{"id":18567,"date":"2016-03-07T12:51:29","date_gmt":"2016-03-07T17:51:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18567"},"modified":"2016-03-07T12:51:29","modified_gmt":"2016-03-07T17:51:29","slug":"will-russia-end-up-controlling-73-of-global-oil-supply","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18567","title":{"rendered":"Will Russia End Up Controlling 73% of Global Oil Supply?"},"content":{"rendered":"

Will Russia End Up Controlling 73% of Global Oil Supply?<\/a><\/h3>\n
Russia has played a master stroke in the current oil crisis by taking the lead in forming a new cartel, but it\u2019s a move that could spell geopolitical disaster.<\/div>\n
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The meeting between Russia, Qatar, Saudi Arabia and Venezuela on 16 February 2016 was the first step. During the next meeting in mid-March, which is with a larger group of participants, if Russia manages to build a consensus\u2014however small\u2014it will further strengthen its leadership position.<\/p>\n

Until the current oil crisis, Saudi Arabia called the crude oil price shots; however, its clout has been weakening in the aftermath of the massive price drop with the emergence of US shale. The smaller OPEC nations have been calling for a production cut to support prices, but the last OPEC meeting in December 2015 ended without any agreement.<\/p>\n

Now, with Russia stepping in to negotiate with OPEC nations, a new picture is emerging. With its military might, Russia can assume de facto leadership of the oil-producing nations in the name of stabilizing oil prices.<\/p>\n

Saudi Arabia has been a long-time U.S. ally, but that, too, is changing. Charles W. Freeman Jr., a former U.S. ambassador to Riyadh,\u00a0recently noted<\/a>\u00a0that \u201cWe’ve seen a long deterioration in the U.S.-Saudi relationship, and it started well before the Obama Administration.\u201d<\/p>\n

U.S.-Saudi relations further soured due to the Iran nuclear deal that ended in January with the U.S. lifting sanctions\u2014a move the Saudis vehemently opposed. The Saudis had to look for a new ally to safeguard their interests in the Gulf, considering the threats they face from the Islamic State (ISIS) and Iran.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Will Russia End Up Controlling 73% of Global Oil Supply? Russia has played a master stroke in the current oil crisis by taking the lead in forming a new cartel, but it\u2019s a move that could spell geopolitical disaster. The meeting between Russia, Qatar, Saudi Arabia and Venezuela on 16 February 2016 was the first […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[5332,600,1026,12794,694,701,1358,851],"class_list":["post-18567","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-oilprice-com","tag-opec","tag-qatar","tag-rakesh-upadhyay","tag-russia","tag-saudi-arabia","tag-us-shale","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18567"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18567\/revisions"}],"predecessor-version":[{"id":18568,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18567\/revisions\/18568"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}