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Risk Of An Iranian Attack On Saudi Oil Facilities Remains High

Politics, Geopolitics & Conflict

Iran is offering large amounts of fuel to Lebanon directly, rather than the typical small amounts it has offered in the past through its proxy, Hezbollah. This direct overture is an attempt by Tehran to gain more leverage in Lebanon and to taunt Washington, which has warned Lebanon against accepting what is said to be an offer of over 660,000 tons of gasoline in violation of sanctions.

Fears are also still running high for the potential of an Iranian attack on Saudi oil facilities, with Iran continuing to maintain the high-level uncertainty to use to its advantage. On Wednesday, the Iranian intelligence minister warned Saudi Arabia that Tehran might not continue its “strategy of patience”, noting that any instability in the region (such as the unrest in Iran) could be contagious and spread to other countries of the region in a veiled threat.

In the time-honored give and take between Turkey and Russia, Turkey is appeasing Russia by beginning to partially pay for Russian gas supplies in rubles. In return, it is hoping to get the idea of a Turkish hub for Russian energy underway.

Italian Eni will take two million barrels of Venezuelan diluted crude for this month loaded, resuming the Italian oil company’s oil-for-debt deal with the sanctioned Venezuela. The destination for the two cargoes is Bilbao, Spain. The last time Eni took Venezuelan oil was in July, although most of the heavy crude taken in…

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