Skip to main content

Putin Is No Dummy, What’s OPEC? Russia Cashes In On Worlds Oil Woes

MOSCOW — Whatever the eventual outcome of the Arab world’s social upheaval, there is a clear economic winner so far: Vladimir V. Putin.

Russia, which pumps more oil than Saudi Arabia, is reaping a windfall from the steep rise in global energy prices resulting from instability in oil regions of the Middle East and North Africa. Riding the high oil prices, the Russian ruble has risen faster againstthe dollar this year than any other currency, which is helpful because it will curb consumer inflation during an election year. But the Russians could not step in to offset any potential big drop in global production, because Russia does not have any oil wells standing idle that would allow it to increase production. Right now Russia is pumping oil at its top capacity.

  History Russian Pipelines

But at last week’s closing of $114, the price of each of those barrels of Ural crude, the country’s main export blend, has risen 24 percent since the beginning of the year. Last week, the prime minister, Mr. Putin, sat down for a televised meeting with Russia’s finance minister, Aleksei L. Kudrin, which was nationally televised on state news channels for the public’s enlightenment as the two discussed, just short of gloating, the benefits to Russia of a global oil panic. Russia, of course, does not have to look back farther than 2008 to see that a spike in the price of oil can be just that — followed by a dizzying drop. But for now, Russian energy is in favor. Russia’s perceived stability was a reason the French energy giant Total cited last week in agreeing to buy about 12 percent of an independent natural gas producer in Russia, Novatek, and join a liquefied natural gas project in the Russian Arctic.

“The upheavals taking place in a number of the oil- and gas-producing countries now send a signal to investors to come to Russia,” Total’s chief executive, Christophe de Margerie, said in a meeting with President Dmitri A. Medvedev announcing the deal. Oil experts say that because global production capacity for oil is still far larger than world demand, the run-up in prices is being fueled by fear more than by reality. The concern is that the violence in Libya could spread to other member states of the Organization for the Petroleum Exporting Countries, which are primarily Arab nations. Russia is not only outside OPEC, and thus free from the cartel’s production restraints, but also, with its formidable secret police apparatus and a population bulge among the elderly rather than the young, is seen as less vulnerable to an outbreak of social unrest. Russia has long jockeyed against Saudi Arabia, a member of OPEC, to be the world’s top oil-producing nation. Although the Saudis have more production capacity and vastly more reserves, Russia is pumping more oil.more

Comments

Popular posts from this blog

1914 Germany Afrikaner farmer Agreement

thank you Etienne 
translated from Afrikaner to EnglishTo all the people of the white race all over the world, most of all to the German nation: This is an important agreement Concerning the South African Boer people and the German nation. It has to do with an agreement between the Boer rebellion and the German troops in Southwest Africa. The Boer rebellion were lead by leaders of the Afrikaaner nation (General Manie Maritz, General SG Maritz, General Koss Delarey) and who’ll be fought against the English in the Second Anglo-Boer war from 1899 to 1902, where the Afrikaaner nation under hun president In Paul Kruger ulcers completely humiliated by the English when ze ulcers forced to sign the Treaty of Vereeniging in 1902. The atrocities committed against the Boers in the Concentration camps ulcers horriffic to say the least, and at least 30 000 Boer women and Children Were driven from hun farms Which Were torched under Lord Kitchener’s Scorched Earth policies. The attached files are an ima…

Gangs are everywhere, including the burbs, not to worry though 'We Have A Program For That"

TUESDAY, OCTOBER 31, 2006
Hardcore Gangs Hit Ohio Suburbs GANGS IN THE ’BURBS
Subversive element creeping beyond Columbus’ borders
Last year, Westerville North High School suspended two students who flashed MS-13 hand signs and drew gang insignia during an English-asa-second-language class. MS-13, or Mara Salvatrucha, is a notoriously violent street gang with roots in Los Angeles. It was formed by immigrants from El Salvador.

Gang crime isn’t nearly as serious or common in the suburbs as in some Columbus neighborhoods, but suburban schools and police departments are increasingly on watch.
"It’s not so centralized in the inner city as it used to be," said Pat Brooks, a veteran Columbus police gang unit officer.

Suburban police call Brooks and his colleagues when they suspect gang activity in their jurisdictions.

Most of the crack dealers in Reynoldsburg are gang members who live in Columbus, said Tye Downard, a Reynoldsburg police narcotics detective.

They go there to make mor…