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Tuesday 17.01.2017 | Name days: Tenis, Dravis

Saudi-Russian talks result in oil price hike

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Following an announcement by Russia and Saudi Arabia agreeing to discuss possibilities of oil market stabilisation, the oil price jumped considerably on September 5.

BBC reports that the announcement was made by the countries’ energy ministers, Alexander Novak and Khalid al-Falih, who stated that they agreed on a plan to support the «stability of the oil market … ensuring a stable level of investment in the long term».

The price of Brent crude initially increased by 5% but then lowered to stand 1.6% higher at USD 47.56 (EUR 42.66) a barrel.

At the start of 2016 the price of oil fell to its lowest level in nearly 13 years due to a production glut and is still far below the USD 110 (98.66) a barrel price reached in 2014.

Ref: 111.111.111.4051


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  1. MBI says:

    This reminded me of my comment on a BNN article from October 2015:

    ”Kasparov: Putin could invade Baltics if oil prices drop”

    ” MBI says:
    October 14, 2015 at 20:48

    I don’t quite follow Mr. Kasparov’s logic here either, unless he thinks conflict and war would raise oil prices, but then Putin might as well invade Saudi Arabia :-), which is not a NATO country. That invasion would boost global oil prices even more and quicker :-), and would not trigger NATO Article 5.

    I am not a big fan of Mr. Putin either, but this type of anti-Putin propaganda is getting to be kind of ridiculous and comical, no wonder it was broadcast on Fox ”News”.

    I guess being a chess genius, does not also necessarily make one a wise and thoughtful global strategist and foreign policy analyst.

    Putin has absolutely nothing to gain from militarily attacking or invading NATO countries, and Putin knows that. What the Russians do with NATO countries, is trying to subvert and destabilize them through pro-Russian propaganda and media, and by funding certain pro-Russian parties and political movements, and sometimes by launching cyber/hacking attacks.

    Mr. Kasparov should stick to playing chess, my humble opinion.”

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