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West's 30-year vendetta with Iran is finally buried in Davos

The Iranian nuclear deal is on. ....


Anybody betting on oil futures in the belief that Iran's nuclear deal with great powers is a negotiating ploy – to gain time – should be careful. There is a very high likelihood that the sanctions against Iran will be lifted in stages, leading to an extra 1.2 barrels a day on the global market just as Libya, Iraq, and the US all crank up output........

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Mega oil field discovered in southern Russia

....“The field’s reserves are unprecedented, this discovery confirms the high potential of the Astrakhan region in terms of these major discoveries,” Sergey Donskoy, Russia’s Natural Resources Minister said on Wednesday....

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Oil Prices Could Be Just Dollars Away From The “Danger Point”! ISIS Fighters Attack LARGEST Oil Refinery In Iraq, Exxon Evacuates….



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Russia Discovers Massive Arctic Oil Field Which May Be Larger Than Gulf Of Mexico http://www.zerohedge.com/news/2014-09-27/russia-discovers-massive-arctic-oil-field-which-may-be-larger-gulf-mexico …



And in other news, Exxon’s $900 Billion Arctic Prize at Risk After Ukraine http://www.bloomberg.com/news/2014-04-28/exxon-s-900-billion-arctic-prize-at-risk-after-ukraine.html

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Why Oil Is Plunging: The Other Part Of The "Secret Deal" Between The US And Saudi Arabia


...Saudi Arabia plans to sell oil cheap for political reasons, one analyst says.

To pressure Iran to limit its nuclear program, and to change Russia's position on Syria, Riyadh will sell oil below the average spot price at $50 to $60 per barrel in the Asian markets and North America, says Rashid Abanmy, President of the Riyadh-based Saudi Arabia Oil Policies and Strategic Expectations Center. The marked decrease in the price of oil in the last three months, to $92 from $115 per barrel, was caused by Saudi Arabia, according to Abanmy.

With oil demand declining, the ostensible reason for the price drop is to attract new clients, Abanmy said, but the real reason is political. Saudi Arabia wants to get Iran to limit its nuclear energy expansion, and to make Russia change its position of support for the Assad Regime in Syria. Both countries depend heavily on petroleum exports for revenue, and a lower oil price means less money coming in, Abanmy pointed out. The Gulf states will be less affected by the price drop, he added.

The Organization of the Petroleum Exporting Countries, which is the technical arbiter of the price of oil for Saudi Arabia and the 11 other countries that make up the group, won't be able to affect Saudi Arabia's decision, Abanmy maintained.

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.... sources within the NSA have found that it is American oil firms that are aiding ISIS in the theft of oil from Iraq and Syria, paying them less than $25 per barrel with the end profits ending up as substantial donations to America’s opposition party, laundered, as the NSA tells, through Cuba and the Cayman Islands.
First appeared:http://journal-neo.org/2014/10/13/nuclear-threats-enter-the-mainstream/

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Obama’s Stupid Sanctions Give Putin New Oil Bonanza


Obama, or at least the warhawk neo-conservatives pushing him to war everywhere, are beginning to get hit with the boomerang of their stupid economic sanctions against Putin’s Russia.

A few days ago, Russia’s largest oil company, state-run OAO Rosneft, headed by close Putin ally, Igor Sechin, announced discovery of a giant new oil field in Russia’s Arctic north of Murmansk.

The stupid part comes from Obama’s decision to agree to impose sanctions on Sechin and his company and to prohibit US companies from doing business with them.

On September 27, in a joint announcement, Rosneft and US oil giant, ExxonMobil announced discovery of a huge new oil deposit ... in the Kara Sea.....

The first well was the most expensive in ExxonMobil history, costing some $600 million to drill.....

Because of the economic sanctions ... of October 10, ExxonMobil will be forced to withdraw from the Russian project and incur huge losses or violate the US Government sanctions and face severe penalties.

Bravo, Washington! You have just inflicted major damage on one of the largest corporations in the United States. When ExxonMobil did the deal with Rosneft, it gambled that the Arctic region .... could be the company’s salvation in terms of assuring long-term crude supplies. The gamble proved correct and did so just as the ... bureaucrats imposed sanctions on Sechin and the Arctic project.....

.... Sechin is turning east to China. Conveniently for Rosneft, ExxonMobil is forced out just after finishing the most complex and difficult part of the project......

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Meanwhile, This Is Who Is Quietly Buying All The Cheap Oil


In summary, just like Chinese gold imports rise when the price of gold drops; so China does the logical thing with other commodities, (i.e. oil) when prices tumble and instead of selling into the paper rout, it buys all the physical it can get its hands on.

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Who Benefits from the Death of the French Oil Giant Total’s CEO Christophe de Margerie?




Total War over the Petrodollar
The conspiracy theories surrounding the death of Total SA’s chief executive, Christophe de Margerie, started the second the news broke of his death....
De Margerie was one of the few business leaders who spoke out against the isolation of Russia.....
But what could have made de Margerie a total liability is Total’s involvement in plans to build a plant to liquefy natural gas on the Yamal Peninsula of Russia in partnership with Novatek. .... it would facilitate the shipping of 800 million barrels of oil equivalent of LNG to China via the Arctic.
Compounding this sin, Total had just announced that it’s seeking financing for a gas project in Russia in spite of the current sanctions against Russia. It planned to finance its share in the $27-billion Yamal project using ... any other currency but US dollars.....

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Death of Fracking

The sudden drop in oil prices has your average minivan-driving American cheering some long-awaited relief at the pump. And the media is eating it up.

Putin: “Global economy would suffer if oil prices remain at $80 per barrel.”Pundits and analysts alike are claiming that cheap crude is lining our pockets with more spending money… while at the same time punishing our enemies that rely on oil revenues, namely Vladimir Putin.

The problem is, this win-win dream scenario is just that – it’s a myth.

Russia isn’t on the ropes. And Putin isn’t worried.

He knows that the more oil prices tumble, the more it hurts US shale production.

The shale revolution that pushed our reliance on foreign oil down to just 10% is a capital-intensive industry.

It runs on high oil prices. And the majority of US fracking operations are uneconomical at $75 per barrel.

We’re at $82 per barrel now… and domestic production is already winding down. 19 shale rigs went offline just last week. And producers are cutting costs and canceling drilling.

This slide in oil prices is endangering American energy independence and emboldening, not weakening, Russia.

You see, Russian oil companies aren’t concerned with quarterly earning reports. They move in lockstep with the Kremlin.

And Putin doesn’t live by election cycles. He’s not going anywhere.

In fact, this is the perfect opening for Putin’s state-controlled oil companies to make acquisitions at a discount. They’ll emerge from this stronger than ever!

It’s another win for Putin in what we’re calling the Colder War – the epic struggle to control the world’s energy trade.

Casey Research LLC

Comment by intruth on November 1, 2014 @ 3:52 am

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