Friday, October 9, 2015

Is Russia's Military Operation In Syria 'Rescuing' Global Oil Prices?

Russian President Vladimir Putin, left, and Crown Prince Salman bin Abdulaziz Al Saud of Saudi Arabia during a plenary session at the G20 leaders summit in 2014.

Sputnik: Russia’s Military Operation in Syria Could 'Rescue' Global Oil Prices

The Russian military’s engagement in the Syrian conflict could rescue battered crude oil prices, T. Boone Pickens, a US oil tycoon and Chairman of BP Capital Management, said.

Pickens, who has spent more than 50 years in the oil and gas business, predicted significant changes ahead for the energy market.

There is a "new sheriff in town" in the Middle East – Russia, Pickens told CNBC.

According to him, Russia has made its most significant move back to the region since 1973.

Update #1: Russian military operation in Syria bolsters oil market, domestic stocks -- RT
Update #2: Russia bombing in Syria escalates oil price war with Saudi Arabia -- The Telegraph

WNU Editor: This is one of those stories that deserve more attention and analysis. As to today's oil price .... Oil rally continues on EU data, Syria -- UPI

Update #3: This is story from last year .... and you have to wonder what would have happened if Russia had accepted this offer .... The Saudis floated the idea of higher oil prices to get Russia to stop supporting Assad in Syria (Business Insider).

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