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jreyesc

This Is How ISIS Smuggles Oil - 0 views

www.buzzfeed.com/...this-is-how-isis-smuggles-oil

money Oil Smugglers ISIS ISIL Syria

shared by jreyesc on 13 Nov 14 - No Cached
  • Turkish-Syrian border
  • The militants can make more than $1 million a day selling oil from fields captured in eastern Syria.
  • In recent months, the government has vowed to crack down on illicit oil, and police have targeted smuggling routes, seizing oil drums and digging up pipelines.
  • ...12 more annotations...
  • helped make ISIS the world’s richest extremists.
  • Rebel groups targeted oil resources from the regime in battles often overshadowed by higher-profile fronts in the war — namely in the provinces of Raqqa and Deir Ezzor, where there were refineries and oil fields.
  • Strapped for cash, the rebels smuggled some of the oil to buyers in Turkey, whose government was one of the Syrian opposition’s main backers, having already opened its borders to activists, fighters, and refugees.
  • Omar would receive a call from a commander in the Free Syrian Army (FSA), the U.S.-backed rebel coalition, telling him to head to the Syrian side of the border.
  • If he took in $1,500 in a night, he would give $500 to the FSA commander and another $500 to the Turkish border guards. “You can’t really say that we are smuggling oil, because we take permission from the Turkish side and the Syrian side,” Omar said. “But since it’s under the table, we call it smuggling.”
  • it controlled Raqqa, and soon after it was battling for control of the rebel-held parts of Deir Ezzor.
  • As ISIS gained new oil fields, Omar kept smuggling. He may have worked along an FSA-run border, but he knew he was buying the oil from middlemen who had taken it from ISIS’s hands.
  • For ISIS, the profits were startup funds as it built up its self-styled caliphate, buying weapons and paying salaries.
  • U.S. airstrikes now targeting its oil infrastructure, ISIS can make over $1 million a day from the trade
  • ISIS controls 60% of the oil-producing resources in eastern Syria, he said, plus a handful of marginal oil fields in Iraq.
  • The group sells most of it within its own territory in Iraq and in Syria — which covers more than 12,000 miles, a size comparable to Belgium, and includes some 8 million people, a population approaching Switzerland’s. Desperate residents need the fuel to run their cars, generators, and bakeries.
  • It was the worst example of a wartime pillage that has stripped Syria of everything of value, from scrap metal to precious artifacts. “I just want to show the world what they are doing to my country,” he said.
  • jreyesc on 13 Nov 14
     
    ISIS has become very rich extremist group because of the oil smuggling business they are involved in.
wmulnea

BBC News - Falling oil prices: Who are the winners and losers? - 0 views

www.bbc.com/...business-29643612

shared by wmulnea on 13 Feb 15 - No Cached
  • The reasons for this change are twofold - weak demand in many countries due to insipid economic growth, coupled with surging US production. Added to this is the fact that the oil cartel Opec is determined not to cut production as a way to prop up prices.
  • Russia loses about $2bn in revenues for every dollar fall in the oil price,
  • Russia has confirmed it will not cut production to shore up oil prices.
  • ...12 more annotations...
  • Venezuela is one of the world's largest oil exporters, but thanks to economic mismanagement it was already finding it difficult to pay its way even before the oil price started falling.
  • Saudi Arabia, the world's largest oil exporter and Opec's most influential member, could support global oil prices by cutting back its own production, but there is little sign it wants to do this.
  • There could be two reasons - to try to instil some discipline among fellow Opec oil producers, and perhaps to put the US's burgeoning shale oil and gas industry under pressure.
  • Saudi Arabia needs oil prices to be around $85 in the longer term, it has deep pockets with a reserve fund of some $700bn - so can withstand lower prices for some time.
  • were to force some higher cost producers
  • In the 1980s the country did cut production significantly in a bid to boost prices, but it had little effect and it also badly affected the Saudi economy.
  • Saudi Arabia, Gulf producers such as the United Arab Emirates and Kuwait have also amassed considerable foreign currency reserves, which means that they could run deficits for several years if necessary.
  • Islamic State, capturing oil wells. It is estimated it is making about $3m a day through black market sales - and undercutting market prices by selling at a significant discount - around $30-60 a barrel.
  • "The growth of oil production in North America, particularly in the US, has been staggering," says Columbia University's Jason Bordoff.
  • It has been this growth in US energy production, where gas and oil is extracted from shale formations using hydraulic fracturing or fracking, that has been one of the main drivers of lower oil prices.
  • "Shale has essentially severed the linkage between geopolitical turmoil in the Middle East, and oil price and equities," says Seth Kleinman, head of energy strategy at Citi.
  • With Europe's flagging economies characterised by low inflation and weak growth, any benefits of lower prices would be welcomed by beleaguered governments. A 10% fall in oil prices should lead to a 0.1% increase in economic output, say some. In general consumers benefit through lower energy prices, but eventually low oil prices do erode the conditions that brought them about.
allieggg

Two rival Libyan governments claim to control oil policy | Top News | Reuters - 1 views

af.reuters.com/...idAFKCN0I705N20141018

militias armed groups war middle east policy oil reuters

shared by allieggg on 14 Nov 14 - No Cached
  • Oil traders are concerned about the uncertainty over who is in charge of Libya's vast oil reserves after the Misrata group appointed its own oil minister and took over the official website of state firm National Oil Corp (NOC).
  • ncertainty about the oil industry, which had just started to show signs of recovery after Thinni managed to end a blockage of major eastern ports by groups of rebels demanding autonomy.
  • the newly appointed oil minister, Mashallah al-Zawi,
  • ...6 more annotations...
  • Thinni, whose government is recognised by the international community, responded from Bayda, a town east of Benghazi, where his government has relocated and is trying to stay in contact with ministries almost 1,000 km (620 miles) away in Tripoli.
  • He said oil revenues for the OPEC member state continued to enter a Libyan bank, which transferred them to the central bank.
  • "They are under the control of the state of Libya and the government approved by the Libyan parliament," he said, referring to the elected House of Representatives, which has moved to Tobruk, east of Bayda near the Egyptian border.
  • chairman of National Oil Corp, Mustafa Sanallah
  • Zawi said oil revenue, Libya's sole source of income, would be around only a fifth of last year's level due to the wave of protests at oilfields and ports.
  • Western powers worry that the conflict between the Bayda- and Tripoli-based governments will lead to civil war and that the elected government's nascent army is no match for former rebels of various factions who defy state authority.
  • allieggg on 14 Nov 14
     
    As their sole source of income the control over oil policy and revenue proves to be a huge factor in which government will gain control over the greater Libya. Thinni, the prime minister recognized by the international community, has assured OPEC members that oil revenues are deposited into the Libyan Bank, which then transfers them to the central bank. While this may be true, OPEC members are worried that the continuation of Islamist militant aims for political autonomy through the occupation and attacks on oil ports. BPD have already become a fifth of what they maintained just one year ago. 
wmulnea

Oil and Terror: ISIS and Middle East Economies - 0 views

www.investopedia.com/...-and-middle-east-economies.asp

shared by wmulnea on 02 Mar 15 - No Cached
  • ISIS's economic cost is significant not just for Iraq but also other Middle Eastern countries.
  • Iraq has the fifth largest oil reserves in the world and third highest in the Middle East after Saudi Arabia and Iran.
  • Part of ISIS's rise in Iraq can be attributed to sectarian politics.
  • ...15 more annotations...
  • part of their dissatisfaction came from the distribution of oil revenues. 
  • The mismanagement of oil revenues is also manifest in Iraq's poor infrastructure
  • Though currently the Iraqi government has reserves and surplus funds, mounting expenditures and falling oil prices has economists to project that Iraq will run a deficit next year.
  • it is running a self-sustaining economy, making it the world's richest terror group.
  • Thankfully, 6 of 8 Iraq’s major oil fields lie in the Shia South, which is unlikely to come under ISIS control.
  • It sells crude at a steep discount, at a rate of USD $30 per barrel
  • Turkey runs a huge trade surplus with Iraq, which is likely to slow down dramatically due to lower demand from Iraq.
  • Jordan and Lebanon, which have both absorbed a large number of refugees.
  • Iran’s position seems to be the trickiest of all in that its interests align with those of the US in its fight against ISIS
  • Falling oil prices have definitely curtailed Iran’s ability to intervene without serious consequences for its economy. Iran needs oil prices well above USD $100 for it to balance its budget,
  • Any cooperation between Iran and the US over ISIS could lead to a gradual withdrawal of sanctions, which would allow Iran to sell its oil on the open market and generate revenue. The flip side is that Iran’s oil would surely depress oil prices further.
  • Saudi's allegiances have become muddled.
  • it finds its interests are aligned with those of Iran, a traditional foe, both of which are against ISIS.
  • Russia needs oil prices near USD $100 to balance its budget and Iran needs high oil prices to support its nuclear program.
  • Regionally, ISIS will disrupt and degrade the economy of several states, and that in turn may lead to further political chaos -- which is precisely ISIS's goal.
wmulnea

New Attacks on Libya's Oil Fields Shake Nation's Stability, Energy Markets - WSJ - 0 views

www.wsj.com/...lity-energy-markets-1425840239

shared by wmulnea on 09 Mar 15 - No Cached
  • wmulnea on 09 Mar 15
     
    Another article addressing the recent destruction of Libyan oil fields, the Wall Street Journal points a more direct finger at the Islamic State. This article suggests that militant groups do not have the expertise to take advantage of the oil fields themselves,; therefore, they destroy the oil fields in an attempt to keep rival political factions from using the oil fields to their advantage.
wmulnea

Saudis block OPEC output cut, sending oil price plunging | Reuters - 0 views

uk.reuters.com/...-meeting-idUKKCN0JB0M420141127

shared by wmulnea on 05 Feb 15 - No Cached
  • This outcome set the stage for a battle for market share between OPEC and non-OPEC countries, as a boom in U.S. shale oil production and weaker economic growth in China and Europe have already sent crude prices down by about a third since June.
  • Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
  • "It is a new world for OPEC because they simply cannot manage the market anymore. It is now the market’s turn to dictate prices and they will certainly go lower," said Dr. Gary Ross
  • ...6 more annotations...
  • and Algeria had calling for output cuts of as much as 2 million bpd.
  • The wealthy Gulf states have made clear they are ready to ride out the weak prices that have hurt the likes of Venezuela and Iran
  • hoped that lower prices would help drive some of the higher-cost U.S. shale oil production out of the market.
  • The Organization of the Petroleum Exporting Countries accounts for a third of global oil output.
  • A price war might make some future U.S. shale oil projects uncompetitive due to high production costs, easing competitive pressures on OPEC in the longer term.
  • "We interpret this as Saudi Arabia selling the idea that oil prices in the short term need to go lower, with a floor set at $60 per barrel, in order to have more stability in years ahead at $80 plus," said Olivier Jakob from Petromatrix consultancy.
  • wmulnea on 05 Feb 15
     
    This article suggests that OPEC is losing control of global oil prices. The article addresses budget considerations for smaller OPEC producers, like Venezuela, and the battle over market share between OPEC and gulf producers.
wmulnea

The new economics of oil: Sheikhs v shale | The Economist - 0 views

www.economist.com/...es-will-go-bust-market-will-be

shared by wmulnea on 23 Feb 15 - No Cached
  • The contest between the shalemen and the sheikhs has tipped the world from a shortage of oil to a surplus.
  • Big importing countries such as the euro area, India, Japan and Turkey are enjoying especially big windfalls. Since this money is likely to be spent rather than stashed in a sovereign-wealth fund, global GDP should rise.
  • There will, of course, be losers (see article). Oil-producing countries whose budgets depend on high prices are in particular trouble. The rouble tumbled this week as Russia’s prospects darkened further. Nigeria has been forced to raise interest rates and devalue the naira. Venezuela looks ever closer to defaulting on its debt
  • ...1 more annotation...
  • But Saudi Arabia, in particular, seems mindful of the experience of the 1970s, when a big leap in the price prompted huge investments in new fields, leading to a decade-long glut.
  • wmulnea on 23 Feb 15
     
    This article suggests that increased shale oil production is changing the economy of oil, but at the same time Saudi Arabia is reluctant to slow OPEC production.
aavenda2

Saudi Arabia says won't cut oil output - 0 views

www.reuters.com/...es-saudi-idUSKBN0JZ05W20141221

Saudi Arabia Oil

shared by aavenda2 on 24 Feb 15 - No Cached
  • aavenda2 on 24 Feb 15
     
    Saudi Oil Minister Ali al-Naimi mentions that Saudi Arabia is not going to cut oil production to stabilize oil prices in the market. Instead they will keep the same target output of 30 million barrels per day.
aavenda2

Oil prices edge up in Asian trade extending earlier gains - 0 views

english.alarabiya.net/...es-edge-up-in-Asian-trade.html

Oil Economy Production

shared by aavenda2 on 13 Apr 15 - No Cached
  • aavenda2 on 13 Apr 15
     
    More speculation about oil prices and contracts with Asia as oil productions continue to increase with little proof of future demand in oil
amarsha5

Iran To Countries Capping Oil Output: Good For You! But Not For Us : The Two-Way : NPR - 0 views

www.npr.org/...ut-good-for-you-but-not-for-us

iran oil

shared by amarsha5 on 18 Feb 16 - No Cached
  • amarsha5 on 18 Feb 16
     
    Oil producing countries in the Middle East are in talks with Iran for a joint effort to cap oil output in an attempt to raise up oil prices from the lowest level in 12 years. So far Iran has decided that it will now participate.
wmulnea

How ISIS Is Wrecking Iraq's Biggest Industry - Business Insider - 0 views

www.businessinsider.com/-iraqs-biggest-industry-2014-9

shared by wmulnea on 02 Mar 15 - No Cached
  • The Islamic State has taken over several oil-producing areas in Iraq and Syria, raising fears that the group could leverage its hydrocarbon wealth to the point of economic self-sufficiency.
  • ISIS is indeed producing between 25,000 and 40,000 barrels of oil a day
  • about as much as Poland, Germany, or New Zealand.
  • ...8 more annotations...
  • its oil is of poor quality, and ISIS is likely having trouble transporting it.
  • ISIS is only capable of moving its oil by truck, suggesting that the group hasn't mastered the use of northern Iraq's oil pipeline system.
  • Some experts have estimated that ISIS brings in up to $3 million in revenue each day.
  • Ben Lando of Iraq Oil Report told the Post that ISIS's daily revenue might actually be as low as $250,000 a day.
  • Iraqi fields "are so small and the crude of such poor quality that international companies did not bid to develop them
  • ISIS, which nearly seized a refinery outside of Baghdad in June, is interrupting the one industry that makes Iraq viable not just as an economy, but as a political unit as well.
  • In 2012, the International Energy Agency predicted a nearly 500% increase in Iraqi oil revenue by 2020, and concluded that revenue would double during that period even in a worst-case scenario:
  • its ability to disrupt Iraq's leading industry denies the country of much of its economic potential while degrading vital infrastructure.
aavenda2

​Saudi Arabia confident oil prices will rise, won't cut output - 1 views

rt.com/...16515-saudi-no-production-cuts

Saudi Arabia Oil OPEC

shared by aavenda2 on 24 Feb 15 - No Cached
  • aavenda2 on 24 Feb 15
     
    Saudi Arabia Minister blames the recent decline in oil prices on speculators and lack of cooperation between oil leaders. They are refusing to cut down on their oil production and state "the best thing for everybody is to let the most efficient produce."
jreyesc

How ISIS makes its millions - CNN.com - 2 views

www.cnn.com/...isis-funding

oil smuggling ISIS ISIL turkey

shared by jreyesc on 19 Nov 14 - No Cached
  • Oil-smuggling operations involving millions of barrels have recently been uncovered.
  • oil comes from wells and refineries that ISIS has taken over inside northern Iraq and northern Syria
  • until very recently it was easy to smuggle it into this quiet part of southern Turkey.
  • ...4 more annotations...
  • Turkey, just a half hour's drive away, gasoline costs roughly $7.50 per gallon
  • believes ISIS takes in millions of dollars a month.
  • how much the group spends -- is huge, including salaries, weapons and other expenses.
  • Besides revenue from oil smuggling, the group receives money through donations from wealthy sympathizers in countries including Qatar and Kuwait.
  • jreyesc on 19 Nov 14
     
    This article goes into specific into the way the Islamic State makes their money like oil smuggling. They talk about how IS is taking control of oil wells and refiners.
wmulnea

The 1973 Arab Oil Embargo: The Old Rules No Longer Apply : Parallels : NPR - 0 views

www.npr.org/...-the-old-rules-no-longer-apply

shared by wmulnea on 23 Feb 15 - No Cached
  • wmulnea on 23 Feb 15
     
    NPR examines the history of the 1973 oil embargo and the differences in the global oil market forty years later. The article cites Gal Luft and Anne Korin, suggesting that the U.S. policy of reducing dependence on Middle East oil is "faulty."
wmulnea

Libya's civil war: That it should come to this | The Economist - 3 views

www.economist.com/...factional-chaos-it-should-come

shared by wmulnea on 11 Apr 15 - No Cached
  • It is split between a government in Beida, in the east of the country, which is aligned with the military; and another in Tripoli, in the west, which is dominated by Islamists and militias from western coastal cities
  • Benghazi is again a battlefield.
  • The black plumes of burning oil terminals stretch out over the Mediterranean.
  • ...69 more annotations...
  • Libya looked like the latest fragile blossoming of the Arab spring
  • Army commanders, mostly of Arab Bedouin origin, refused orders to shoot the protesters
  • the revolutionaries cobbled together a National Transitional Council (NTC) claiming to represent all of Libya
  • Volunteers from students to bank managers took up arms, joining popular militias and only sometimes obeying the orders of defecting army commanders trying to take control
  • In August Western bombing of government bases surrounding Tripoli cleared an avenue for the revolutionaries to take the capital.
  • Recognised abroad, popular at home and enjoying the benefits of healthy oil revenues—97% of the government’s income—the NTC was well placed to lay the foundations for a new Libya
  • he judges, academics and lawyers who filled its ranks worried about their own legitimacy and feared confrontation with the militias which, in toppling Qaddafi, had taken his arsenals for their own.
  • militia leaders were already ensconced in the capital’s prime properties
  • The NTC presided over Libya’s first democratic elections in July 2012, and the smooth subsequent handover of power to the General National Congress (GNC) revived popular support for the revolution.
  • Islamist parties won only 19 of 80 seats assigned to parties in the new legislature, and the process left the militias on the outside
  • The Homeland party, founded by Abdel Hakim Belhad
  • tried to advertise its moderation by putting an unveiled woman at the head of its party list in Benghazi
  • The incumbent prime minister, Abdurrahim al-Keib, a university professor who had spent decades in exile, fretted and dithered
  • He bowed to militia demands for their leaders to be appointed to senior ministries, and failed to revive public-works programmes
  • which might have given militiamen jobs
  • Many received handouts without being required to hand in weapons or disband, an incentive which served to swell their ranks
  • the number of revolutionaries registered with the Warriors Affairs Commission set up by the NTC was about 60,000; a year later there were over 200,000. Of some 500 registered militias, almost half came from one city, Misrata.
  • In May 2013 the militias forced parliament to pass a law barring from office anyone who had held a senior position in Qaddafi’s regime after laying siege to government ministries.
  • In the spring of 2014, Khalifa Haftar, a retired general who had earlier returned from two decades of exile in America, forcibly tried to dissolve the GNC and re-establish himself as the armed forces’ commander-in-chief in an operation he called Dignity
  • The elections which followed were a far cry from the happy experience of 2012. In some parts of the country it was too dangerous to go out and vote
  • Such retrenchment has been particularly noticeable among women. In 2011 they created a flurry of new civil associations; now many are back indoors.
  • Turnout in the June 2014 elections was 18%, down from 60% in 2012, and the Islamists fared even worse than before
  • Dismissing the results, an alliance of Islamist, Misratan and Berber militias called Libya Dawn launched a six-week assault on Tripoli. The newly elected parliament decamped to Tobruk, some 1,300km east
  • Grasping for a figleaf of legitimacy, Libya Dawn reconstituted the pre-election GNC and appointed a new government
  • So today Libya is split between two parliaments—both boycotted by their own oppositions and inquorate—two governments, and two central-bank governors.
  • The army—which has two chiefs of staff—is largely split along ethnic lines, with Arab soldiers in Arab tribes rallying around Dignity and the far fewer Misratan and Berber ones around Libya Dawn.
  • Libya Dawn controls the bulk of the territory and probably has more fighters at its disposal.
  • General Haftar’s Dignity, which has based its government in Beida, has air power and, probably, better weaponry
  • the Dignity movement proclaims itself America’s natural ally in the war on terror and the scourge of jihadist Islam
  • Libya Dawn’s commanders present themselves as standard-bearers of the revolution against Qaddafi now continuing the struggle against his former officers
  • Ministers in the east vow to liberate Tripoli from its “occupation” by Islamists, all of whom they denounce as terrorists
  • threatens to take the war to Egypt if Mr Sisi continues to arm the east. Sleeping cells could strike, he warns, drawn from the 2m tribesmen of Libyan origin in Egypt.
  • Yusuf Dawar
  • The struggle over the Gulf of Sirte area, which holds Libya’s main oil terminals and most of its oil reserves, threatens to devastate the country’s primary asset
  • And in the Sahara, where the largest oilfields are, both sides have enlisted ethnic minorities as proxies
  • ibya Dawn has drafted in the brown-skinned Tuareg, southern cousins of the Berbers; Dignity has recruited the black-skinned Toubou. As a result a fresh brawl is brewing in the Saharan oasis of Ubari, which sits at the gates of the al-Sharara oilfield, largest of them all.
  • Oil production has fallen and become much more volatile
  • oil is worth half as much as it was a year ago
  • The Central Bank is now spending at three times the rate that it is taking in oil money
  • The bank is committed to neutrality, but is based in Tripoli
  • Tripoli may have a little more access to cash, but is in bad shape in other ways
  • Fuel supplies and electricity are petering out
  • Crime is rising; carjacking street gangs post their ransom demands on Twitter
  • In Fashloum
  • residents briefly erected barricades to keep out a brigade of Islamists, the Nuwassi
  • “No to Islamists and the al-Qaeda gang” reads the roadside graffiti
  • Libya’s ungoverned spaces are growing,
  • Each month 10,000 migrants set sail for Europe
  • On January 3rd, IS claimed to have extended its reach to Libya’s Sahara too, killing a dozen soldiers at a checkpoint
  • The conflict is as likely to spread as to burn itself out.
  • the Western powers
  • have since been conspicuous by their absence. Chastened by failure in Afghanistan and Iraq, they have watched from the sidelines
  • Obama washed his hands of Libya after Islamists killed his ambassador
  • Italy, the former colonial power, is the last country to have a functioning embassy in Tripoli.
  • Even under Qaddafi the country did not feel so cut off
  • Dignity is supported not just by Mr Sisi but also by the United Arab Emirates, which has sent its own fighter jets into the fray as well as providing arms
  • The UAE’s Gulf rival, Qatar, and Turkey have backed the Islamists and Misratans in the west
  • If oil revenues were to be put into an escrow account, overseas assets frozen and the arms embargo honoured he thinks it might be possible to deprive fighters of the finance that keeps them fighting and force them to the table
  • Until 1963 Libya was governed as three federal provinces—Cyrenaica in the east, Fezzan in the south and Tripolitania in the west
  • The old divisions still matter
  • the marginalised Cyrenaicans harked back to the time when their king split his time between the courts of Tobruk and Beida and when Arabs from the Bedouin tribes of the Green Mountains ran his army
  • Tensions between those tribes and Islamist militias ran high from the start.
  • July 2011 jihadists keen to settle scores with officers who had crushed their revolt in the late 1990s killed the NTC’s commander-in-chief, Abdel Fattah Younis, who came from a powerful Arab tribe in the Green Mountains. In June 2013 the Transitional Council of Barqa (the Arab name for Cyrenaica), a body primarily comprised of Arab tribes, declared the east a separate federal region, and soon after allied tribal militias around the Gulf of Sirte took control of the oilfields.
  • In the west, indigenous Berbers, who make up about a tenth of the population, formed a council of their own and called on larger Berber communities in the Maghreb and Europe for support
  • Port cities started to claim self-government and set up their own border controls.
  • Derna—a small port in the east famed for having sent more jihadists per person to fight in Iraq than anywhere else in the world
  • opposed NATO intervention and insisted that the NTC was a pagan (wadani) not national (watani) council
  • Some in Derna have now declared their allegiance to Abu Bakr al-Baghdadi, the caliph of the so-called Islamic State (IS) in Syria and Iraq.
  • In December the head of America’s Africa command told reporters that IS was training some 200 fighters in the town.
atownen

Russia presents proof of Turkey's role in ISIS oil trade - RT News - 0 views

www.rt.com/...3-russia-briefing-isis-funding

ISIS turkey oil trade Russia

shared by atownen on 27 Mar 16 - No Cached
  • atownen on 27 Mar 16
     
    This report from December 2015, released news from Moscow that uncovered Turkey as ISIS' main destination for smuggling oil. Three main oil routes to Turkey have been discovered. Although ISIS' income from oil smuggling has been significantly reduced from $3 to $1.5 million per day, this still suggests Turkey was not only aware of ISIS' stealing, but aiding and buying.
aavenda2

Saudi Arabia's Muhanna Sees Oil Recovering From 'Temporary' Drop - 0 views

www.bloomberg.com/...d-is-temporary-saudi-s-muhanna

Saudi Oil Future

shared by aavenda2 on 09 Apr 15 - No Cached
  • aavenda2 on 09 Apr 15
     
    An article of Saudi oil leaders projecting their optimistic views on the future of the oil economy. + a very interesting quote "Saudi Arabia sets its crude prices based on refining margins and not politics, al-Muhanna said."
aavenda2

Why a vicious Saudi price war against North American oil producers is doomed to fail | ... - 0 views

business.financialpost.com/...il-producers-is-doomed-to-fail

saudi price war oil

shared by aavenda2 on 09 Apr 15 - No Cached
  • aavenda2 on 09 Apr 15
     
    This article describes the war of oil production between North American Countries and Saudi Arabia. Mentioning different production tactics by these countries & their effect on the future of oil
allieggg

Oil Extends Drop on Libyan Field Restart, OPEC Outlook - Bloomberg - 1 views

www.bloomberg.com/...-rise-less-than-predicted.html

militias oil bloomberg field armed groups war middle east OPEC

shared by allieggg on 14 Nov 14 - No Cached
  • Libya should resume pumping “soon” at Sharara, its biggest-producing oil field prior to the disruption, following an attack yesterday, an official said.
  • “The Sharara disruption highlights the current chaos in Libya, and also how fragile the production is.”
  • climbed $1.49 to $78.68 a barrel yesterday.
  • allieggg on 14 Nov 14
     
    This article basically highlights the significance of Libyan oil fields in terms of the international community. Chaos in Libya not only affects the eastern region, but all OPEC members and importers of crude oil across the globe. After the recent attacks on Sharara, the biggest field in Libya, production has significantly slowed down. Libya's elected parliament assures the global community that they will resume normal outputs soon, but as the country deepens further into civil war, international actors remain skeptical.
wmulnea

OPEC and oil prices: Leaky barrels | The Economist - 1 views

www.economist.com/...dermining-cartel-leaky-barrels

shared by wmulnea on 05 Feb 15 - No Cached
  • OPEC, which produces about a third of the world’s daily consumption of 90m barrels of crude oil
  • cartel
  • anti-glut group
  • ...6 more annotations...
  • the country will produce 14m barrels a day (b/d) next year, on a par with Saudi Arabia
  • Iraqi oil exports, stricken by the war and its aftermath, are also set to increase.
  • Libya could be another source of production: its exports have collapsed to only a few hundred thousand barrels a day, against 1.6m in June last year.
  • OPEC’s best hope is continued American protectionism. Any easing of the restrictions on the export of liquefied natural gas (LNG) or crude will exert more downward pressure on the oil price.
  • But that would cede market share to their hated rivals, Iran and Iraq.
  • America’s domestic production of crude (and gas, which displaces some oil) is rocketing.
  • wmulnea on 05 Feb 15
     
    This article briefly addresses the current global petroleum market, outlining the top national producers and their current import/export strategies. The article is a good overview of the global politcs affecting oil prices.
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