Khaled al Otaiby, an official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field near Howta, Saudi Arabia The bank said falling energy prices could mark the death of the commodity supercycle, already struggling as China shifts to a new phase of “smart urbanisation”. Alastair Newton from Nomura said the “geopolitical risk” premium in the oil price should fall but there will be no immediate softening of the oil embargo, adding that talks could still break down over Iran’s heavy water reactor at Arak. America’s rapprochement with Tehran is a dramatic upset in the region’s alliance system at a time when Shia Muslims led by Iran are locked in an epic struggle for Mid-East dominance with a Saudi-led bloc of Sunni regimes. Chris Skrebowski, editor of Petroleum Review, said the great unknown is how Saudi Arabia will react to a move deemed […]