Tag Archives: oil

Russia to start pricing oil in their own currency

Russia oil trading currency ruble Putin

It appears Russia is close to taking the next big step towards de-dollarization and killing the petro-dollar as Vladimir Putin‘s “dream” of ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging …

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Iran to dump US dollar in oil trade, settle in euro instead

US dollar dumped oil trade

Iran wants post-sanctions’ oil contracts denominated in dollars and have buyers pay in euros, Reuters reported. Tehran is also keen to receive money owed to it since the pre-sanctions days in the European currency. The country’s crude deliveries are to be restored soon, with companies such as the French giant …

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Russian fighter jets destroy ISIS oil convoy headed to Turkey

ISIS oil Turkey Russia jets Syria

One month ago, after a farcial year-long campaign to “destroy” ISIS, which achieved absolutely nothing but made the Islamic State grow bigger and stronger, culminating with the numerous terrorist attacks in the month of November, former CIA deputy director Michael Morell told Charlie Rose on PBS that the reason the US had …

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US and Turkey caught covering up ISIS oil trade

Erdogan Obama Turkey United States ISIS

Both Ankara and Washington were obliged to inform the UN Security Council about ISIS illegally trafficking stolen oil, but didn’t, Russia’s UN envoy said in an interview, adding that this is against the UN resolution on financing terrorism. “We’ve got serious complaints about the implementation of [UN] resolution (#2199, banning …

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Saudi empire headed for collapse

Saudi King Salman

For the past eight decades Saudi Arabia has been careful. Using its vast oil wealth, it’s quietly spread its ultra-conservative brand of Islam throughout the Muslim world, secretly undermined secular regimes in its region, and prudently kept to the shadows while others did the fighting and dying. It was Saudi money that …

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Saudi Arabia could be bankrupt by 2020 – IMF

Saudi Arabia Faisaliah Tower

The Middle East’s biggest economy, Saudi Arabia may run out of financial assets within the next five years if the government maintains its current policies, warns the International Monetary Fund. Saudi Arabia is expected to run a budget deficit of 21.6 percent in 2015 and 19.4 percent in 2016, according …

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Israel discovers enormous oil deposit in occupied Golan Heights, Syria

Israel Golan Heights Syria

Editor’s note: Genie Energy which is also exploiting oil from Syria’s Golan Heights has strategic members on the board including former Vice President Dick Cheney, Michael Steinhardt, Jacob Rothschild and Rupert Murdoch. Israeli oil prospectors have discovered a large oil deposit in the Golan Heights, a Syrian territory which it has occupied …

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China to dump the US dollar in oil trade

China crude oil yuan

China is planning to launch its own oil benchmark in October, similar to Brent and WTI, striving for a more important role in establishing crude prices. Unlike the Western benchmarks, the Chinese contracts will be nominated in the yuan, not the US dollar. Shanghai International Energy Exchange sent a draft …

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