The Gulf countries are already forcing a large number of migrant workers to go back to their home countries
Newsclick’s Prabir Purkayastha analyses the state of the global oil market, the geo-strategic implications and the future of oil consumption keeping in mind the nature of the pandemic
For the first time in history, US crude oil prices became negative. Prices of West Texas Intermediate (WTI) crude oil for May fell to -$37 per barrel on April 20. Why did this fall happen?
The fall in the futures market shows that the production cut by OPEC+ members may not be enough to address the drastic drop in demand due to the ongoing COVID-19 pandemic
Total global production of oil may go down by 15% with promises from some non-OPEC countries as well. However, this may not be sufficient to stop the fall in international oil prices
Millions of expatriate workers in the Gulf Cooperation Council countries face a grim future as the number of COVID-19 cases increases and their jobs are under threat due to the economic downturn
The fall in the international prices of oil may be good news for oil-importing countries such as India. However, economies of most of the oil producing countries will suffer massively if the prices remain at this level
Michael Hudson discusses the underlying factors driving the US aggression against Iran
Newsclick’s Prabir Purkayastha talks about the latest attacks on oil processing facilities in Saudi Arabia for which the Houthis have taken responsibility.
The attacks by the Houthi forces on Aramco facilities in Abqaiq and Khurais will cause a steep rise in oil prices. They also demonstrate that Saudi Arabia may have more to lose than money if it continues with its genocidal war on Yemen
As the Trump administration refuses to extend the sanction waivers for buying Iranian oil to eight major economies, including India, China and Turkey, beyond May 2, the global economy is pushed on edge