Home » Posts tagged 'Russia'

Tag Archives: Russia

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce

Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce

Oil surged as much as 13% this morning following a report that China is planning to start buying cheap crude for its strategic reserves, as well as speculation that President Trump said he thought Saudi Arabia and Russia would resolve their differences in the oil price war that has sent supply soaring even as global oil demand tumbles.

Following massive builds in crude in the US as reported by the DOE and API, and amid sporadic reports that various storage facilities are starting to fill up:

  • SALDANHA BAY OIL-STORAGE FACILITY SAID TO BE NEAR CAPACITY
  • OIL TANKS AT VITAL AFRICA HUB ALMOST FULL AS CRUDE FLOODS MKT

… overnight, Bloomberg reported that Beijing instructed government agencies to start filling state stockpiles after oil plunged 66% over the first three months of the year, while the global benchmark’s nearest timespread also rallied strongly.

Beijing has asked government agencies to quickly coordinate filling tanks, Bloomberg source said. In addition to state-owned reserves, it may use commercial space for storage as well, while also encouraging companies to fill their own tanks. The initial target is to hold government stockpiles equivalent to 90 days of net imports, which could eventually be expanded to as much as 180 days when including commercial reserves.

According to Bloomberg calculations, 90 days of net crude imports translated to about 900 million barrels. By comparison, the U.S. currently holds about 635 million barrels in its Strategic Petroleum Reserve, according to government data.

And while the current size of China’s state reserves is unknown, and Beijing could use a different method for calculating net imports, oil traders and analysts at SIA Energy and Wood Mackenzie estimated it could amount to China buying an additional 80 million to 100 million barrels over the course of the year before it ran into logistical and operational constraints.

…click on the above link to read the rest of the article…

Russia To Close All Borders Monday After Banning International Flights

Russia To Close All Borders Monday After Banning International Flights

Though official numbers of confirmed coronavirus cases out of Russia have remained comparatively low to other large countries, there’s alarming signals coming out of the country of some 150 million people that authorities understand the true numbers to in reality be much higher.

Russia will “temporarily” initiate a complete shutdown of its borders staring Monday in order to curb the pandemic, impacting all automobile, railway, pedestrian and river checkpoints along all Russian border points.

The total border closure looks to be among the most comprehensive measures any country has yet taken to halt the spread of the virus, even as China has belatedly closed its borders to all foreign passport-holders this week.

Image: AFP via Getty

This after on Friday it was announced all international flights in and out of the country are grounded by a government decree.

“The authorities said they so far had recorded 1,264 confirmed cases, an increase of 228 in 24 hours, and ordered that all vehicle, rail and pedestrian checkpoints, as well as the country’s maritime borders, be closed from Monday,” the independent Moscow Times reports.

The only exemption to the drastic measure applies to diplomats and drivers of freight trucks, according to Russian media. 

Meanwhile, according to US state-funded Radio Free Europe, “a consumer watchdog reported on March 28 that more than 166,000 citizens were under medical supervision for signs of coronavirus infection.”

Early in the crisis Russia closed all crossing points along its lengthy border with China, which health officials in the West attributed to the country’s initial low numbers of Covid-19 infections.

This past week Russian President Putin declared next week a paid ‘work holiday’ as the entire country goes on lockdown. Most countries have thus far preferred to put in place quarantines on a city by city, region by region basis. 

Should the drastic Russian action to shutter all borders produce good results, other countries with a growing outbreak crisis in their midst could follow suit.

The Inevitable Outcome Of The Oil Price War

The Inevitable Outcome Of The Oil Price War

Putin MBS

One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was riding bare-chested somewhere in Siberia because he was laughing so much. There is a phrase in Russian intelligence circles for clueless people that are ruthlessly used without their knowledge in covert operations, which is ‘a useful idiot’, and it is hard to think of anyone more ‘useful’ in this context to the Russians than whoever came up with Saudi’s latest ‘plan’. Whichever way the oil price war pans out, Russia wins.

In purely basic oil economics terms, Russia has a budget breakeven price of US$40 per barrel of Brent this year: Saudi’s is US$84. Russia can produce over 11 million barrels per day (mbpd) of oil without figuratively breaking sweat; Saudi’s average from 1973 to right now is just over 8 mbpd. Russia’s major oil producer, Rosneft, has been begging President Putin to allow it to produce and sell more oil since the OPEC+ arrangement was first agreed in December 2016; Saudi’s major oil producer, Aramco, only suffers value-destruction in such a scenario. This includes for those people who were sufficiently trusting of MbS to buy shares in Aramco’s recent IPO. Russia can cope with oil prices as low as US$25 per barrel from a budget and foreign asset reserves perspective for up to 10 years; Saudi can manage 2 years at most.

…click on the above link to read the rest of the article…

How black swans are shaping planet panic

How black swans are shaping planet panic

A case can be made that the current financial panic will only subside when the ultimate black swan – Covid-19 – is contained. 

Is the planet under the spell of a pair of black swans – a Wall Street meltdown, caused by an alleged oil war between Russia and the House of Saud, plus the uncontrolled spread of Covid-19 – leading to an all-out “cross-asset pandemonium” as billed by Nomura?   

Or, as German analyst Peter Spengler suggests, whatever the averted climax in the Strait of Hormuz has not brought about so far “might now come through market forces”?

Let’s start with what really happened after five hours of relatively polite discussions last Friday in Vienna. What turned into a de facto OPEC+ meltdown was quite the game-changing plot twist.

OPEC+ includes Russia, Kazakhstan and Azerbaijan. Essentially, after enduring years of OPEC price-fixing – the result of relentless US pressure over Saudi Arabia – while patiently rebuilding its foreign exchange reserves, Moscow saw the perfect window of opportunity to strike, targeting the US shale industry.

Shares of some of these US producers plunged as much as 50% on “Black Monday.” They simply cannot survive with a barrel of oil in the $30s – and that’s where this is going. After all these companies are drowning in debt. 

A $30 barrel of oil has to be seen as a precious gift/stimulus package for a global economy in turmoil – especially from the point of view of oil importers and consumers. This is what Russia made possible.

And the stimulus may last for a while. Russia’s National Wealth Fund has made it clear it has enough reserves (over $150 billion) to cover a budget deficit from six to ten years – even with oil at $25 a barrel. Goldman Sachs has already gamed a possible Brent crude at $20 a barrel.

…click on the above link to read the rest of the article…

Oil Crashes After Reports OPEC+ Talsk End Without A Deal

Oil Crashes After Reports OPEC+ Talsk End Without A Deal

Update (1015ET): Reports, citing a delegate, for the first time in six years, OPEC ends talks in Vienna without a deal. being agreed. Oil prices are extending their collapse…

*  *  *

Update (0950ET): Bloomberg reports that OPEC+ talks “are on the verge of collapse” as it becomes clear that Russia will not agree (and in fact disagrees with their usefulness) to further production cuts, and in fact will not agree to extend the duration of the current production cuts.

WTI just hit a $42 handle…

Some context for just how bad this is…

And OPEC+ have been “managing” this for years?

*  *  *

Update (0815ET): Russia says it is ready for a decline in oil prices. It said OPEC+’s proposed deeper production cuts aren’t a solution to rebalancing the global oil market amid a collapse in demand.

* * * 

Brent crude futures tumbled by more than 4% on Friday after Reuters reported that Russia had rejected steep production cuts by OPEC to prop up oil prices amid the Covid-19 outbreak triggering demand shocks in China and across the world. 

A high-level Russian source told Reuters that Moscow has no interest in backing an OPEC reduction that calls for extended cuts and would only agree to existing cuts that OPEC already agreed on. 

OPEC has held several days of talks in Vienna, Austria, backing an additional 1.5 million barrels per day (bpd). However, it has failed to bring Russia on board. OPEC wants non-OPEC to contribute 500,000 bpd to the overall cut. The new deal would mean OPEC+ would cut a total of 3.6 million bpd, a move that would hopefully lead to a rebalancing in the global oil market in the second half of the year. On Russain disappointment, Brent crude futures dropped to its lowest level since July 2017, trading at $47.70 a barrel, or down 4.5% on Friday morning.

…click on the above link to read the rest of the article…

“No Deal In Sight” – Oil Plunges After Russia Rejects Additional OPEC+ Cut

“No Deal In Sight” – Oil Plunges After Russia Rejects Additional OPEC+ Cut

Brent crude futures tumbled by more than 4% on Friday after Reuters reported that Russia had rejected steep production cuts by OPEC to prop up oil prices amid the Covid-19 outbreak triggering demand shocks in China and across the world. 

A high-level Russian source told Reuters that Moscow has no interest in backing an OPEC reduction that calls for extended cuts and would only agree to existing cuts that OPEC already agreed on. 

OPEC has held several days of talks in Vienna, Austria, backing an additional 1.5 million barrels per day (bpd). However, it has failed to bring Russia on board. OPEC wants non-OPEC to contribute 500,000 bpd to the overall cut. The new deal would mean OPEC+ would cut a total of 3.6 million bpd, a move that would hopefully lead to a rebalancing in the global oil market in the second half of the year. On Russain disappointment, Brent crude futures dropped to its lowest level since July 2017, trading at $47.70 a barrel, or down 4.5% on Friday morning.

Another source, this time with Bloomberg, said that Russia wants OPEC+ to sustain current output cuts until June. It would then be at that time where more data about market imbalances could be assessed and corrected, the person added. 

With Russia taking a “tough stance” on the proposed additional cuts, Commerzbank says Brent futures could extend declines to $40 per barrel. However, if Russia agrees to further cuts, Brent futures would jump to $60 in weeks. 

Goldman Sachs maintained its Brent price forecast of $45 per barrel in April. 

“Ultimately, a rebound in demand, not supply cuts, will be the necessary catalyst for a sustainable rebound in prices,” Goldman said. 

…click on the above link to read the rest of the article…

Saudis Urge More Than 1 Million Bpd Oil Cut To Prop Up Prices, Russia Opposes

Saudis Urge More Than 1 Million Bpd Oil Cut To Prop Up Prices, Russia Opposes

Update (0800ET): The Wall Street Journal reports that Russia opposes the Saudi plan to deepen OPEC+ cuts by 1.2mm b/d.

Developing…

*  *  *

As we detailed earlier, Brent crude futures were up 75 cents, or 1.45%, at 52.61 a barrel at 0700ET Wednesday after a three-day move of +10%, following expectations that major oil producers could make significant production cuts at the OPEC meeting on March 5. 

Brent has tumbled into a bear market, down 26.5% in 38 sessions, following the outbreak of Covid-19 in China, now spreading across the world, has slashed global oil demand.

“This is a sudden, instant demand shock,” said Jim Burkhard, vice president and head of oil markets at IHS Markit Ltd.

“The scale of the decline is unprecedented.”

OPEC+ Joint Ministerial Monitoring Committee, the body that oversees production, will meet on Wednesday, ahead of the formal meeting, to discuss cuts. Saudi Arabia is urging OPEC+ to come to an agreeance ahead of Thursday for a reduction of 1 million barrels per day to compensate for lost demand seen by the virus crisis, Bloomberg notes. 

“The recommended 600,000-barrel-a-day additional cut for the second quarter of 2020 will be seen as too little,” Mohammad Darwazah of consultant Medley Global Advisors said in a note. “It is clear that the group is mulling a deeper production pullback.”

The push for deep cuts comes as crude had its worst weekly decline since the 2008 financial crisis on mounting macroeconomic headwinds developing because of the virus spread, which forced Saudi Arabia to demand Russia jump on board with production cuts. 

…click on the above link to read the rest of the article…

Are Russia and Turkey on a Collision Course?

Are Russia and Turkey on a Collision Course?

The murder of the Iranian hero-martyr General Soleimani created a situation in which a war between Iran and the Axis of Kindness (USA/Israel/KSA) became a real possibility but, at the very last minute, Uncle Shmuel decided that he had no stomach for a full-scale war against Iran. Wise decision.

This, however, does not at all imply that the AngloZionist Empire decided to stand by idly, far from it. The need to take quick and determined action became particularly acute following the huge anti-US demonstrations in Iraq (well over one million people in the streets!) which directly put at risk the US occupation (the MSM would call it “presence”) in both Iraq and Syria.

At the same time, Turkish President Erdogan’s refusal to remove all the “bad terrorists” from the Idlib province eventually resulted in a joint Syrian-Russian offensive to liberate the province. That offensive, in turn, clearly infuriated the Turks who warned of a major military operation to prevent the Syrians from liberating their own country.

This begs the question: are Russia and Turkey really on a collision course?

There are certainly some very worrying warning signs including a number of very harsh statements by Erdogan himself, and a suddenly re-kindled Turkish interest for the US “Patriots”.

On the ground in Idlib, the Turks have clearly provided the “bad terrorists” with a lot of support including equipment, MANPADs, tanks and armored personnel carriers. The Turks actually went as far as sending special forces to assist the “bad terrorists” directly. Finally, from footage taken by Russian and Syrian drones, and even the “bad terrorists” themselves, it appears undeniable that Turkish MLRS and regular artillery provided the “bad terrorists” with fire support.

…click on the above link to read the rest of the article…

Dozens Of Turkish Soldiers Killed In Russian Airstrike; Erdogan Holds Emergency Meeting

Dozens Of Turkish Soldiers Killed In Russian Airstrike; Erdogan Holds Emergency Meeting

Within hours of a meeting between Turkish and Russian diplomats in Ankara ending which saw the Turkish delegation urge its counterparts to immediately establish a cease-fire in Idlib, there are new reports of that dozens of Turkish soldiers have been killed by a new wave of Russian airstrikes.

Reporters on the ground in Syria say that between 32 and 37 Turkish soldiers were killed. Turkish state sources have confirmed at least 22 dead with scores wounded.


TFSA says 32 confirmed so far https://twitter.com/dannymakkisyria/status/1233115402743504897


Journalist Lindsey Snell has cited Turkish Free Syrian Army (TFSA) sources which confirm 32 Turkish national troop deaths so far in the strike.

Amid the breaking reports The Washington Post’s Liz Sly says Turkish President Erdogan has called an emergency security meeting of his military leaders over the alleged Russian attack. 

Despite widespread initial reports that it was a Russian airstrike, Turkish state media has thus far used the interesting wording of “Assad regime forces” conducting the strike and not Russia.


Reports coming in of a large number of Turkish casualties in a Russian or Syrian government air strike in Idlib. Erdogan is hosting an emergency security meeting. Turkey has dug itself into quite a hole in Syria. How does it get itself out.


This after heavy clashes today in Idlib towns have been ongoing related to the Syrian Army’s major offensive in the south of the province. 

Regional reporter Emma Beals writes

Initial reports say a large number of Turkish soldiers killed today in Idlib. Lots of activity now at Reyhanli hospital in Turkey. Erdogan chairing an emergency meeting right now, with CHP party chairing their own tonight as well.

“If all confirmed, could signal major escalation,” she added of the breaking story.

…click on the above link to read the rest of the article…

Red Gold: China’s Stealth Plan to Use Gold for World Domination

Red Gold: China’s Stealth Plan to Use Gold for World Domination

China gold

Gold used to be important.

During and after World War II, every major developed country amassed as much physical gold as they could. It stabilized currencies and signaled independence.

But with the end of the gold standard in 1971, most countries began to sell off their reserves.

So much so that in 1999, an agreement was formed to limit the amount of gold that central banks could sell. Fast forward to today, and Canada’s central bank owns ZERO gold.

Despite the agreement, most countries continued to shed their gold reserves as fast as possible.

Central bank gold reserves

That is until a few years ago, when a handful of countries reversed course. Central Banks started buying gold with fury, and they haven’t let up since.

In the final quarter of 2018, central banks purchased more gold than in any other quarter on record.

By the end of the year, central banks collectively held around 1.064 billion ounces of gold (equivalent to 33,200 tons).

That’s about one-fifth of all the gold ever mined.

In the first half of 2019, central banks purchased 11.97 million ounces of gold (374 tons). Once again, that was far more than ever before. And it’s equivalent to one-sixth of total gold demand in that period.

And total central bank gold purchases for 2019 were the second highest they’ve been in the last 50 years (2018 being the first).

The Unusual Suspects in Central Bank Gold Purchases

And the Keyser Söze of gold is Vladimir Putin.

I’ve been very quiet about Russia and Putin the last few years as I’ve been swamped with media requests following the success of my NY Times Bestseller The Colder War.

Don’t underestimate what the Russians are doing, as others are starting to follow…

While the world focuses on China, Russia has positioned itself at the center of the global political chessboard.

…click on the above link to read the rest of the article…

Trump Sanctions Rosneft, Russia’s Largest Oil Company, For Helping Maduro In Venezuela

Trump Sanctions Rosneft, Russia’s Largest Oil Company, For Helping Maduro In Venezuela 

The Trump administration announced significant new sanctions on Tuesday targeting Rosneft, Russia’s largest oil company, for helping Venezuelan leader Nicolas Maduro circumvent U.S. sanctions. Specifically, the sanction targets Rosneft Trading SA, a unit of Russia’s state-owned oil giant Rosneft, as well as company’s executive Didier Casimiro, over the company’s actions in Venezuela, senior administration official said in call with reporters.

The US accused Rosneft of propping up Venezuela’s oil sector, the admin official said, characterizing the company as the “primary culprit” of a campaign to evade Washington’s pressure campaign on the Maduro regime.

As the US further details, the network of deception sometimes involves transferring oil to new ship before sale, typically to Asia. Occasionally, ships will also change their names, or lie about source of oil. As McClatchy details, “the administration has accused Rosneft of sending tankers to Venezuelan ports without their tracking systems on — a violation of international law and a lifeline from sanctions on Venezuela’s own state-run oil company, PDVSA, that has allowed Maduro to indirectly sell oil to China and India. Officials also said that Rosneft was orchestrating a strategy of transferring Venezuelan oil in international waters for shipment to Asia and West Africa.”

US officials said that sanctions would hit Rosneft unit, as well as Casimiro’s U.S. assets but stand as worldwide prohibition, and warned that the new U.S. sanctions will affect “anyone engaging in activity” with Rosneft Trading S.A.

…click on the above link to read the rest of the article…

Tomgram: Michael Klare, War in the Arctic?

Tomgram: Michael Klare, War in the Arctic?

When I first met Michael Klare in the late Neolithic age (it was actually the early 1970s), he was already researching the U.S. military in a way no one else was doing. His first book on the subject, War Without End: American Planning for the Next Vietnams, had just been published. The title remains eerily apt, given Washington’s twenty-first-century “forever wars.” Almost 50 years later, he’s still ahead of the curve and his newest book on that military, All Hell Breaking Loose: The Pentagon’s Perspective on Climate Change, has only recently come out.

And he hasn’t stopped yet, as you’ll see in today’s piece on a new nuclear flashpoint for the U.S. and Russia: the melting Arctic. It’s the sort of thing that, in another world, would be headline news. Still, his latest piece saddens me for personal reasons. When Klare and I first met, the Cold War with the other superpower of that moment, the Soviet Union, was still in high gear; the Vietnam War had yet to end; and the Cuban Missile Crisis (the one time in my life when I truly felt like “ducking and covering”) was only a decade past. In other words, the possibility of a global conflagration that might end life as we know it on this planet still seemed all too possible. As late as the early 1980s, in the age of Ronald Reagan, I would find myself on the streets of New York City with my family, marching in the company of Hibakusha — survivors of the Hiroshima atomic bombing — and perhaps a million other protestors, part of a global antinuclear movement calling for disarmament and protesting the possibility of an annihilating war. That seemed a moment of fear but also of hope when it came to the nuclear issue.

…click on the above link to read the rest of the article…

Are There Really 10,000 Diagnosed Covid-19 Cases In Wuhan That Aren’t Being Counted?

Are There Really 10,000 Diagnosed Covid-19 Cases In Wuhan That Aren’t Being Counted?

Summary:

  • UK hospital confirms worker found to be infected treated ‘small number’ of patients
  • Russia releases two Chinese nationals who recovered from virus
  • China Grand Prix likely to be cancelled
  • Couple onboard ‘Diamond Princess’ tell CNBC situation is “frankly terrifying”.
  • AFP publishes report exposing worsening shortages of food and supplies in Wuhan
  • Cruise ship rejected by four countries allowed to dock in Cambodia
  • Rumors of 10k in Wuhan not included in official count of cases
  • NYT follows WSJ in exploring problems with Chinese testing kits

* * *

Update (0824ET): At this point, some of the world’s most prestigious media organizations, including WSJ and NYT, have reported that health officials are probably undercounting the number of coronavirus cases in Wuhan.

After WSJ spotlighted the issue in a story published online last night recounting how officials turned away seriously ill patients who failed to pass swabtests, the NYT followed up this morning with a piece about Beijing’s efforts to speed up testing.

Dr. Zhang Xiaochun, who works in a hospital in Wuhan, was in dismay. Her patient had been running a fever for nine days, and a CT scan showed signs of pneumonia — symptoms of the new coronavirus sweeping across the central Chinese city.

But a test to confirm the diagnosis would take at least two days. To Dr. Zhang, that meant a delay in isolating her patient — and getting potentially lifesaving treatment.

This past week, Dr. Zhang started a social media campaign with an urgent call to simplify screening for the new coronavirus. It was an unusually public effort that quickly found support among public health experts and the government as China grapples with one of the deadliest epidemics in its recent history.

…click on the above link to read the rest of the article…

Turkey Deploys Hundreds Of Tanks, APCs And Commandos To Idlib; Attacks Syrian Army

Turkey Deploys Hundreds Of Tanks, APCs And Commandos To Idlib; Attacks Syrian Army

With the geopolitical situation now firmly on the backburner, we remind readers that the last time we checked into the flurry of recent events in Syria over the weekend, we found that the Syrian Army was making major gains inside Idlib in a military offensive condemned by Turkey and the United States, capturing the key town of Saraqib from al-Qaeda linked Hayat Tahrir al-Sham. Amid the military advance, in the latest embarrassment to the US State Department, the Syrian and Russian governments said they’ve recovered proof of US support for the anti-Assad al-Qaeda insurgent terrorists, publishing photographs of crates of weapons and supplies to state-run SANA.

In any case, the growing feud between Russia and Turkey over control of Syria last remaining rebel holdout in Idlib province escalated overnight, and as Bloomberg reports, Turkey sent hundreds of tanks, armored personnel carriers and commandos to the Syrian province of Idlib as preparations continue for a likely attempt to break the siege of some of its outposts by Bashar al-Assad’s forces.

Turkish military convoy; photo: Reuters

The massive buildup over the weekend included the deployment of howitzers, multiple-rocket launchers, ambulances and trucks loaded with munitions, according to Turkey’s state-run Anadolu Agency.

Meanwhile, Turkey resumed talks with a Russian delegation in Ankara on Monday after failure to reach an agreement on Idlib on Saturday, Foreign Minister Mevlut Cavusoglu said, adding that President Recep Tayyip Erdogan and Russia’s Vladimir Putin may meet if no deal can be reached

Turkey dramatically reinforced its forces across the border since Syrian troops killed five Turkish soldiers and a civilian in Idlib on Feb. 3 as they closed in on the country’s last major rebel holdout. 

…click on the above link to read the rest of the article…

The Race For Arctic Oil Is Heating Up

The Race For Arctic Oil Is Heating Up

Arctic LNG

Despite climate concerns and environmentalist backlash against exploration for oil and gas in pristine sensitive regions of the Arctic, companies continue to explore for hydrocarbon resources in the Arctic Circle, in Russia and Norway in particular.

The largest Russian energy companies are looking to explore more Arctic oil and gas resources on and offshore Russia, while Norwegian and other Western oil firms are digging exploration wells in Norway’s Barents Sea.

Those companies lead the development efforts to tap more Arctic oil and gas resources as legacy oil and gas fields both offshore Norway and onshore Russia mature.  

Russia’s biggest energy firms Gazprom, Rosneft, Novatek, and Lukoil, and Norway’s oil and gas giant Equinor, as well as Aker BP and ConocoPhillips, are the top oil and gas producers in the Artic region, data and analytics company GlobalData said in a new report. Gazprom is the undisputed leader in Arctic oil and gas production, followed, at a long distance, by two other Russian firms, Rosneft and Novatek, GlobalData’s estimates show.

Russian firms are ramping up exploration in Russia’s Arctic, while Equinor and other Western companies drill exploration wells in Norway’s Barents Sea, hoping for a significant discovery that could add to the Johan Castberg oilfield—a massive discovery which was made in 2011, but which hasn’t been replicated in the Barents Sea so far.  

Yet, both Russia and Norway face specific challenges in getting the most out of their respective Arctic oil and gas resources. 

In Russia, the government has made Arctic oil and gas development a key priority and offers tax breaks for firms exploring in the area.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
Click on image to purchase