Subscribe free to our newsletters via your
. Space Industry and Business News .




OIL AND GAS
Gulf nations say reassured by Obama's 'ironclad' pledge
by Staff Writers
Washington (AFP) May 15, 2015


Oil markets relax after Camp David pledges
New York (UPI) May 15, 2015 - Oil prices relaxed further at the start of the Friday session on easing geopolitical concerns and some signs of market equilibrium.

Brent crude oil prices fell about 8 tenths of a percent from the Thursday open to start the day Friday at around $66.30 per barrel, relatively unchanged since the start of May. Brent has held steady above the $60 mark since mid-April as the global market pulls back somewhat from the supply side.

Data this week on gross domestic product growth in the European Union helped stimulate a brief rally, though market data showing a glut in supplies erased much of the gains.

The U.S. Energy Information Administration in a market report for May said it expected Brent crude oil prices would average around $63 per barrel for the second half of the year and $70 for 2016.

At the start of a pan-Arab military offensive in Yemen last month dubbed "Decisive Storm," EIA said that, with more than 3 million barrels of oil passing through Yemeni waters each day, the conflict there presented unique risks to the global economy.

At Camp David, pan-Arab leaders joined U.S. President Barack Obama in uniting under a banner of collective interests in the region, from Yemen to Syria and the Iranian nuclear issue.

"The United States policy to use all elements of power to secure our core interests in the Gulf region, and to deter and confront external aggression against our allies and partners, as we did in the Gulf War, is unequivocal," a statement from the summit read.

On macroeconomic concerns, Gerry Rice, a spokesman for the International Monetary Fund, said during a Thursday press conference negotiators were "working intensely" on addressing Greek concerns undermining some of the confidence in regional economic recovery.

In the United States, weekly data published Friday by oil field services company Baker Hughes show the slump in the exploration and production sector is slowing down. West Texas Intermediate, the U.S. oil benchmark, fell 1 percent to $59.26 per barrel, relatively unchanged from May 1.

Gulf nations were reassured by a pledge from US President Barack Obama that Washington would stand by them despite its overtures to Iran, a senior Arab official said Friday.

"We're very happy the outcome of the results disappointed pundits, and exceeded beyond most expectations," said Abdel Aziz Aluwaisheg, assistant secretary general for the Gulf Cooperation Council.

Obama had "renewed the US commitment to the region, to the Gulf states" during a high-profile summit at his presidential retreat of Camp David in Maryland, Aluwaisheg told reporters.

Obama had gathered top leaders from the six GCC countries -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- for Thursday's secluded talks in the leafy woodland retreat.

"The security of the GCC states is vital to the interests of the United States," the Arab diplomat said.

And he insisted "the US is ready now to go even a little bit further," saying that already strong ties had now been elevated to that of a "strategic relationship."

Obama had sought to reassure the majority Sunni Gulf countries wary at Washington's leading role in nuclear negotiations with their regional foe and powerful rival, Shiite Iran.

Obama said the US security commitment to America's decades-old allies was "ironclad."

And he vowed the United States was prepared to help "deter and confront an external threat to any GCC state's territorial integrity."

In a communique issued at the end of the summit, the US and Gulf nations denounced Iran's destabilizing activities in the region.

Gulf nations have been fearful that if a deal is reached with Iran by a June 30 it will only embolden the Shiite country blamed for propping up Syrian President Bashar al-Assad during the four-year civil war and for backing Huthi rebels in Yemen who have forced the president to flee to Riyadh.

They are concerned too that a deal will lead to a widening US rapprochement with Iran -- even though the two countries have not had formal ties for more than three decades.

But Obama also managed to allay these concerns, Aluwaisheg said.

"The deal is about the nuclear program, that's really what the deal is about. There's no grand bargain," he said.

"There is no abandoning of the GCC, there is no pivot to Iran."

And he offered that "if Iran moderates its behavior... then we all will pivot to Iran, but it's in the hands of the Iranian regime."


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Oil prices fall on weak China data
Singapore (AFP) May 14, 2015
Oil prices fell in Asia on Thursday as lacklustre Chinese economic data raised concerns about demand in the world's top energy consuming nation, analysts said. US benchmark West Texas Intermediate for June delivery fell 20 cents to $60.30 while Brent crude for June eased 16 cents to $66.65 in afternoon trade. "The global demand situation for oil is considerably weaker than it was 24 hour ... read more


OIL AND GAS
Superhydrophobic glass coating offers clear benefits

Separating rare earth metals with UV light

Researchers match physical and virtual atomic friction experiments

DARPA developing zoom lens to spot distant space objects more clearly

OIL AND GAS
German ships receiving Indra's satellite communications terminals

French-Italian military communications satellite launched

Harris wins IDIQ contract for Rifleman Radio

U.S. Special Operations Command orders MUOS-capable radios

OIL AND GAS
'Team Patrick-Cape' supports Pad Abort Test

Local launch expertise; world-wide attention

Successful SpaceX escape test 'bodes well for future'

ILS And Dauria announce Proton/Angara dual launch services agreement

OIL AND GAS
Most Advanced GPS Satellite Comes Together

New GPS system could transform virtual reality and mobile devices

Next Generation GPS System Faces Delays, Cost Overruns

Neuronal positioning system: A GPS to navigate the brain

OIL AND GAS
US F-18 fighter crashes in Gulf, crew rescued: Navy

Airbus holds first A400M test flight since deadly crash

Airbus continues A400M tests, crash victims honoured

Black boxes of crashed A400M plane found, aircraft grounded

OIL AND GAS
The next step in DNA computing: GPS mapping

Electrons corralled using new quantum tool

Two-dimensional semiconductor comes clean

Defects in atomically thin semiconductor emit single photons

OIL AND GAS
Mischief makers prompt Google to halt public map edits

Space technology identifies vulnerable regions in West Africa

Breaking waves perturb Earth's magnetic field

ESA and ADS sign deal for new Copernicus Earth observation mission

OIL AND GAS
Clean air power plan hinges on key policy decisions

Greenpeace says India office may close within a month

US-backed drug spraying triggers health fears in Colombia

Hungary orders clean-up of 'catastrophic' disused chemical plant




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.