The Gulf Cooperation Council (GCC) is concerned over a missing radioactive device from Iran’s Bushehr nuclear reactor, Saudi-owned Arab newspaper Asharq al-Awsat reported on Thursday.
Furthermore, as OilPrice.com's Tsvetana Paraskova notes, aside from the security concerns, at the forefront in the GCC’s mind is what impact the radioactive device - wherever it may be today - could have on water supplies.
As tensions once again grow between Iran and the US, with both countries unsure if Donald Trump will extend Barack Obama's landmark "nuclear deal" which in January 2016 lifted Iran's sanctions (imposed previously by the same Obama regime) and allowed Iran to export three times as much crude oil as the country did one year ago, Iran has fallen back to the same diplomacy that marked the darker periods of diplomacy between Tehran and Washington.
Iranian military officials are considering setting up naval bases overseas in Yemen and Syria, Iran’s Tasnim news agency reports. Iran’s armed forces chief, Gen. Mohammad Hossein Bagheri says, “Maybe at some point we will need bases on the shores of Yemen and Syria.” He told a gathering of navy commanders that Iranian naval presence in the Indian Ocean is 10 times more important as deterrence than nuclear power. Daily Mail reports: He said “Having naval bases in remote distances is not less than nuclear power. It is ten times more important and creates deterrence.” Gen.
With less than a week to go until the much anticipated OPEC meeting in Vienna on November 30, the oil exporting cartel still seems unable to determine the terms of production cut quotas, who will be exempt from cutting, and even who will participate. According to Reuters, in the latest twist to emerge, as OPEC tries to find the sweet spot for production that reduces the oversupply of crude, the organization will ask non-OPEC oil producers to also make big cuts in output, as it seeks to share the burden of declining output and prevent market share gains by non-OPEC nations.
In a quiet overnight session in which Japan was closed, European shares are mixed as financials and auto weigh, Asian stocks rise led by materials while S&P futures little changed against a backdrop of the continuing commodity rally with oil holding near $48 a barrel, up fractionally on the session. Against a basket of currencies, the dollar index was up slightly at 101.12, very close to a 14-year peak. The dollar also kept most of its recent hefty gains on the yen at 111.05 though it has met resistance around 111.35 in the last couple of sessions