Claudia Kemfert from the German Institute for Economic Research talks to DW about oil oversupply. Although prices have gone down, major oil producers have not cut production.
China and Russia have backed a key resolution that curbs textile exports and restricts shipments of oil products. If Pyongyang stops its nuclear program, "it can reclaim its future," said the US ambassador to the UN.
In the aftermath of Hurricane Harvey insurers, oil producers and home owners in Texas are cleaning up and itemizing the costs from the storm and the "unprecedented" flooding it brought. A quick recovery is expected.
Royal Dutch Shell has suspended loadings of oil products from the Pernis refinery after a fire caused the shut down of most of its production. The extent of damage is being investigated.
In an attempt to keep the price of oil above $50 a barrel, OPEC has extended the production cut for another nine months. The decision came at a meeting between officials of oil exporting countries in Vienna.
© 2017 Deutsche Welle |
Legal notice |
| Mobile version