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Oil wars: Saudi vs the world?

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As global oil prices tumble, we ask why the country that is OPEC’s kingpin is doing nothing to stop it.

There are winners and losers in every economic situation, but few have the impact of one involving oil. The price of Brent crude, which at one time priced 90 percent of the world’s oil, has tumbled by one-fifth. And analysts believe the price could fall to as low as $60 a barrel.

Already at $80, it is a major adjustment for countries trying balance their budgets. And the question is not what, but who is driving oil prices, and what the fallout means for ordinary people and the global economy.

Many would expect Saudi Arabia to be defending higher prices, but that is not exactly the case. So why is Saudi doing this? And what will be the outcome for everyone else? The answer depends on where you are standing.

In Russia, the belief is that this is punishment for what has happened in Ukraine and for Russia’s ongoing support of Syria’s Bashar al-Assad. While in the shale fields of the United States, it is thought the Saudis are trying to maintain lucrative oil contracts with Asia, which would set back those US company attempts to get their export ban lifted by Washington. At $80 a barrel, US oil companies would need to shut down or cancel new shale projects.

For some perspective on the current situation, Hilda Mulock-Houwer, the global head of energy at KPMG, speaks to Counting the Cost about the different theories behind Saudi Arabia not defending higher oil prices and the impact on the global economy.

Tunisia’s youth unemployment crisis

Four years ago, Tunisia was the trigger for the rest of the Arab Spring. And the trigger for so much of the Arab world’s revolution was jobs. Joblessness and the economy are important things everywhere in the world.

From Tunisia, where 17 percent of people are still jobless and almost one-third of graduates cannot find work, Al Jazeera’s Nazanine Moshiri filed a report ahead of the elections.

Kenya’s economic revision

Kenya has revised the size of its economy by reinterpreting the figures and the measures used to create a new reality. It is now the ninth-largest economy on the African continent.

But despite that, Kenya does have a vision – on paper at least. And the man charged with charting a course for Kenya’s economy is Gituro Wainaina, the CEO of Vision 2030 in Kenya. He speaks to Counting the Cost from Nairobi.

Al Jazeera’s Catherine Soi also investigates whether an economic revision means anything to the everyday Kenyan.

Chile’s unstealable bikes

Finally this week, we look at bicycles, which are the number one form of transportation in the world.

Easy to use, cheap, environmentally friendly, and ridiculously easy to steal – except for one from Chile, which is the unstealable bike. Lucia Newman met its inventors in Santiago.

Aljazeera



14 Comments on "Oil wars: Saudi vs the world?"

  1. Kenz300 on Sat, 25th Oct 2014 9:19 pm 

    The Saudi’s want to make the competition think twice about making those risky shale, tar sands and deep water investments.. A few bankruptcies to scare off some of the competition and then the price goes back up.

    Quote — ” we look at bicycles, which are the number one form of transportation in the world.”

    Number one form of transportation? WOW !

    If you ride your bicycle you do not worry about the daily price fluctuations of gasoline or diesel.

    Some cities encourage bikes………. they provide safe walking and biking lanes and trails. Cities also encourage businesses and apartments to provide safe places to lock or store a bicycle. Encourage your elected officials to do more.

    Top 10 Cycling-Friendly Cities – YouTube
    https://www.youtube.com/watch?v=ycKXeKfu4lo
    ———————
    Bike Friendly Cities, The Journey to School – YouTube
    https://www.youtube.com/watch?v=4-XenU6UEp8

  2. C on Sat, 25th Oct 2014 9:52 pm 

    “At $80 a barrel, US oil companies would need to shut down or cancel new shale projects”.

    My thought had always been that we dig and drill to go to heroic lengths and try to deny peak oil. Now it looks it could be deliberately set in motion by some to their advantage. This is like multiplying two negative numbers: run in reverse to move forward, lol.

  3. shortonoil on Sun, 26th Oct 2014 8:10 am 

    “And analysts believe the price could fall to as low as $60 a barrel.”

    We hate to inform these analysts but the price of oil is falling toward $0.00/barrel. That will occur sometime in the 2030-2035 time frame. This is happening because the world’s petroleum supply is depleting, and we are now using the last 25% of the total reserve that is worth extracting. The price of petroleum can not exceed the value of the energy it supplies. The energy it supplies is declining as the energy to produce it is increasing.

    Saudi Arabia can do nothing to effect the thermodynamics that control the petroleum production process. As we approach the end of the oil age the highest cost production will be phased out first. The cat is out of the bag; the oil age is ending, and in its last stages it will be every man for himself.

    http://www.thehillsgroup.org/

  4. rockman on Sun, 26th Oct 2014 8:15 am 

    “If you ride your bicycle you do not worry about the daily price fluctuations of gasoline or diesel.” If you cook your food and heat/cool your home with petroleum products and if your job depends upon the same you’ll pay very close attention to price fluctuations.

  5. Nony on Sun, 26th Oct 2014 10:19 am 

    I think the implicit threat of SA to withdraw/flood the market has some factor in pushing prices higher. But perhaps the recent drop from 110 to 85 (Brent) is about the world DISCOUNTING that factor. After all, shale is pretty easy-on, easy-off and has risen to become 4 million BPD.

  6. JuanP on Sun, 26th Oct 2014 11:03 am 

    If the Saudis are playing a game, it is a very dangerous one. I have no idea what is going on right now. The only thing I am 100% certain of is that our futures will be determined by overpopulation, increasing scarcity, diminishing returns, CC, and brutal environmental destruction. The rest is anyone’s guess.

  7. bobinget on Sun, 26th Oct 2014 12:02 pm 

    Kenz300
    What may I inquire is ‘risky’ about oil sands investments? Damaging to the environment,
    both in mining and consumption, sure but is not every other single energy source?

    Risk? Drilling four multi million dollar ultra deep water wells, three dry.. that’s risk.

    Generation 60% of America’s electricity with coal risks the health of everyone.

    Fraccing without proper regulations and enforcement,
    now, we are talking some risk.

    Arctic drilling with no infrastructure in place to clean-up ‘spills’ must be riskier then knowing exactly where
    the best bitumen is located and mining it in place.

    When oil companies prepare for Arctic or other ultra deep they have only a ball-park figure of costs.
    Every six months or so one or the other bitumen retorts explodes into flame. Since 1965 when Suncor
    began ‘refining’ oil sands there have been fewer deaths on site then take place in North Dakota on an average Saturday night bar fight night.

    Oil sands excavation and in-situ may be hard on near by environment but does the US need to send a million troops thousands of miles, spend trillions of dollars to “protect our oil” ? Did ‘tar’ sands despoil
    generations of Africans, Arabs and Persians ?

    Currently, the West is on a ‘crusade’ in the Mideast
    that almost certainly last yet another generation.
    All In the name of defeating terrorism. When ME oil gets too expensive to lift, we can always propose a pipeline from annexed Canada’s oil sands.

  8. bobinget on Sun, 26th Oct 2014 12:45 pm 

    List of oil related wars currently in progress;
    but First. Here are subjects on America’s ‘minds’.
    Top Stories;
    Kansas City Royals
    Ebola
    Ottawa
    Marysville
    Dilma Rousseff
    Sinai Peninsula*
    Police
    California
    Jack Bruce
    Taylor Swift

    *That war in Sinai is all about Islamic interaction.
    But, because Egypt gets most oil from KSA it’s
    more then likely to do with intermural centuries old
    disagreements. Iran is indeed arming militants.
    Wars like this last till economic conditions improve and regional over-population diminishes. (30 years?)

    Watch list:

    Yemen, Saudi Arabia (on going)
    Syria, Iran, Iraq, KSA, USA, IS, Kurdistan, UAR
    Sudan, South Sudan
    Nigeria, (Boko Haram)
    Qatar, Afghanistan, Iraq, Libya, Lebanon, Somalia and Iran.
    Throw in France and Russia as backers.

    Big ‘terrorist’ story in Canada (2 dead). While Mexico’s
    55,000 dead war goes largely unreported because it simply lasted too long.

  9. nemteck on Sun, 26th Oct 2014 2:33 pm 

    We all know that the shale oil production is diminishing in a few years. Then, the US has to import more crude than they do now to compensate. Consequently, the US then competes with other buyers and the oil price rises.

    So, how can the oil price be $0.0 in 2030-2035 except if all cars in the world stand still together with all industry and agricultural activities? Shortonoil’s entropy reaches a maximum and that is the end of the world.

    But wait and don’t worry! We will have finally abandoned energy from fusion reactors.

  10. bobinget on Sun, 26th Oct 2014 4:43 pm 

    nemteck,

    How can you be so certain shale production will tail off as you say? Why not modify that statement to “US shale production”. Production from fields in Asia and South America are still in infancy.

    In December, Chinese are beginning construction of a canal in Nicaragua to handle tankers too large to enter the Panama canal. (2.4 Million Barrrels)

    This will be the biggest canal ever attempted by men.

  11. Dredd on Mon, 27th Oct 2014 8:46 am 

    The universal smedley meme persists.

  12. bobinget on Mon, 27th Oct 2014 4:42 pm 

    Oil Wars: Iraq/Syria

    “Isis thinks that if a woman kills one of them, he cannot go to Paradise. He will go to hell”.

    Frontline news:
    Isis targets Baghdad with wave of car bombs and mortar attacks killing 150

    Islamic State militants have targeted the Iraqi capital Baghdad with a wave of devastating car bombs and mortar attacks, killing at least 150 people since Sunday, in an escalating campaign of violence and mayhem.

    Four car bombs hit Shia districts of Baghdad on Thursday afternoon. At least 36 people were killed and 98 wounded within the space of two hours, Iraqi officials said. The deadliest attack took place when two parked car bombs exploded simultaneously in the northern Dolaie neighbourhood, killing 14 civilians.

    In the eastern suburb of Talibiyah, a suicide bomber rammed his car into a police checkpoint, killing at least 12 people, they added. The dead included seven policemen and five civilians.

    These latest attacks follow a series of dramatic advances in Iraq by Isis fighters, who have succeeded in capturing most of the sprawling Anbar province to the west of Baghdad.

    In recent weeks the jihadists have taken control of the city of Hit, and have attacked the provincial capital of Ramadi, 70 miles west of Baghdad. Iraqi government troops have fallen back to an air base in the desert outside Hit.

    Isis has comprehensively consolidated its grip on the Sunni area, which borders Syria, Jordan, Saudi Arabia and the governorate of Baghdad.

    Isis fighters are now encamped on the outskirts of the capital, and appear to be able to target important installations with relative ease. Earlier this month four mortar shells rocked the Green Zone in the heart of Baghdad, home to the US embassy and numerous government buildings.

    The jihadists have also fired off mortars at the Shia northern district of Kadhimiya. On Tuesday night they succeeded in killing a member of parliament.

    Western observers say Isis is putting pressure on the government of Haider al-Abadi, Iraq’s new prime minister. They do not believe Baghdad is in imminent danger of falling to Isis – or at least not yet. “Baghdad was always the target. You can rampage in Mosul and take vast swaths of Anbar. The taking of Anbar was just to set up a platform to move on Baghdad,” Toby Dodge, director of the Middle East centre at LSE, said. “Isis has strategy and it has tactics. The strategy is to take Baghdad. The tactic is to press on the weakest spots.”

    After capturing Mosul, Iraq’s second city, and others areas in early summer Isis fighters surged towards the capital. They paused this operation in July and August, when the Iraqi army and Shia militias staged a concerted fightback.

    Isis was now renewing its offensive, Dodge suggested. “They have extended networks in Baghdad. Clearly it was only a matter of time before they went back to their main target. But this isn’t the Battle for Baghdad.”

    US and allied air strikes had made little difference, he added, with Isis “quickly adapting”.

    Fighting continued in the northern Syrian town of Kobani, where Kurdish units said there was little sign of an Isis retreat. Some reports said Isis had abandoned parts of the territory it occupied after taking heavy casualties.

    Speaking from inside Kobani, Ismet Sheikh Hasan, a commander with the main Kurdish militia defending the town, said: “On Wednesday night they started again, coming at us with a lot of strength. Whoever said Isis is retreating is wrong. They are still here in Kaniya Kurda [east] and on the region of Mistenur Hill. There are a lot of them here. They are using a lot of mortars still.” Gunfire could be heard down the phone line.

    Isis has besieged Kobani for 31 days. Kurdish fighters from the YPG, the People’s Protection Unit, have partially stayed their advance with the help of US air strikes. In the last two days, US-led coalition forces have conducted more than 40 air strikes against Isis in the area surrounding Kobani – a huge increase from when the air strikes began a fortnight ago.

    Sources close to the Kurdish forces who are monitoring the battle said on Thursday that in a month of fighting about 1,290 Isis militants have been killed, compared with only 189 from the YPG-led forces inside Kobani. In response to this bombardment Isis has moved back to villages on the outskirts of the city to the south and west of Kobani.

    The black flag of Isis raised more than a week ago on a hill in the city’s east had gone, but Hasan said Isis still had control of the area and are using the homes for cover from the strikes. “The flag is down but Isis still has that area,” he said. “The air strikes are helping but Isis is separating out and going into the houses in the area to protect themselves.”

    He said the only area where they have really pushed Isis back is in the west, where the YPG has regained control of a village close to the city. “We took it and now we are fighting for another one, further west.”

    Despite the persistence of Isis, Hasan says he does believe the militants might eventually be forced to retreat. “If I didn’t believe this then I wouldn’t be here fighting,” he said.

    At least four fighters with the women’s arm of the YPG – known as the Women’s Protection Unit or YPJ – were killed and buried in Turkey on Tuesday after dying from their injuries in the Turkish hospital across the border.

    Hasan said the women had a special psychological power against Isis. “Isis thinks that if a woman kills one of them, he cannot go to Paradise. He will go to hell. So the Kurdish women from Kobani want to fight Isis very much. They are very willing. And they are very proud. We are sad that they have died. But all the women who fight right now are here because they want to fight.”

  13. bobinget on Mon, 27th Oct 2014 4:50 pm 

    Not so Secret Deal: (cold war tactics gone bad)

    The Secret Stupid Saudi-US Deal on Syria. Oil Gas Pipeline War

    The details are emerging of a new secret and quite stupid Saudi-US deal on Syria and the so-called IS. It involves oil and gas control of the entire region and the weakening of Russia and Iran by Saudi Arabian flooding the world market with cheap oil. Details were concluded in the September meeting by US Secretary of State John Kerry and the Saudi King. The unintended consequence will be to push Russia even faster to turn east to China and Eurasia.

    One of the weirdest anomalies of the recent NATO bombing campaign, allegedly against the ISIS or IS or ISIL or Daash, depending on your preference, is the fact that with major war raging in the world’s richest oil region, the price of crude oil has been dropping, dramatically so. Since June when ISIS suddenly captured the oil-rich region of Iraq around Mosul and Kirkuk, the benchmark Brent price of crude oil dropped some 20% from $112 to about $88. World daily demand for oil has not dropped by 20% however. China oil demand has not fallen 20% nor has US domestic shale oil stock risen by 21%.

    What has happened is that the long-time US ally inside OPEC, the kingdom of Saudi Arabia, has been flooding the market with deep discounted oil, triggering a price war within OPEC, with Iran following suit and panic selling short in oil futures markets. The Saudis are targeting sales to Asia for the discounts and in particular, its major Asian customer, China where it is reportedly offering its crude for a mere $50 to $60 a barrel rather than the earlier price of around $100. [1] That Saudi financial discounting operation in turn is by all appearance being coordinated with a US Treasury financial warfare operation, via its Office of Terrorism and Financial Intelligence, in cooperation with a handful of inside players on Wall Street who control oil derivatives trading. The result is a market panic that is gaining momentum daily. China is quite happy to buy the cheap oil, but her close allies, Russia and Iran, are being hit severely.

    The deal

    According to Rashid Abanmy, President of the Riyadh-based Saudi Arabia Oil Policies and Strategic Expectations Center, the dramatic price collapse is being deliberately caused by the Saudis, OPEC’s largest producer. The public reason claimed is to gain new markets in a global market of weakening oil demand. The real reason, according to Abanmy, is to put pressure on Iran on her nuclear program, and on Russia to end her support for Bashar al-Assad in Syria.[2]

    When combined with the financial losses of Russian state natural gas sales to Ukraine and prospects of a US-instigated cutoff of the transit of Russian gas to the huge EU market this winter as EU stockpiles become low, the pressure on oil prices hits Moscow doubly. More than 50% of Russian state revenue comes from its export sales of oil and gas.

    The US-Saudi oil price manipulation is aimed at destabilizing several strong opponents of US globalist policies. Targets include Iran and Syria, both allies of Russia in opposing a US sole Superpower. The principal target, however, is Putin’s Russia, the single greatest threat today to that Superpower hegemony. The strategy is similar to what the US did with Saudi Arabia in 1986 when they flooded the world with Saudi oil, collapsing the price to below $10 a barrel and destroying the economy of then-Soviet ally, Saddam Hussein in Iraq and, ultimately, of the Soviet economy, paving the way for the fall of the Soviet Union. Today, the hope is that a collapse of Russian oil revenues, combined with select pin-prick sanctions designed by the US Treasury’s Office of Terrorism and Financial Intelligence will dramatically weaken Putin’s enormous domestic support and create conditions for his ultimate overthrow. It is doomed to fail for many reasons, not the least, because Putin’s Russia has taken major strategic steps together with China and other nations to lessen its dependence on the West. In fact the oil weapon is accelerating recent Russian moves to focus its economic power on national interests and lessen dependence on the Dollar system. If the dollar ceases being the currency of world trade, especially oil trade, the US Treasury faces financial catastrophe. For this reason, I call the Kerry-Abdullah oil war a very stupid tactic.

    The Kerry-Abdullah secret deal

    On September 11, US Secretary of State Kerry met Saudi King Abdullah at his palace on the Red Sea. The King invited former head of Saudi intelligence, Prince Bandar to attend. There a deal was hammered out which saw Saudi support for the Syrian airstrikes against ISIS on condition Washington backed the Saudis in toppling Assad, a firm ally of Russia and de facto of Iran and an obstacle to Saudi and UAE plans to control the emerging EU natural gas market and destroy Russia’s lucrative EU trade. A report in the Wall Street Journal noted there had been “months of behind-the-scenes work by the US and Arab leaders, who agreed on the need to cooperate against Islamic State, but not how or when. The process gave the Saudis leverage to extract a fresh US commitment to beef up training for rebels fighting Mr. Assad, whose demise the Saudis still see as a top priority.” [3]

    For the Saudis the war is between two competing age-old vectors of Islam. Saudi Arabia, home to the sacred cities of Mecca and Medina, claims de facto supremacy in the Islamic world of Sunni Islam. The Saudi Sunni form is ultra-conservative Wahhabism, named for an 18th Century Bedouin Islamic fundamentalist or Salafist named Muhammad ibn Abd al-Wahha. The Taliban derive from Wahhabism with the aid of Saudi-financed religious instruction. The Gulf Emirates and Kuwait also adhere to the Sunni Wahhabism of the Saudis, as does the Emir of Qatar. Iran on the other hand historically is the heart of the smaller branch of Islam, the Shi’ite. Iraq’s population is some 61% majority Shi’ite. Syria’s President, Bashar al-Assad is a member of a satellite of the Shi’ite branch known as Alawite. Some 23% of Turkey is also Alawite Muslim. To complicate the picture more, across a bridge from Saudi Arabia sits the tiny island country, Bahrain where as many as 75% of the population is Shi’ite but the ruling Al-Khalifa family is Sunni and firmly tied to Saudi Arabia. Moreover, the richest Saudi oil region is dominated by Shi’ite Muslims who work the oil installations of Ras Tanura.

    An oil and gas pipeline war

    These historic fault lines inside Islam which lay dormant, were brought into a state of open warfare with the launching of the US State Department and CIA’s Islamic Holy War, otherwise known as the Arab Spring. Washington neo-conservatives embedded inside the Obama Administration in a form of “Deep State” secret network, and their allied media such as the Washington Post, advocated US covert backing of a pet CIA project known as the Muslim Brotherhood. As I detail in my most recent book, Amerikas’ Heiliger Krieg, the CIA had cultivated ties to the terrorist Muslim Brotherhood death cult since the early 1950’s.

    Now if we map the resources of known natural gas reserves in the entire Persian Gulf region, the motives of the Saudi-led Qatar and UAE in financing with billions of dollars the opposition to Assad, including the Sunni ISIS, becomes clearer. Natural gas has become the favored “clean energy” source for the 21st Century and the EU is the world’s largest growth market for gas, a major reason Washington wants to break the Gazprom-EU supply dependency to weaken Russia and keep control over the EU via loyal proxies like Qatar.

    The world’s largest known natural gas reservoir sits in the middle of the Persian Gulf straddling part in the territorial waters of Qatar and part in Iran. The Iranian part is called North Pars. In 2006 China’s state-owned CNOOC signed an agreement with Iran to develop North Pars and build LNG infrastructure to bring the gas to China.[4]

    The Qatar side of the Persian Gulf, called North Field, contains the world’s third largest known natural gas reserves behind Russia and Iran.

    In July 2011, the governments of Syria, Iran and Iraq signed an historic gas pipeline energy agreement which went largely unnoticed in the midst of the NATO-Saudi-Qatari war to remove Assad. The pipeline, envisioned to cost $10 billion and take three years to complete, would run from the Iranian Port Assalouyeh near the South Pars gas field in the Persian Gulf, to Damascus in Syria via Iraq territory. The agreement would make Syria the center of assembly and production in conjunction with the reserves of Lebanon. This is a geopolitically strategic space that geographically opens for the first time, extending from Iran to Iraq, Syria and Lebanon.[5] As Asia Times correspondent Pepe Escobar put it, “The Iran-Iraq-Syria pipeline – if it’s ever built – would solidify a predominantly Shi’ite axis through an economic, steel umbilical cord.”[6]

    Shortly after signing with Iran and Iraq, on August 16, 2011, Bashar al-Assad’s Syrian Ministry of Oil announced the discovery of a gas well in the Area of Qarah in the Central Region of Syria near Homs. Gazprom, with Assad in power, would be a major investor or operator of the new gas fields in Syria. [7] Iran ultimately plans to extend the pipeline from Damascus to Lebanon’s Mediterranean port where it would be delivered to the huge EU market. Syria would buy Iranian gas along with a current Iraqi agreement to buy Iranian gas from Iran’s part of South Pars field.[8]

    Qatar, today the world’s largest exporter of LNG, largely to Asia, wants the same EU market that Iran and Syria eye. For that, they would build pipelines to the Mediterranean. Here is where getting rid of the pro-Iran Assad is essential. In 2009 Qatar approached Bashar al-Assad to propose construction of a gas pipeline from Qatar’s north Field through Syria on to Turkey and to the EU. Assad refused, citing Syria’s long friendly relations with Russia and Gazprom. That refusal combined with the Iran-Iraq-Syria gas pipeline agreement in 2011 ignited the full-scale Saudi and Qatari assault on Assad’s power, financing al Qaeda terrorists, recruits of Jihadist fanatics willing to kill Alawite and Shi’ite “infidels” for $100 a month and a Kalishnikov. The Washington neo-conservative warhawks in and around the Obama White House, along with their allies in the right-wing Netanyahu government, were cheering from the bleachers as Syria went up in flames after spring 2011.

    Today the US-backed wars in Ukraine and in Syria are but two fronts in the same strategic war to cripple Russia and China and to rupture any Eurasian counter-pole to a US-controlled New World Order. In each, control of energy pipelines, this time primarily of natural gas pipelines—from Russia to the EU via Ukraine and from Iran and Syria to the EU via Syria—is the strategic goal. The true aim of the US and Israel backed ISIS is to give the pretext for bombing Assad’s vital grain silos and oil refineries to cripple the economy in preparation for a “Ghaddafi-”style elimination of Russia and China and Iran-ally Bashar al-Assad.

    In a narrow sense, as Washington neo-conservatives see it, who controls Syria could control the Middle East. And from Syria, gateway to Asia, he will hold the key to Russia House, as well as that of China via the Silk Road.

    Religious wars have historically been the most savage of all wars and this one is no exception, especially when trillions of dollars in oil and gas revenues are at stake. Why is the secret Kerry-Abdullah deal on Syria reached on September 11 stupid? Because the brilliant tacticians in Washington and Riyadh and Doha and to an extent in Ankara are unable to look at the interconnectedness of all the dis-order and destruction they foment, to look beyond their visions of control of the oil and gas flows as the basis of their illegitimate power. They are planting the seeds of their own destruction in the end.
    William Engdahl is author of A Century of War: Anglo-American Oil Politics in the New World Order. He is a contributing author at BFP and may be contacted through his website at http://www.engdahl.oilgeopolitics.net where this article was originally published.

    Notes:

    [1] M. Rochan, Crude Oil Drops Amid Global Demand Concerns, IB Times, October 11, 2014 http://www.ibtimes.co.uk/crude-oil-drops-amid-global-demand-concerns-1469524

  14. bobinget on Mon, 27th Oct 2014 5:04 pm 

    Historic..

    Make no mistake readers, we are witness to an epic battle for oil supremacy.

    I still maintain… At the end of day, Russia and Iran will, without firing a shot, become the ‘new’ OPEC leaders.

    November will see epic battles in both Syria and Iraq.
    IS needs to act quickly before clumsy democracies
    have time to mobilize.

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