Posted on 10/16/2018 3:53:30 PM PDT by bananaman22
Saudi Arabia has not only called the end of Russia’s prominence as a global oil behemoth, but anticipates that Russia’s oil exports “will have declined heavily if not disappeared” within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg.
When asked whether Russia and Saudi Arabia had made a backroom deal to increase oil production, MbS was more tight-lipped, saying only that Saudi Arabia was “ready to supply any demand and any disappearing from Iran.” With Russia out of the game, Saudi Arabia would have plenty of oil demand to service, according to MbS.
MbS did not comment on his rationale for Russia’s exit as a major oil producer.
(Excerpt) Read more at oilprice.com ...
The forecast from Venezuela is for the price of rat meat to skyrocket.
What's bad for Russian oil is good for Saudi Arabia A'.
Well, I'll take the opposite side of Obama... When push comes to shove, I'll stand against islam...
Venezuela’s exports are falling even faster than predicted. How long before ships from Venezuela with refugees are showing up in the Gulf?
At the wire it is the USA coming back from third to take the roses. Wonder why?
So, does anyone have a guess as to why Russian output would fall almost to zero???
Exports I mean - not “output”.
OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004
...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
2001
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
Note: this topic is from . Thanks bananaman22.
Saudi Arabia has not only called the end of Russia’s prominence as a global oil behemoth, but anticipates that Russia’s oil exports “will have declined heavily if not disappeared” within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg.
Currently, the EU buys about 45 percent of its oil from Russia, 35% from the Gulf states, 15% from Norway (which is not an EU member), and the balanace from other sources such as the US and EU members with North Sea production. And I'll bet we all wondered why there's such a push on for "greenhouse gas emission reduction" and a move to electric cars...
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