Release of strategic reserves (to counter Libya’s absence) rattles world oil market

Thursday, June 23rd 2011 - 23:19 UTC

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Oil rose in New York, recovering from a plunge sparked by an International Energy Agency announcement that its members will release crude from strategic reserves. Read full article

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GeoffWard
This is the battle ground of the Sunni - Shia war for dominance of the Middle East.
Venezuela etc are the blind bloody infantry in a war of dominance between Iran and Saudi Arabia.
Jun 24th, 2011 - 10:32 pm - Link - Report abuse 0
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Fido Dido
OPEC is dead.
Jun 25th, 2011 - 03:39 am - Link - Report abuse 0
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GeoffWard
No, obviously not so, but the OPEC voting - which includes The Organization of Arab Petroleum Exporting Countries or OAPEC - and which now splits consistently against Arab oil, recognises that the political power of oil control is not in the same place as most of the oil.
This will need addressing - and not just by the Arabs.

Also, a seat will have to be found at the table for Brasil at some time, once pre-salt reserves come fully on stream.
Jun 25th, 2011 - 12:06 pm - Link - Report abuse 0
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