The US dollar is highly important in today's economy for three main reasons: the huge amount of petrodollars, the use of the dollar as the world's reserve currency, and the decision taken by US President Nixon in 1971 to end the dollar convertibility into gold.
Non ci eravamo sbagliati: l'impressione di Analisi Difesa evidenziata il 5 aprile che la strana vicenda del gas nervino di Khan Sheikhoun costituisse un pretesto, una "cortina fumogena" per giustificare un rovesciamento della politica mediorientale di Donald Trump si è concretizzato questa notte.
2018/05/08: The president withdrew from the Iran nuclear deal because of spite, ignorance, or both.
India is looking forward to exploring some of Israel's offshore gas fields soon. Analysts suggested that by including oil in its relationship with Israel, India is giving a strong message to Iran that has held up the allocation of two gas fields discovered by oil companies.
A key geopolitical axis is swiftly shifting...
Forget the "official narrative" that Qatar was isolated due to its support of terrorism.
Recent months have seen many unexpected manifestations of global risks that the Global Risks Report has been warning about over the past years. A numb...
2016/01/12: a story that passed largely unnoticed in our American world. Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%. Though it still remains dirt cheap by global standards, that act -- which is like charging for salt water in the middle of the ocean -- is an indication that something startling is going on. And note that, in the years to come, that kingdom's rulers are planning to cut back on similar subsidies for “electricity, water, diesel, and kerosene.” In other words, the world’s largest oil producer and a country of striking wealth (and foreign reserves) no longer feels comfortable giving away gas to its own population, even though this is part of a bargain it struck long ago for peace in the kingdom.
And the reason for this has little to do with Iran or Syria or Yemen or Iraq or the Islamic State. The problem is far more basic, as TomDispatch’s resident energy expert Michael Klare points out today. It’s the price of oil, which in the last 18 months has dropped through the floor. In a sense, the oil business -- with its constellation of giant energy firms, until recently among the most profitable companies in history, and its energy-producing states, until recently riding high -- may prove to be the natural-resource equivalent of a failed state, and, as Klare makes clear, the changing economics of oil will transform the political face of the planet. So keep your eye on Saudi Arabia. Things there could get ugly indeed.
In 2015 we witness a rare geopolitcal power shift - and in the face of every kind of new external challenge the leaders of the EU and the USA have never looked weaker or more bemused
If you happen to be caught in a boat in a major storm, such as in this image by Hokusai, you'll surely think you experiencing a major ...
Turkey is getting desperate. Under President Recep Tayip Erdogan and his party, the Justice and Development Party (AKP), its policies toward the conflict in Syria over the past four years have been misguided and costly. When conflict broke out in 2011, Ankara mistakenly under-estimated the strength of the Assad regime and supported hardline Islamist groups seeking its downfall. In the process, Turkey also marginalised the Kurds and alienated regional powers like Iran.
The recent decision by Washington to continue deploying elements of missile defense systems in Europe even after the historic nuclear deal with Iran was reached, confirmed Russia's "worst fears," Russian envoy to the European Union Vladimir Chizhov said Wednesday.
For more than a decade, Iran's nuclear program has been near the top of the United States' Middle East agenda. To be more accurate, Iran has been near th...
By exploiting weaknesses and divisions, the extremist group has been able to establish a brutal regime in just 12 months.
In World War II, India fielded the largest-ever army of volunteers. But while the rest of the world reduced the contribution of these 2.5 million men and women to a footnote, India just wrote it...
Iran hopes its oil exports will return to the pre-sanctions level of 2.5 million barrels a day within the next three months once a deal with major powers to lift an oil embargo is finalized, the country's deputy oil minister said on Monday.
Recent developments in the region have caused serious damage to ISIL's popularity, argues Hassan Hassan
A guide to help you navigate the deal between global powers and Tehran.
Breaking news and analysis from TIME.com. Politics, world news, photos, video, tech reviews, health, science and entertainment news.