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US officials are keen to ensure see that Malaysia, Singapore and others are fully aware of illicit Iranian oil shipments and the tactics Iran uses to evade sanctions
A geopolitical price war rages in the background of OPEC's summit between moderate cuts to production while appeasing President's Trump and Putin.
Brent Crude dropped below $60, down 1.6%, after data showed US inventories grew, while Russia indicated it has limited interest in cutting supply.
Trump's overconfidence in economic and market resilience means he might make a miscalculation on Iran sanctions, driving oil prices higher, JPMorgan says. The bank called the US-China trade war "disturbing," and said a market rally may mean investors expect even more aggressive trade policy.
Oil prices and exploration stocks fell following a report that Saudi Arabia is expanding supply to the global marketplace. See which stocks are getting hit.
Asian shares have s...
Fears that intervention from the West after a chemical attack could disrupt supply pushed up oil prices last week.
Reuters Oil pric...
The recent $10 per barrel increase in Brent crude "will subtract 0.2% from nominal GDP, provided that net consumption remains at the 2016 level."
This is part their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday.