The current excess oil supply has driven down oil prices and supply may soon increase more. Once sanctions against Iran are lifted, the World Bank estimates that an additional million barrels of oil per day will be on the market.
The International Energy Agency (IEA) has warned that global oil supplies could be severely impacted by the US decision to pull out of the Iran nuclear deal. Crisis-hit Venezuela constituted another big risk, it added.
A corruption trial against oil giants Shell and Eni and Nigeria's ex-oil minister Dan Etete is getting started in Milan. The case deals with alleged bribes valuing millions, and the Italian trial is not the only one.
Oil prices have jumped to levels last seen in 2014, after the United States decided to re-impose sanctions on Iran, threatening to tighten global oil markets and likely to derail billions of dollars in business deals.
Trump’s decision to end the Iran nuclear deal will hit the Iranian economy, although with China and the EU not on board the impact may be less severe than some fear. How Iran's banking system fares could tell us more.
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