Posted on 09/26/2014 1:00:21 PM PDT by thackney
Air and missile strikes, thought to be carried out by U.S.-led forces, hit oilfields and Islamic State bases in the eastern Syrian province of Deir al-Zor overnight and early Friday, a monitoring group said.
U.S.-led forces started bombing Islamic State militants in northern and eastern Syria on Tuesday. The United States has been bombing bases of the al Qaeda splinter group in Iraq since last month.
The Friday morning air strikes hit Islamic State bases and positions on the outskirts of the city of al-Mayadin, said the Britain-based Syrian Observatory for Human Rights, which monitors the conflict through a network of sources.
(Excerpt) Read more at rigzone.com ...
For a second straight day, U.S. and Arab country jets took aim at what it the biggest source of ISIS money — black market oil that brings in about $2 million a day.
The British-based Syrian Observatory for Human Rights said the strikes overnight and early Friday hit the Tink oil field as well as the Qouriyeh oil-producing area in Deir el-Zour.
U.S. warplanes also attacked the ISIS headquarters in the town of Mayadeen and militant positions around the border city of Al-Hasakah, according the Observatory, which relies on a network of activists on the ground for its information.
That ought to make oil spike and make many richer and the rest of us poorer.
That ought to make oil spike and make many richer and the rest of us poorer.
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Message for the “rest of us”: better to be a little poorer than to let ISIS run amok.
They are only hitting the micro-refineries as part of their “strategy” because of the environmental concerns. These refineries put out less than 500 barrels a day. This is pure Kabuki theater. This is the equivalent of: “Look, a shiny object!!!!!”
imho the bigger oil story is the sanctions on Russia. That pretty much guarantees their production goes into decline in 4-5 years.
What the ISSIS problems do is curb further investment in Iraq until the threat of war abates. So there won’t be any production growth there.
That leaves pretty much only the USA & Canada as the only players that can raise production for the foreseeable future.
And if prices fall much below 90 —OPEC will curb their production to protect their revenue stream.
This may turn into a very sweet spot for oil for the next couple years.
There’s no telling of course.
The dollar is breaking out into multi year highs. That puts steady downward pressure on the price of oil (and gold)
imho the bigger oil story is the sanctions on Russia. That pretty much guarantees their production goes into decline in 4-5 years.
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I don’t believe the sanction will last many months. And if they do, or others that won’t follow the sanctions will pick the investment slack. That vacuum won’t last.
This article says oilfields in addition to the micro a refineries.
Apparently, through his Kabuki war, Clown Prince nobama has spent most of the US inventory of cruise missiles bombing insignificant targets. Other than above ground pipes, the oil fields are just that: desert fields.
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