Kremlin looks to Middle East and China.
No one backs off. Price plunges.
The prospect of a flood of oil rushing onto an over-supplied market.
Sign of a liquidity squeeze.
By ISA Intel: OPEC, other major oil suppliers are more worried than they are letting on. They need high oil prices to fund their governments.
The largest economy in the Middle East has second thoughts about its ties to the West.
As the world’s biggest net importer of crude, China is in a vulnerable position: utterly dependent on oil imports, at a time when its economy is beginning to wobble.
Executive Report, ISA Intel: OPEC’s 2nd largest producer has the 5th largest reserves in the world and is one of the last places with enormous amounts of underexplored low-cost oil.
By Nick Cunningham: OPEC’s second largest oil producer, Iraq, is in severe disarray just as the world has come to rely on its oil for greater energy supplies.
What would have been a demented propagandist’s flight of fancy a decade ago has become reality: For the first time in history, the US imports more oil from our dear and reliable neighbor Canada than from OPEC. With major consequences.