Posted on 09/09/2009 11:56:01 PM PDT by TigerLikesRooster
Opec cuts back, Russia ramps up oil exports
MOSCOW -- Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse as Prime Minister Vladimir V. Putin exploits OPEC production cuts to gain market share.
Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the first quarter, according to Energy Ministry data. Saudi shipments fell to about 7 million barrels a day, from 7.39 million, according to International Energy Agency estimates of output and domestic demand.
(Excerpt) Read more at resourceinvestor.com ...
Ping!
No it isn’t. It’s a reminder that we are out of the loop and have been for many moons.
Cornering the market on oil cannot be what is being attempted. Making a lot of money quickly, when a lot of money is needed to maintain what less money would cover a month, two months earlier, is an inflation symptom. Even if those payments are graft.
It is a good thing
It’s nice and hopefully monetarily beneficial for motorists, to see the Russkies under cutting the OPEC jihadist oil barons.
We are out of the loop by our own choice, or, more appropriately, the choice of our elected "officials". Oil companies are sinking wells and finding vast deposits of oil all over the world. Most recently, this past week, BP announced a new, huge oil field in the Gulf of Mexico. Similar oil fields have been discovered off the coast of Brazil and Cuba. Meanwhile, we intentionally restrict drilling on the east and west coasts, along the west coast of Florida and in Alaska where geologists are relatively sure vast oil reserves exist......
Thanks for the ping - great stuff!
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