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This Week In Energy: Geopolitical Triggers Could Spur More Price Volatility
This Week In Energy: Geopolitical Triggers Could Spur More Price Volatility
Tensions heated up in the Persian Gulf this week after Iran fired upon and seized a cargo ship near the Straits of Hormuz. Considered to be the most strategic and vital chokepoint for global oil trade, the narrow stretch of water is regularly patrolled by the U.S. Navy. Oil prices briefly surged before it was known who was on board the ship. Once it became known that the ship was carrying a Marshall Islands flag and had no Americans on board, tensions calmed a bit. Still, the U.S. Navy sent a destroyer to the Straits in order to try to force the Iranians to back down. “At first appearance, this does seem to be provocative behavior, but we don’t have all the facts yet,” Col. Steve Warren, a Pentagon spokesman, said amid all the confusion. Iran insists the incident was a commercial dispute over unpaid debt, but there are fears that Iran thought it was targeting a U.S. ship. In any case, the incident will surely not be welcomed by U.S. President Barack Obama, who is seeking to reach a historic agreement with Iran over its nuclear program.
In another maritime dispute, the war of words between China and its neighbors over sovereignty in the South China Sea heated up this week as well. First came a statement from the Association of Southeast Asian Nations (ASEAN), which said that China’s reclamation work in the South China Sea “eroded trust and confidence and may undermine peace, security and stability in the South China Sea.” China’s Foreign Ministry followed up with a terse response, saying it was “extremely concerned” over ASEAN’s statement because the conflict was not one between China and ASEAN, but rather a dispute that should be resolved between China and individual nations.
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Ship Collision Spills Tonnes of Oil in Singapore Strait | Environment News Service
Ship Collision Spills Tonnes of Oil in Singapore Strait | Environment News Service.
A collision Friday between an oil tanker and a bulk carrier at the eastern end of the Strait of Singapore, where it meets the South China Sea, has spilled thousands of tons of crude oil, threatening white sand beaches and endangered sea turtles in Indonesia.
Early on the morning of January 2, the Maritime and Port Authority of Singapore received a report that a Libyan-registered oil tanker Alyarmouk had collided with a Singapore-registered bulk carrier Sinar Kapuas in Singapore waters.
The collision occurred about 11 nautical miles northeast of Pedra Branca, an outlying island that is the easternmost point of Singapore.
The Alyarmouk reported that one of her cargo tanks sustained damage. As a result 4,500 metric tonnes (approx. 32,400 barrels) of crude oil were spilled into the Strait of Singapore, according to an estimate by the Alyarmouk’s ship managers, V. Ships UK Ltd.
A Pessimist’s Guide To The World In 2015 | Zero Hedge
A Pessimist’s Guide To The World In 2015 | Zero Hedge.
Skirmishes in the South China Sea lead to full-scale naval confrontation. Israel bombs Iran, setting off an escalation of violence across the Middle East. Nigeria crumbles as oil prices fall and radicals gain strength. Bloomberg News asked foreign policy analysts, military experts, economists and investors to identify the possible worst-case scenarios, based on current global conflicts, that concern them most heading into 2015.
China Strengthening Claim To South China Sea Oil And Gas
China Strengthening Claim To South China Sea Oil And Gas.
Not gone and not forgotten, China is ready to solidify its claim to the South China Sea (SCS). Recent satellite imagery confirms China is conducting significant land reclamation operations in the Spratly Islands in the SCS. The SCS is an important fishing ground and is believed to hold large amounts of oil and gas. Undermining the United States’ influence in the region, China intends to play the shepherd in one of the world’s busiest trade routes.
Source: BBC
The Spratly Islands along with the Paracel Islands and several maritime boundaries in the SCS have been hotly disputed for several centuries. The conflict includes Brunei, China, Indonesia, Malaysia, the Philippines, Taiwan, and Vietnam and has predominantly centered on historical and cultural claims. Though offering very little in the way of land or resources, the islands serve as a tangible marker. As such, parties to the conflict have been quick to occupy them.
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