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    Russian Oil and Gas Industry: News

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    GarryB

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    Re: Russian Oil and Gas Industry: News

    Post  GarryB on Tue Jan 02, 2018 9:16 am

    The reality is that Russia has no grip on the EU... they are free to buy from anyone they like including the US.

    The fact is that they choose to buy the Russian product because it is so much cheaper... the EU can't say no because they don't want to pay more for their energy.


    _________________
    “The West won the world not by the superiority of its ideas or values or religion […] but rather by its superiority in applying organized violence. Westerners often forget this fact; non-Westerners never do.”

    ― Samuel P. Huntington, The Clash of Civilizations and the Remaking of World Order
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    ZoA

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    Re: Russian Oil and Gas Industry: News

    Post  ZoA on Wed Jan 03, 2018 8:00 pm

    All this "dependence on Russian gas" nonsense is US effort push out Russia as a competitor in European energy markets. Doing so would secure US economic and political control over Europe as they would control all European energy supply either directly form US or via its poppet proxies like Saudi. Not to mention that would allow US to extort massive amounts of money from EU by price gouging either directly for US LNG or indirectly by middle east poppers that transfer much of their oil income back to US through petrodollar recycling mechanisms.

    In that context we can also see effort to reinstate Iranian sanctions thus preventing Iranian oil export competition, destruction of Libya as independent fossil fuel exporter, as well as recent coup d'etat in Saudi Arabia who's main agenda seems to be privatisation of Saudi state oil company to US corporations thus securing increased dominance of US over global fossil fuel markets.
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    PapaDragon

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    Re: Russian Oil and Gas Industry: News

    Post  PapaDragon on Thu Jan 04, 2018 1:12 am

    '
    I don't enjoy reading economic articles (I find them quite dry and dull) but this one brought me great satisfaction. Also some folks here from old MP.net days will remember when we were warning that this exact thing will happen within several years and how everyone giggled... I don't think they would be giggling today. Cool


    Russia-China Oil Friendship Makes Crude Costlier for Europe


    https://www.bloomberg.com/news/articles/2018-01-02/russia-s-oil-friendship-with-china-makes-crude-costly-for-europe

    Europe’s set to be stuck with a higher oil bill as Russia shifts more of its supply to the Chinese oil market.

    As the world’s second-biggest economy buys more, crude shipments from the Baltic Sea port of Primorsk will be cut, according to industry consultant FGE. The reduction will push up the price of varieties available for sale to Europe. Russia is already the biggest supplier to the China, and will probably boost exports to the country by 200,000 barrels a day in 2018, FGE said.

    After a glut sparked the biggest price crash in a generation and starved Russia of oil revenues, the nation sought to boost market share in the world’s top importer. It’s now supplanted Saudi Arabia as the top exporter to China, even as the two producers lead efforts to shrink the global oversupply by curbing output. A pipeline that transports crude from the East Siberia-Pacific Ocean system has helped its mission to increase volumes.


    “Russia is starting in effect immediately to shift crude exports away from Europe to China,” FGE said in a Dec. 29 note. “While we see overall crude exports from Russia flat year-over-year in 2018, this is bullish news for the Urals price due to its lower availability, in particular from the port of Primorsk.”

    This increase in China-bound deliveries is expected to cut exports from Primorsk in January and February, and reduce pipeline flows to Eastern Europe in March, according to FGE. Shipments of the Urals grade from the port in January will likely fall by 160,000 barrels a day, compared with a year ago, while supplies from Novorossiysk in the Black Sea could remain largely flat, with some possible upside, according to the note.

    The diversions have made Urals prices stronger at the end of December, compared with a month before, according to FGE. The grade turned about 60 cents a barrel costlier relative to London’s Brent crude, the benchmark for sales of the variety, the industry consultant said. Brent was at $66.67 a barrel at 9:35 a.m. in London, rising from an average level of $64.09 last month.

    Pipeline Flows

    China imports the bulk of Russian oil via inland pipes and seaborne shipments from the eastern ports of Kozmino, De-Kastri and Prigorodnoye. A second conduit between the two countries began operations on New Year’s Day, doubling China’s ESPO crude import capacity to 30 million tons annually, or about 600,000 barrels a day. The two lines run parallel to each other between Mohe at the border and Daqing in northeast Heilongjiang Province.


    The Asian nation has also sought to expand its energy relationship with Russia. CEFC China Energy Co., a firm that’s grown from a small local trader to a global deal-making juggernaut, in November sold its first cargo of Russian crude after buying a $9 billion stake in Rosneft PJSC last year. The Russian energy giant will supply the Shanghai-based company with as much as 60.8 million tons, including the Urals, ESPO and Sokol grades, over five years.

    Russia supplied 5.12 million tons of crude to China in November, official customs data show, the equivalent of about 1.3 million barrels per day. It also aims to start natural gas sales via the Power of Siberia pipeline by December 2019.
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    Cyberspec

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    Re: Russian Oil and Gas Industry: News

    Post  Cyberspec on Fri Jan 05, 2018 10:54 pm

    PapaDragon wrote:'
    I don't enjoy reading economic articles (I find them quite dry and dull) but this one brought me great satisfaction. Also some folks here from old MP.net days will remember when we were warning that this exact thing will happen within several years and how everyone giggled... I don't think they would be giggling today. Cool


    Russia-China Oil Friendship Makes Crude Costlier for Europe

    The Chinese are the ones that are giggling the loudest I think...the stupidity of the EU leadership is almost unbeliavable
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    miketheterrible

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    Re: Russian Oil and Gas Industry: News

    Post  miketheterrible on Tue Jan 09, 2018 11:53 pm

    This should cause great embarrassment to many in the US:

    https://www.rt.com/business/415345-united-states-buying-russian-lng/?utm_referrer=https%3A%2F%2Fzen.yandex.com

    US has to buy Russian natural gas as consumer prices soar

    Russia will deliver liquefied natural gas (LNG) to the US, Kommersant daily reports. The reason for the deal is the sharp rise in gas prices on the east coast of the US.
    An LNG tanker belonging to French energy company Engie is now shipping from the British port of Isle of Grain to an American terminal, Everett, located near Boston.

    The gas being shipped is from Russia’s Yamal LNG plant, according to the newspaper. The tanker is due to arrive in the US on January 22.

    Read more at the link.

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    Re: Russian Oil and Gas Industry: News

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