Global oil market may face oversupply in foreseeable future — US Treasury chief

Global oil market may face oversupply in foreseeable future — US Treasury chief Scott Bessent did not rule out OPEC "falling apart"NEW YORK, September 9. /TASS/. The global oil market may face an oversupply in the foreseeable future, US Treasury Secretary Scott Bessent said. "I think that the market is going to be oversupplied with oil. I don't know whether it's a year, two years out between everything that's going on in the US with Venezuela; one day this terrible war in Russia-Ukraine will end, and things will normalize in the Middle East, and OPEC’s falling apart," he told students at Southern Methodist University in Texas. The Organization of the Petroleum Exporting Countries (OPEC) was established in 1960 at the initiative of major oil-producing countries, including Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. Their goal was to coordinate oil production policies, ensure regular oil supplies and stabilize oil markets. TagsUnited StatesOPECMiddle East conflictUAE warned Israeli PM of looming Hamas attack before October 7 — newspaperHaaretz cites sources from a new book on the incident as saying that about ten days before the attack, UAE President Mohamed bin Zayed Al Nahyan called Benjamin Netanyahu to warn him that Hamas leader in Gaza Yahya Sinwar was preparing a major attack on IsraelRead moreRussia to do everything possible for BRICS’ development — KremlinDmitry Peskov noted that Russia welcomes the idea of inviting new countries to cooperate with BRICSRead moreRussia observed three-day moratorium on using force over US envoys’ visit to KievSteve Witkoff and Jared Kushner visited Moscow on September 5 and Kiev on September 6Read moreEU clears Ukraine loan derogation for Patriot interceptors, NATO chief announcesMark Rutte welcomed the agreement by the EU member statesRead moreRussian diplomat blasts IAEA chief for refusing to admit it's Kiev that attacks ZNPPMaria Zakharova emphasized that Rafael Grossi had continued to shy away from the killings of this plant’s employees, the psychological pressure being put on their families and friendsRead moreAir defenses intercept 107 Ukrainian drones over Russian regionsThey were destroyed over the Belgorod, Bryansk, Kaluga, Kursk, Oryol, Rostov, Krasnodar and Moscow Regions, the Republic of Crimea and over the Black SeaRead moreRussian retaliatory strikes for Ukraine’s attacks carry graver consequences, Lavrov saysAccording to the Russian foreign minister, the end of Ukraine is not a happy one, so he feels sorry for BritainRead moreRussia to achieve its goals on battlefield if West rejects compromise — Lavrov"If Western diplomacy boils down to holding back countries that put forward reasonable, balanced, compromise initiatives, then so be it," the Russian foreign minister saidRead moreLavrov finds allegations that Russia going to attack Europe 'absurd'The foreign minister also believes that Europe will not attack Russia in the meantimeRead moreRussian air defenses down 12 smart bombs, 713 Ukrainian drones over past dayUkraine has lost approximately 1,285 troops in the special military operation zone over the past 24 hours, the Russian Defense Ministry reportedRead moreRussia to emerge from Ukraine conflict even stronger militarily — RUSI reportRussia has shifted from relying on mass firepower to mass precision strikesRead moreRussia’s defense chief reaffirms strategic status of partnership with TajikistanAndrey Belousov said it at a reception to mark the 35th anniversary of the republic’s independenceRead moreUkraine has lost all signs of independent subject of international relations — LavrovThe top Russian diplomat said that "Ukraine, which we recognized as a legitimate entity in global politics, no longer exists"Read moreRussia’s grain harvest totals 113.5 mln tons year-to-dateDeputy Prime Minister Dmitry Patrushev’s office reported that this volume significantly exceeds last year’s resultsRead morePassengers of arrested ship Professor Molchanov return to Russia from SpitsbergenThey are now en route to MurmanskRead moreRussia’s latest Pantsir-SMD-E air defense system downs numerous Ukrainian UAVsThe latest air defense missile system is designed to provide protection against massive enemy attacks, including those involving unmanned aerial vehiclesRead moreUkraine to use EU loan to purchase about 1,000 Patriot missiles — defense chiefAccording to the Ukrinform media outlet, Yevgeny Khmara specified that missile deliveries would largely begin in the coming yearsRead moreEurope spends budget money on defense, despite domestic problems — LavrovThe jingoist circles are simply working in their own interests, the Russian foreign minister said Read moreRussia’s readiness for talks on Ukraine and EU’s attempts to derail them: Lavrov’s remarksRussia is always ready for talks on Ukraine based on an understanding of the root causes of the crisis and aimed at reaching agreements to address them, the Russian foreign minister said Read moreRussian defense chief holds talks with Vietnamese deputy PM — Defense MinistryRussian Defense Minister Andrey Belousov congratulated General Phan Van Giang on the 81st anniversary of the independence of the Socialist Republic of VietnamRead moreMoscow court fines Pinterest $40,420 over prohibited contentAccording to the ruling, the owner of a social network failed to fulfill the obligation to monitor content in order to restrict access to information about drug production, methods of committing suicide, or materials containing pornographic images of minorsRead moreUS strikes targets near Iran’s Kharg Island, Jask — reporterAccording to Jennifer Griffin, the targets included Iranian oil tankersRead moreInnoprom. India International Industrial Exhibition begins in New DelhiThe plenary session, titled "Enhancing Russian-Indian Trade and Industrial Partnership: Towards Greater Self-Reliance," will be the central event of the exhibition’s business programRead moreLavrov defends Putin’s warning to potential aggressorsThe Russian president previously said that if someone tries to "devour" Russia, they can expect to "get hit in the teeth"Read moreRussia needs to strengthen cooperation with tech-savvy India — TitovThe Russian presidential special representative said that India is playing an increasingly prominent role in the global economy with each passing yearRead moreFive Russian figure skaters to compete at ISU Nepela Memorial in BratislavaThe event will be held at the Ondrej Nepela Arena in Bratislava, Slovakia, on September 24-27Read moreKalashnikov unveils equipment developed for Legionnaire combat suitThe fighting capabilities were developed by Kalashnikov’s engineers on the basis of requirements from servicemen that are engaged in the special military operationRead moreVucic says will dissolve parliament on September 9, elections will be held on October 25Both decisions will be announced on Wednesday at noon, the Serbian president saysRead moreHistory of Russian statehood runs deeper than Norman Theory — PutinRussian President said the Norman Theory, which he laid out in an interview with US journalist Tucker Carlson, came under criticism from 18 century Russian scientist Mikhail LomonosovRead moreRussian ambassador to Hungary slams expulsion of diplomats as unfriendly stepYevgeny Stanislavov said this step can be seen as an unprecedented and absolutely baseless escalation by the Hungarian sideRead moreBridge on DPRK border to boost cooperation — Russian prime ministerMikhail Mishustin added that the bridge was constructed in a very short timeframeRead moreRussia’s nuclear triad deters potential enemy, says military chief"The ground-based strategic nuclear forces have over 95% of launchers constantly ready for combat employment," Valery Gerasimov stressedRead moreRussian military base in Tajikistan on standby to fight external threats — defense chiefClose cooperation to use it has been maintained, Andrey Belousov saidRead moreGeneral Assembly session kicks off at UN headquartersDuring the meeting, which lasted just under an hour, UN General Assembly President Khalilur Rahman addressed delegations on the session’s prioritiesRead moreLavrov says West's decision to militarize Arctic raises concernThe United States, the Norwegians and someone else over there have conducted exercises using a script overtly simulating a war with Russia, the Russian foreign minister said Read moreNew US sanctions against Russia sit awkwardly with sentiments at negotiations — LavrovThe Russian foreign minister pointed out that Washington still continue extending all sanctions imposed by then-President of the US Joe Biden and the Biden CongressRead moreIran seizes US Dive-LD underwater drone in Strait of Hormuz — IRGCThe drone has been in service with the US Navy since 2025Read moreUS midterms unlikely to improve Congress’s attitude toward Russia — former lawmakerAccording to Dennis Kucinich, the elections will most likely strengthen the Democrats’ positionRead moreWest treats Ukraine like 'expendable' kamikaze drone, aiming it at Russia — expertAnton Bibarov-Gosudarev emphasized that the Ukrainian armed forces carried out this strike precisely on the day that the newly uncovered relics of St. Prince Dmitry Donskoy were brought to the Donetsk People’s RepublicRead morePress review: US may revive Russia-Ukraine talks as Dutch push on frozen assets growsTop stories from the Russian press on Monday, August 7thRead moreUS imposes sanctions against 35 companies for supporting Iran’s aviation sectorThe companies are based in Iran, the UAE, the UK, Malaysia, Turkey, and KazakhstanRead moreResults of US envoys’ visits and EU speculations: Putin-Trump phone callThe phone call lasted for exactly one hour and was constructive and candid, Vladimir Putin’s aide Yury Ushakov saidRead moreDiplomat rejects US allegations of Chinese companies copying US AI technologyLiu Chang, spokesperson for the Chinese Embassy in Washington, urged the US to "discard bias" and "stop its containment on China’s sci-tech development" Read moreKremlin aide describes Putin-Trump phone call as positiveYury Ushakov said the two leaders agreed to exchange phone calls as neededRead moreRussia's Safonov nominated for 2026 Lev Yashin TrophyThe awarding event will take place on October 26 in LondonRead moreWest called for Ukraine ceasefire to quell massive Russian attacks — LavrovThe foreign minister explained that Moscow had been responding fiercely to Kiev's attacks on Russian territory for some timeRead moreReturn to Black Sea Grain Initiative unacceptable, unrealistic — Lavrov"The Ukrainians constantly abused it, as they periodically transported weapons on civilian vessels," the Russian foreign minister notedRead morePutin, Trump positively assess Witkoff, Kushner’s visit — Kremlin aideYury Ushakov said the work through this channel will continueRead moreLebanese army intensifies operations in Nabatieh following Israeli airstrikesAccording to its statement, the troops had earlier been deployed across all areas of southern Lebanon not occupied by Israel "to reassure residents"Read moreEurope to purchase more Patriot missiles for Ukraine by winter — BloombergAccording to the news agency, the countries are currently finalizing their plan to use NATO’s program known as the Prioritized Ukraine Requirements ListRead moreRussia will not stop execution of military tasks during negotiations on Ukraine — LavrovMoscow is open to negotiations, the Russian foreign minister said Read moreGermany's gas storage facilities could be empty by early February — INESAs of September 6, gas storage facilities were 54% fullRead moreKiev’s Azov battalion has no motivated soldiers left — expertAndrey Marochko said the Azov fighters had lost steam, and Russian forces are now crushing what used to be elite unitsRead moreCopper price hits all-time high on ComexThe price was up by 2.85% at $6.873 per poundRead moreIran strikes two US destroyers with ballistic missiles — IRGCAccording to the statement, the strikes inflicted significant damage on the shipsRead moreUS attacks another Iranian oil tanker — TVAccording to Iran’s public broadcaster, the crew are currently rowing lifeboats to JaskRead moreTop US diplomat says steps toward Ukraine settlement could emerge in coming weeksMarco Rubio added that the US "has always been willing to play the role of a mediator"Read moreRussia, China increase number of flights between countries to 309 per weekIn the first seven months of 2026, Russian airlines carried more than 1.3 mln passengers, 50% more than a year earlierRead morePutin gave Trump objective analysis of special military operation — Kremlin aideYury Ushakov added that Vladimir Putin presented Russia's view of the prospects for progress on the battlefieldRead moreUkrainian army carries out 53 attacks on DPR in past day, kills civilianThirteen people were injuredRead moreEuropean economy threatened by decline of region’s carmakers — FTThe newspaper quoted Francisco Riberas, chair and founder of Gestamp, who said that the automotive industry is the anchor for many other industries Read moreKiev says Zelensky, Trump to hold in-person meeting in SeptemberVladimir Zelensky earlier told journalists that he wanted to meet with Donald Trump to discuss receiving ballistic missilesRead moreRussia interested in strengthening strategic partnership with Vietnam — PMMikhail Mishustin said the Russian government prioritizes the expansion of trade and economic cooperation with Vietnam and the promotion of joint projects in various spheresRead morePutin to hold talks with Vietnamese President To LamThe officials will discuss trade and economic relations, scientific and educational ties, humanitarian exchanges, and security and defense cooperationRead moreLavrov compares the West to 'a wounded beast that is becoming far more dangerous'The Russian foreign minister pointed out that there can be no artificial preservation of Western dominance, which has lasted for over 500 yearsRead moreUS-Russia dialogue critically important for peace in Ukraine — US congresswomanAnna Paulina Luna stressed that such a dialogue should be openRead morePutin assures Trump of Russia harboring no aggressive plans toward Europe — Kremlin aideAccording to Yury Ushakov, Vladimir Putin also said that the chatter about the alleged Russian threat serves as a pretext for the Europeans to increase their support to UkraineRead morePutin, Trump hold telephone conversationRussian Presidential Aide Yury Ushakov informed of the conversation between the Russian leader and his US counterpartRead moreUS envoys Witkoff, Kushner search for results in Ukrainian conflict settlement — LavrovThey visited Moscow on September 5 and Kiev on September 6Read moreLavrov recalls Putin’s words that if Europe attacks Russia, the war will be 'short'The Russian foreign minister noted that the head of state repeated several times that Moscow is not going to attack several timesRead moreTop US diplomat describes Ukraine talks in Moscow, Kiev as substantiveMarco Rubio commented on a trip to Russia and Ukraine by US Special Presidential Envoy Steve Witkoff and US President Donald Trump’s son-in-law Jared KushnerRead moreRussia's creative economy growing 4.5 times faster than GDPAccording to the Presidential Fund for Cultural Initiatives, the sector employs more than 3.5 mln peopleRead moreWest wanted to dismember Russia to plunder its wealth, Lavrov saysThe Russian foreign minister noted that the West miscalculatedRead moreRussian stocks close mixed on TuesdayThe yuan exchange rate against the ruble lost 13 kopecks to 12.75 rublesRead moreMoscow to retaliate harshly, painfully to Budapest’s expulsion of diplomats — diplomatForeign Ministry Spokeswoman Maria Zakharova described the Hungarian actions as "Russophobic lobby"Read moreReplication of talks on Ukraine’s possible NATO membership out of question — LavrovThe foreign minister said that Russia had already responded to this scenario, stating that any people in military uniform and deployment of any military facilities would be a legitimate targetRead moreUS Central Command claims to have destroyed five Iranian oil tankersAccording to the US military, this was a response to IRGC attacks on US Navy warships twice over the past two days Read moreRussia open to resolution-oriented talks, no ultimatums — LavrovAccording to the Russian foreign minister, the American negotiators - Steve Whitkoff and Jared Kushner - are addressing the problem rather than demanding something that is unfair and impossibleRead morePutin, Aliyev agree by telephone to intensify Moscow-Baku contactsThe Kremlin press service reported that the heads of state "discussed a number of pressing issues"Read moreLavrov says EU has turned into NATO-like military blocThe Russian foreign minister commentied on Ukraine’s European integration plansRead moreIN BRIEF: Situation around Hungary's expulsion of ten Russian diplomatsRussia’s "response to the Russophobic lobby in Budapest will be harsh and painful," Russian Foreign Ministry Spokeswoman Maria Zakharova said Read moreAlrosa transfers largest gem-quality diamond in Russian history to state repositoryRussian diamond miner Alrosa recovered the 468.30-carat crystal, which measures 56x54x22 millimeters and features a unique fancy amber colorRead moreRisk of large-scale conflict, NATO’s ‘confession’: SVR statementsSVR Director Sergey Naryshkin noted that NATO was interested in prolonging the Ukrainian conflict to limit Russia’s potentialRead moreConfidence in imminent victory, Putin’s visit to India: statements by Kremlin spokesmanRussia has to achieve its goals regarding Ukraine through a special military operation, although it would prefer to do so by peaceful means, Dmitry Peskov noted Read moreIran to use proceeds from Hormuz Strait to improve living standards — lawmakerHassan Ghashghavi said that the revenues will be channeled to provide food vouchers, strengthen the country’s defense and infrastructure capabilities, as well as to improve the standard of living of military personnelRead morePutin may agree to participate in Russia-China-US Summit if such offer is made — LavrovThe Russian foreign minister noted that such format of the summit cannot be considered as exclusive wish by the US, Chinese or Russian sidesRead morePress review: Iran expands its naval war with US and EU blocks US ambitions in GreenlandTop stories from the Russian press on Tuesday, August 8thRead moreSome 1,700 Ukrainian troops encircled in Kharkov Region — Russia’s top brassOver the past 24 hours, the enemy lost up to 40 troops, an armored combat vehicle, two pickup trucks and three quadsRead moreIt’s impossible to monitor moratorium on strikes against ships in the Black Sea — Lavrov"Officials begin to say that they will not survive the winter, that something needs to be done," the russian foreign minister said Read moreRussia’s new radar system integrates AI capable of identifying all types of aerial targetsAccording to the company representative, the ALFA Sverkhdalnost can simultaneously track up to 20 targets flying at speeds ranging from 10 to 270 m/sRead moreUN General Assembly wraps up its 80th sessionDuring its 80th session, the UN General Assembly held 116 plenary meetingsRead moreIN BRIEF: Kremlin comments on accusations from Merz, Ukraine peace, Japanese militarismDmitry Peskov criticized attempts to blame Russia for everything as an expression of Russophobia that could turn into "a persecution mania"Read moreUkrainian settlement requires communicating with Russia — US Treasury SecretaryScott Bessent stated this while commenting on his meeting with Russian Finance Minister Anton SiluanovRead moreUS strikes Iranian oil tanker near Kharg Island — agencyAccording to a report by Tasnim, no one was hurtRead moreIran carries out missile strikes on Jordan airbases hosting US forces — TVAccording to sources cited by SNN, At least 20 missiles were launched at two airbasesRead moreRussia to supply 10 advanced Su-35 fighter jets to China this yearRussia and China signed a contract in November 2015 for the delivery of 24 Su-35 fighter jetsRead moreConversation between Russian, US leaders was 15th since Trump's return to the White HouseThe previous telephone conversation between the Russian and US leaders took place on July 4Read moreDefense industry facilities, logistics centers in Kiev region: targets of Russian strikesRussian forces struck the Kiev-based Reinforced Concrete Structure Plant No. 1 in KievRead moreInterest in Russian weapons shows that they are sometimes superior to Western — NewsweekThe publication notes that foreign customers are convinced of the ability of Russian weapons to compete with their Western analogsRead moreTrump’s understanding of conflict’s root causes allows for useful contacts — LavrovAccording to the top Russian diplomat, the Trump administration has been displaying it from the very beginningRead moreRussia’s response to Ukrainian attacks, West’s strategic error: Lavrov’s statements"The world is multipolar regardless, because America is weakening in terms of its weight in the global economy and, consequently, its influence in global politics," the Russian foreign minister said Read more