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The US continues to be the driving force behind the surge in global military expenditure, spending $732bn last year, with China far behind in second place and India rounding out the top three, according to data provided by SIPRI.
Shipments of Russian crude oil to China increased more than 30 percent in March compared to a year earlier while Saudi imports of the commodity sank, Reuters reported, citing Chinese customs data.
Saudi Arabia may have to borrow as much as $58 billion this year to cover a budget shortfall caused by the oil price slump, Bloomberg reports, citing Finance Minister Mohammed al-Jadaan.
The Saudi-led coalition said on Friday it was extending a unilateral ceasefire in Yemen by one month to support efforts to contain the coronavirus pandemic. “The coalition’s command reaffirms that there is still an opportunity to focus...
Traders credited US President Donald Trump’s threats to sink Iranian patrol boats in the Persian Gulf for the sharp increase in oil futures, just days after lack of storage and low demand drove the US benchmark WTI below zero.
Due to plummeting fuel demand and overflowing storage capacity, at least three oil refiners in India have asked for lower crude oil imports for May from the Middle East, including from the world’s top exporter Saudi Arabia.
The price of a barrel of Brent crude oil has climbed by more than 10 percent to $22.50 (ICE) on Thursday amid renewed military tensions between the US and Iran.
President Donald Trump has ordered the US Navy to “shoot down and destroy” Iranian gunboats, should they harass American vessels at sea. His declaration comes after a confrontation in the Persian Gulf.
The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes.