Global growth scares are really spooking the markets.  Kazakhstan, central Asia’s biggest crude exporter, devalued.  Bloomberg reports according to the futures markets, the odds of a Saudi devaluation are now the highest since March 2003.  [Note:  Most Middle Eastern currencies are pegged to the dollar]....

The Chairman of Shell stated with oil prices at current levels every oil firm will have to slash its budget, commenting further that most investments outside the Middle East does not make sense.  He further stated oil prices declining another 20% might be too optimistic,...