News on Middle East.
Qatar has now issued its official response to the 13 demands set out by four neighboring Arab states following the diplomatic dispute and subsequent isolation of the desert state.
The Army Commander loyal to Libya's rival government has warned foreign companies that it will fire at any non-Libyan tanker entering the country's waters, souring a controversial oil deal struck between the UN-backed government and a militia commander.
The low oil prices mean prosperity for the Middle East producers gathered OPEC. But the International Energy Agency warns against an ever rising reliance on cheap oil from the region, reports the Financial Times.
Iran's entry onto the global markets after the lifting of Western trade sanction has spurred Chinese companies to pursue billion dollar deals in the country.
Saudi Arabia and Bahrain have banned ships with the Iranian flag from calling in the countries' ports, and in certain cases vessels with other flags have been banned as well if they have previously called at an Iranian port.
An old relationship and an old debt are part of the common history shared between Greek refinery Hellenic Petroleum and Iran's National Iranian Oil Company, which will now resume the collaboration that was discontinued by the sanctions.
With a new price cut, Saudi Arabia enters the price war among the oil-producing countries. The goal is to breathe life into Asian growth and deter US production.
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