"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Showing posts with label oil price. Show all posts
Showing posts with label oil price. Show all posts

Sunday, July 29, 2007

Al Quaida bombers hit Mexican oil / Gas pipelines in sophisticated terrist attacks - Maybe

It is evident that the series of remotely controlled explosion that hit Mexican gas and oil piplines in the week ending July 16th were more sophisticated than at first reported.

Kevin Hall says that the operation indicated extensive knowledge of Mexico’s energy infrastructure,. Not onyl did they hit gas and oil pipelines they had sufficient knowedge to hit major shut off valves to cut nationwide distribution. He quotes a "US official" (?)


“These are major, very expensive shutoff valves that control the flow of all this petroleum (and natural gas). This wasn’t a round tube in the middle of nowhere.”

The bomb planters knew which side of the valve to strike, ensuring that crude oil did not flow to a nearby refinery and that natural gas did not flow to foreign and Mexican manufacturers in the central Bajio region, the "US official" said.

The Oaxaca based Ejercito Popular Revolucionario (EPR) (Popular Revolutionary Army) has claimed responsibility for the attacks and justified their actuions against the state-owned oil company Petroleos Mexicanos (PEMEX). It called the July 5 and July 10 pipeline bombings self-defense and demanded the release of two missing members.

So far the Mexican in vestigations have been kept secret, (and it appears aided by "US officials" ) and Mexican media accounts have un helpful and misleading.

Voice of America's VOA's Greg Flakus reports from Mexico City say the attacks remain a mystery as the EPR have never ventured so far North nor had the access to HE explosives and bomb making skills (no visits to the beauty suppliers for Hydrogen peroxide for these terrists it seems) .

He quotes " political analyst" Ana Maria Salazar , who says she remains baffled by the bombings and says she cannot rule out the possibility that a foreign terrorist group might have had a hand in it.

Then , well, well, well ....

"There was a threat posted on a Web site a couple of months ago, supposedly by al-Qaida, that was threatening all the countries providing petroleum to the United States, which included Mexico and Venezuela, which made Hugo Chavez very upset, by the way," she added. "So there is that possibility."

Energy analyst David Shields sees the hand of the powerful and violent drug trafficking cartels, against which President Calderon launched an offensive shortly after taking office last December. He points out that despite good protection to its oil production and export infrastructure, which employs missile-equipped naval vessels to patrol waters near offshore oil platforms, the internal 60,000 kilometres of internal pipelines and pumping structures serving Mexico's own population are much more vulnerable.

Whilst dismissing attacks on export facilities he sees a continued threat to its domestic energy supply network could cripple important industries and discourage foreign investors who are considering placing plants here. "Security experts" on the basis of the evidence of the explosions say the perpetrators knew the attacks would disrupt important industries and probably had information from someone inside PEMEX as to which pipes to bomb for the most effect.

Two things are for sure - someone somewhere is going to boost the Al Quaida connection.... and the price of oil and gas isn't going to go down.

Wednesday, June 20, 2007

High oil prices / Nigerian strikes and Delta militants - International help required ?

At 10.40 am in London, benchmark Brent crude contracts for August delivery were down 29 cents at US$ 71.55 per barrel (it hit hit a ten-month high of US$72.25 on Monday) . New York crude contracts for July delivery, which expires today, were down 27 cents at US$ 68.83 per barrel. Whilst the market is awaiting US reserve figures for gas there are rising concerns about today's general strike called in Nigeria.

The strike - said to test the will of the new president Umaru Yar'Adua relates to a series of fiscal measures pushed though in the last days of the presidency of Olusegun Obasanjo, who stepped down last month.

The price of petrol was increased from 65 naira (51 US cents - 25 pence) a litre to 75...The government has now reportedly offered to reduce this to 70 naira (55 cents). This measure was designed to reduce domestic demand as Nigeria has to import fuel because the refineries cannot cope and are badly run down.

This “indefinite strike” is scheduled to start today and includes both major union groups in the country. Whilst this is a major concern recent attacks in the Niger Delta may signify more serious concerns over supplies.

Gunmen overran an ENI oilfield pumping station on Sunday and the company said 27 people were being held hostage at the facility, which normally produces about 40,000 barrels per day of oil.

U.S. oil company Chevron has cut its Nigerian oil output by 42,000 bpd after an invasion at a flow station by armed youths, a company spokesman said on Monday.

It is reported that some 756,000 bpd, or 25%, of the country's output (which generates 90% of the country's income) is shut because of militant attacks. Before the election which brought Mr Yar'Adua to power, the militants stepped up their violence, although there was a lull during the actual voting.

The attacks resumed shortly after the polls with more kidnappings and bombing of oil pipelines, leading to a 25% cut in production and ultimately the current spiking in global oil prices.

The BBC Online report that Benjamin Akande, who is a native Nigerian but is now a US-based academic expert on Nigeria (***?) told them:

"The truth of the matter is that Nigeria may need outside help to deal with this situation. The US, the EU, or the AU could come into this conversation and help resolve this issue," Mr Akande suggested.

Watch Mr Akande, Dean of Business Management , Webster University, St Louis talk about gas prices on Fox TV here.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish