Iran's President Hassan Rouhani, Russia's Vladimir Putin and Turkey's Tayyip Erdogan meet in Sochi, Russia November 22, 2017. (photo credit: SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS) The Three Amigos
Posted on 03/27/2018 7:38:39 AM PDT by GoldenState_Rose
OPEC and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come.
Crude has recovered to $70 but fast-rising output from U.S. shale producers has capped prices. Russia, never a member of OPEC, has worked alongside OPEC during previous oil gluts, dating back to 1990, but a 10-20 year deal between the two would be unprecedented.
(Excerpt) Read more at cnbc.com ...
There’s one problem: natural gas—which is easier to find, refine and transport—is doing in OPEC. Indeed, Russia actually has the upper hand because they very well know Russia’s current massive natural gas fields are only a small fraction of what could be found in eastern Siberia, which has been mostly unexplored so far.
If the Russians and the Saudis (OPEC) have the power to curb production, they will also have the power to increase production and crash prices if any competition gets in their way.
I can remember a time when monopolistic price fixing was considered illegal. OPEC raised profits for everyone member or not.
Might not have happened if Tillerson was still Sec of State.
Interesting. Can you please expand on that Glenmore?
So Russia is joining OPEC?
From his Exxon tenure Tillerson had to have high and/or back channel contacts in Saudi Arabia. In the past year, on his ‘watch’ we have seen unprecedented internal changes (seemingly for the better) in the Kingdom. Correlation is not causation- but it’s a good place to start looking for it.
Iran's President Hassan Rouhani, Russia's Vladimir Putin and Turkey's Tayyip Erdogan meet in Sochi, Russia November 22, 2017. (photo credit: SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS) The Three Amigos
OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004
...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
2001
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
Thanks GoldenState_Rose.
Saudi Arabia’s Top Cleric: Fighting Jews Forbidden, Hamas a Terror group
United with Israel | Nov 17, 2017 | United with Israel Staff
Posted on 11/19/2017 5:39:32 PM PST by smileyface
http://www.freerepublic.com/focus/news/3606330/posts
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
