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BUY PROGRAF OVER THE COUNTER, Just when you thought the global oil market couldn’t get any shadier, reports surfaced this week that senior leaders of Saudi Arabia and Russia might be seeking a mega-deal that would give their nations even more sway to manipulate the global price and supply of oil.

During a late-July meeting, fast shipping PROGRAF, Buy PROGRAF from canada, Saudi intelligence chief Prince Bandar bin Sultan reportedly offered Russian President Vladimir Putin a secret deal -- oil and gas collusion in return for Russian cooperation, or at least non-opposition, taking PROGRAF, Online buy PROGRAF without a prescription, regarding Syria.

Prince Bandar allegedly offered Russian-Saudi agreement on oil production and price targets, buy PROGRAF online cod, PROGRAF images, which would in effect bring Russia into the OPEC cartel.  “Let us examine how to put together a unified Russian-Saudi strategy on the subject of oil. The aim is to agree on the price of oil and production quantities that keep the price stable in global oil markets, no prescription PROGRAF online, Buy cheap PROGRAF no rx, ” Prince Bandar reportedly said.

It’s important to pause for a moment to consider just how important high oil prices are to both nations, PROGRAF natural.

Saudi Arabia is estimated to require average oil prices of at least $85 per barrel to balance its budget, and typically depends on oil export revenue for 85% of its total fiscal revenues, BUY PROGRAF OVER THE COUNTER. Rx free PROGRAF,  The Kingdom’s breakeven target-price could soon be on the rise due to rising domestic spending levels.

Russia’s dependence on high oil prices and oil revenue is just as glaring, order PROGRAF from mexican pharmacy. PROGRAF steet value, From a fiscal standpoint, it needs oil prices to be north of $100/barrel to meet its revenue needs.  These revenues also constitute a massive portion of its overall economy – oil exports account for about 15 percent of Russia’s GDP and 50 percent of total exports.  After oil prices fell in 2008, PROGRAF australia, uk, us, usa, Buy cheap PROGRAF, the Russian economy shrunk by 7.8 percent the next year.

As far as having common motivation to keep oil prices high, discount PROGRAF, Japan, craiglist, ebay, overseas, paypal, these two are a match made in heaven. BUY PROGRAF OVER THE COUNTER, Russia’s other strategic interests were also considered by the Saudi’s in their reported offer.  Saudi Arabia reportedly promised to protect the Russian naval base at Tartus, Russia’s only base in the Mediterranean.  In addition, Saudi Arabia promised not to interfere with Russia’s monopoly of Europe’s natural gas supply.  “We understand Russia's great interest in the oil and gas present in the Mediterranean Sea from Israel to Cyprus through Lebanon and Syria. And we understand the importance of the Russian gas pipeline to Europe, canada, mexico, india. Online buying PROGRAF hcl, We are not interested in competing with that.”  As a sweetener, Prince Bandar even reportedly promised to throw in billions in Saudi investments in Russia, online PROGRAF without a prescription. Buy PROGRAF without prescription, Russia is the second largest oil producer in the world, producing about 10.6 million barrels of liquid fuels per day.  At 12.8% of the global oil supply, real brand PROGRAF online, PROGRAF duration, it trails only Saudi Arabia, which produced 13.3% of global liquid fuels in 2012.  A deal between Saudi Arabia and Russia, buy PROGRAF online no prescription, PROGRAF treatment, which together control 26% of global production of oil, would have huge economic and geopolitical consequences, where can i cheapest PROGRAF online, PROGRAF no prescription, and would further empower both nations to manipulate prices according to their common interests.  Russia also has the second largest proved reserves of natural gas, 12.8% of the world total, buy no prescription PROGRAF online, Online buying PROGRAF, behind only Qatar.  (The former Soviet Union countries collectively control 29% of world proved natural gas reserves.)

While this potential for enhanced collusion in the oil market is especially egregious, it’s not far off the normal state of play.  Consider:


  • OPEC currently controls 43% of crude oil production.  While OPEC hasn’t always functioned effectively as a cartel, get PROGRAF, PROGRAF overnight, it has exerted substantial influence over oil prices over the past 40 years.  More than 70% of proved oil reserves are in OPEC nations.

  • Ten of the top twelve oil companies, by annual production, are nationally-owned companies, led by the Saudi Arabian and Iranian national oil companies.  In 2010, the top ten national oil companies represented about 36% of worldwide crude and liquids production.

  • Even private companies rely on partnerships with national oil companies for access to oil and gas reserves for a substantial portion of their production.  These contracts can be subject to sudden “re-negotiations,” such as in 2007 when the Venezuela national company Petroleos de Venezuela demanded 78% of the projects, up from 40%, forcing ExxonMobil and ConocoPhillips to abandon their investments there.


In short, the oil market is far from a free market.  The more the U.S. decreases its dependence on oil, the more insulated our nation will be from this kind of collusion and market manipulation, which could be getting a lot worse in the not-too-distant future.

 

(see the full article in the Telegraph August 27, 2013, for more details).

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