Dec 27, 2014

Falling oil prices pushing Russia toward recession

Slumping oil prices have put Russia’s economy on course for a sharp recession next year, Finance Minister Anton Siluanov said Friday, as authorities scaled up their bailout for the first bank to succumb to the recent ruble crisis. The economy is slowing sharply as ...

Putin scraps New Year's holidays for ministers

Dec 26, 2014

Putin scraps New Year's holidays for ministers

Russian President Vladimir Putin has scrapped New Year’s holidays for government ministers because of the unfolding economic crisis. Putin told a televised government session on Thursday that Cabinet ministers “cannot afford” to go on holiday. Russian company employees throughout the country are entitled to ...

Saudi minister denies kingdom conspired to force oil prices down

Dec 22, 2014

Saudi minister denies kingdom conspired to force oil prices down

Saudi Arabia’s oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he is confident the market will stabilize. The kingdom, which is dependent ...

Iran's support for Syria tested by steep fall in oil revenues

Dec 20, 2014

Iran's support for Syria tested by steep fall in oil revenues

Syrian businessmen and trade officials are worried that the economic lifeline provided by Iran is under strain from plunging oil prices despite public messages of support from Syria’s strongest regional ally. Syrian President Bashar Assad has relied on oil-producing Iran to help him fight ...

Dec 16, 2014

Denmark claims North Pole via Greenland ridge link

Scientific data show Greenland’s continental shelf is connected to a ridge beneath the Arctic Ocean, giving Danes a claim to the North Pole and any potential energy resources beneath it, Denmark’s foreign minister said. Foreign Minister Martin Lidegaard said Denmark will deliver a claim ...

Dec 12, 2014

'Catastrophic' Bangladesh oil spill threatens rare dolphins

An oil spill from a sunken tanker in Bangladesh is threatening endangered dolphins in the vast Sundarbans delta, officials warned Thursday, calling it an ecological “catastrophe.” The tanker was carrying an estimated 357,000 liters (77,000 gallons) of oil when it sank in the Sundarbans’ ...

Dec 7, 2014

Britain to boost military presence in Persian Gulf

Britain has signed a deal with Bahrain that will bolster the United Kingdom’s military presence in the island nation and give it permanent naval base in the oil-rich Persian Gulf region, officials announced Saturday. The agreement marks a strategic shift for Britain, which formally ...