{"id":19627,"date":"2016-04-07T11:35:43","date_gmt":"2016-04-07T16:35:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19627"},"modified":"2016-04-07T11:35:43","modified_gmt":"2016-04-07T16:35:43","slug":"are-the-saudis-and-russians-deliberately-sabotaging-doha","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19627","title":{"rendered":"Are The Saudis And Russians Deliberately Sabotaging Doha?"},"content":{"rendered":"

Are The Saudis And Russians Deliberately Sabotaging Doha?<\/a><\/h3>\n
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The actions and intentions of Saudi Arabia and Russia\u2014the two largest oil-producing nations attending the Doha meeting on 17 April\u2014have dashed all hopes of any fruitful outcome. The most important meeting of the last three decades, which has promised to forge new friendships and a new cartel, is turning out to be the biggest farce, even before the curtain is raised.<\/p>\n

All of this undermines the efforts of the smaller nations, which were hopeful of a production freeze from the meeting.<\/p>\n

Instead, we\u2019re looking at Russia, whose oil production is now at a 30-year high after the nation produced 10.91 million barrels per day (bpd) in March, according to\u00a0Reuters<\/a>. In fact, these output figures are second only to the record 11.47 million bpd Russia produced in 1987.<\/p>\n

Related:\u00a0Oil Sanctions Risk Pushing An Unstable North Korea Over The Edge<\/strong><\/a><\/p>\n

Saudi Arabia is also firmly back on its non-committal path, saying that it will go along with the production freeze if everyone else does, including Iran\u2014of which there is no chance. Saudi Arabia\u2019s deputy crown prince Mohammed bin Salman on 1 April told\u00a0Bloomberg<\/a>: “If all countries agree to freeze production, we\u2019re ready. If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door.\u201d<\/p>\n

According to a report by Helima Croft, global head of commodity strategy at RBC Capital markets, the five nations shown on the chart below are at the maximum risk of a major crisis due to lower oil prices.<\/p>\n

The chart shows the oil price levels required by respective nations to survive. \u201cOur \u2018fragile five\u2019 states\u2026were already facing severe political and security challenges when oil prices were above $100\/bbl and the situation has grown far more grim as these countries have struggled to fund their state apparatuses and provide essential services,\u201d the Financial Post\u00a0quoted<\/a>\u00a0Croft as saying.<\/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":"

Are The Saudis And Russians Deliberately Sabotaging Doha? The actions and intentions of Saudi Arabia and Russia\u2014the two largest oil-producing nations attending the Doha meeting on 17 April\u2014have dashed all hopes of any fruitful outcome. The most important meeting of the last three decades, which has promised to forge new friendships and a new cartel, […]<\/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],"tags":[8400,595,12822,5332,12794,694,701],"class_list":["post-19627","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-doha","tag-oil-production","tag-oil-production-freeze","tag-oilprice-com","tag-rakesh-upadhyay","tag-russia","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19627","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=19627"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19627\/revisions"}],"predecessor-version":[{"id":19628,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19627\/revisions\/19628"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}