into the country, but it does freeze U.S. plans for deeper cuts to Iranian crude exports, Washington says.
Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran’s nuclear programme in exchange for limited sanctions relief.
The US' complete ineptitude on oil policy is in the spotlight just as predicted. A pair of articles will show what I mean.
China Snubs Geithner on Iran Oil
Bloomberg reports China Snubs Geithner on Iran Oil, Japan Plans Cut
Under pretense of looking for other sources of oil, EU Iran Oil Embargo Over Nuclear Work Said Likely to Be Delayed Six Months
A European Union embargo on imports of Iranian (OPCRIRAN) oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, two EU officials with knowledge of the talks said.