The kingdom has two targets in its latest oil war: it is trying to squeeze U.S. shale oil—which requires higher prices to remain competitive with conventional production—out of the market. More broadly, the Saudis are also punishing two rivals, Russia and Iran, for their support of Bashar al-Assad’s regime in the Syrian civil war. Since the Syrian uprising began in 2011, regional and world powers have played out a series of proxy battles there.
In August 1973, Egyptian President Anwar Sadat paid a secret visit to the Saudi capital, Riyadh, to meet with King Faisal. Sadat was preparing for war with Israel, and he needed Saudi Arabia to use its most powerful weapon: oil.
Scraping the bottom of the barrel: It’s great to have lower oil prices; greater still to have oil. In the past five months, oil prices have fallen 40 percent, and that will fuel economic growth. But oil extraction and exploration aren’t getting cheaper, and prices need to be higher than below $70 a barrel to pay for them. Middle East oil producers are suspected of flooding the market with oil to make shale-oil extraction in North America uneconomical — but they won’t want to cause another slump. If we get more growth, oil demand will increase again – and so will prices. Make the best of the cheaper times.
Banks and non-bank financial institutions in areas devastated by Typhoon Ruby (international name: Hagupit) are getting regulatory and rediscounting relief measures, Bangko Sentral ng Pilipinas said Thursday.
ASEAN will officially call itself a single market by year's end, but "big things" like seamless travel within the 10-nation bloc would only come in 2020, Malaysia's trade minister told AFP in an interview.
The Department of Transportation and Communications (DOTC) on Friday awarded the P2.5-billion Integrated Transport System (ITS)-Southwest Terminal project to MWM Terminals, a consortium of Megawide Construction Corp. and WM Property Management Inc.
The Asia Pacific Economic Cooperation Senior Officials' Meeting and Related Meetings (SOM-1) will push for the policies and programs on trade and investment liberalization, business facilitation, and economic and technical cooperation.
SHANGHAI/TOKYO - First it was European infant formula, then New Zealand milk. Now Chinese consumers are adding Japanese rice to the list of everyday foods they will bring in from abroad at luxury-good prices because they fear the local alternatives aren't safe.