As a result of gloomy economic forecasts as well as continued economic slowdown in China and abundant crude supplies, the global oil prices have decreased to below USD 28 a barrel for the first time in past 12 years.
The Organization of the Petroleum Exporting Countries (OPEC) has decided to maintain the amount of the oil it produces at the current level, amid an oversupply of crude and plummeting prices
The Takfiri terrorists in Iraq are currently in control of seven oil fields and large amounts of the country’s wheat supplies.
Saudi Arabia’s Prince al-Waleed Bin Talal, the grandson of King Abdulazziz, says that new shale oil discoveries “are threats to any oil-producing country in the world.”