Pavel Golovkin/Reuters
Reuters: Saudi-Russian axis rules oil markets as Trump fights Iran
DUBAI/LONDON (Reuters) - Iran may be Russia’s ally in the Syrian conflict but when it comes to oil, Tehran’s arch-enemy Saudi Arabia takes precedence - if last week’s OPEC meeting in Vienna is anything to go by.
Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.
But Saudi Arabia and Russia had other ideas. According to three sources close to OPEC and Russia, the world’s two biggest oil exporters agreed in May to work hand in glove to engineer a sizeable increase in oil output - albeit for different reasons.
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Update: Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says (CNBC).
WNU Editor: This Saudi-Russian axis may be ruling for the market for now .... but it is only for now.
One thing we know is true, there is huge untapped oil reserves in the earth just waiting for the right price point.
ReplyDeletePeak oil theory was an example of a theory that caused huge damage to nations because it was false and policy makers didn't believe what the oil people were trying to say. Policy makers had an ideology and they wouldn't let facts cloud their judgement. Much like Man Made Global Warming theory, it will collapse the same way Peak Oil has.
Dear anon
ReplyDeleteYou are wrong on global warming...not man made?
ok: assume it is NOT taking place. Do nothing. If it is taking place we are doomed...If it is Not taking place we are ok
Now: Assume it IS taking place and we try to slow it down or prevent it: If we are right, we will be ok...If we try to stop it and there is nothing to stop, then nothing is really lost.
that, anon, is Pascal's wager. Better to assume it is there and do what can be done than be a know it all, do nothing, and destroy the earth