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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The conflict in the Middle East raises questions about the future of global oil and gas supplies

    Rocky
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    • Post n°1

    The conflict in the Middle East raises questions about the future of global oil and gas supplies Empty The conflict in the Middle East raises questions about the future of global oil and gas supplies

    Post by Rocky Sat 21 Oct 2023, 10:18 am

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    [size=52]The conflict in the Middle East raises questions about the future of global oil and gas supplies[/size]
    • Today 17:21




    Information/follow up..
    The escalation of the war between the Zionist entity and the Palestinian resistance may lead to further pressure on global oil and gas supplies, which have been damaged by the Russian-Ukrainian war, according to experts.
    Currently, black gold prices have risen relatively slightly as a result of the conflict that broke out due to an attack launched by the Palestinian resistance movement on the Zionist entity on October 7th. Prices are currently hovering around $90 per barrel, which is still far from their historical levels.
    UniCredit Bank analyst Eduardo Campanella said in a report by Agence France-Presse, “The Zionist entity is not an oil producer, and there is no major international oil infrastructure near the Gaza Strip.”
    However, investors remain in a cautious mood, “aware of the risks inherent in the Middle East to global supplies,” asserts Stephen Innes, an analyst at SBIM.
    One of the main risks to the energy market is the direct intervention of Iran, which supports the Palestinian resistance movement, which is a sworn enemy of the Zionist entity.
    Iran, a member of the Petroleum Exporting Countries (OPEC), has seen its production and exports hit by years of international sanctions. But over the past 12 months, its production has increased and it is suspected of smuggling oil to the market, according to AFP.
    Helge Andre Martinsen, an analyst at DNB, told Agence France-Presse that the flow of black gold has proven to be decisive in containing prices in the context of high demand and lack of supply, considering that this is the reason behind “the administration of (US President Joe) turning a blind eye.” "Biden."
    For his part, Eduardo Campanella points out that even if Tehran stays out of the conflict, “the West may decide to tighten sanctions on it or simply implement existing sanctions more effectively.”
    Tehran could respond by closing the Strait of Hormuz, which is the most important oil transit area in the world, where the daily flow of oil amounts to more than 17 million barrels, according to SIP Research, or 30 percent of the total oil transported by sea.
    Campanella said that only Saudi Arabia and the UAE have pipelines to ship crude oil out of the Gulf, without passing through the Strait of Hormuz.
    Experts point to previous oil shocks, the first fifty years ago in the wake of the embargo imposed by OPEC on the allies of the Zionist entity in the midst of the October 1973 War, then the second shock in 1979, in the wake of the Iranian Revolution. Crude oil prices jumped within a few months, weakening advanced economies.
    Regarding gas, the consequences seem more rapid. In mid-October, the price of gas on the Dutch gas futures trading platform (TTF), the European benchmark for natural gas, rose by a third compared to what it was before the attack on October 7.
    For Stephen Innes, the war “seriously threatens the regional natural gas market and could have an impact on LNG supplies.”
    In turn, Giovanni Stanovo from UBS says, “Although European stocks are almost full, they are not enough to get through the winter if all imports stop.”
    Meanwhile, the giant American company Chevron stopped its activities in the Tamar platform off the coast of the Zionist entity, based on instructions from the country’s authorities.
    This field represents “about 1.5 percent of the world’s liquefied natural gas supply,” according to Ennis, and it mainly supplies the internal market, then Egypt and Jordan.
    The consequences will be more worrying if the Leviathan field, the largest gas field in the Zionist entity, is closed, according to analysts who point to the rise in prices at the beginning of the war in Ukraine, to 345 euros per megawatt-hour, which is a record high. Ended / 25 hours
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