As multiple forces stake their claims on the next major venue for war over oil and gas resources in what will be the key geopolitical flashpoint for 2020, oil prices are focused instead on US supply and economic data, enjoying a stellar week of gains to hit three-month highs. Once again, it’s optimism over a trade deal (sentiment never learns), but also the fundamental reality of strong data in the form of profits from Chinese industrial firms, which rose in November at a pace faster than they have in eight months.
Syria Starts Exploring The Levant Basin, for Peace or World War
Syria’s Assad says he has launched oil and gas exploration with Russia in the Mediterranean in a move that brings the Levant Basin into very clear focus.
This is the basin that’s put Israel on the oil and gas map for the first time in history (with its massive Leviathan gas field just starting commercial production).
It’s the basin that Lebanon has been struggling to start exploring amid an eternal domestic political stalemate.
It’s the basin that Syria signed away to the Russians long ago, but war kept it from doing anything about it.
It’s the basin that features Cyprus right in the middle, moving along steadily with oil and gas exploration despite ongoing Turkish threats.
It’s the basin that will either bring a massive regional war with enough external players to turn it into a world…