The prices of crude oil wednesday fell below $35 per barrel for the first time since 2004, tumbling more than five per cent as the row between Saudi Arabia and Iran made any cooperation between major exporters on cutting crude oil supply to the international market more unlikely.
The collapse in relations between Saudi Arabia and Iran after the Saudi execution of a Shi’ite cleric, Nimr al-Nimr, is believed to have ended speculation that the Organisation of Petroleum Exporting Countries (OPEC) could agree to cut production to lift the price of oil.
No comments:
Post a Comment