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The Most Powerful OPEC+ Member

- The new deeper oil production cuts for OPEC have been agreed upon and will soon be underway, thanks apparently to UAE-hosted talks between Russia and Saudi Arabia prior to the Dec 5 meeting. This time around, Saudi Arabia was unable to handle Russia on its own. OPEC needs Russia to sign onto the deal and to comply, and Saudi Arabia will bring in as many people to convince Russia as needed. OPEC once stood on its own, but those heavy-handed cartel days are squarely in the rearview. Russia now wields just as much - if not more - clout.

- Nigerian employees of Chevron launched a strike this week to protest against job cuts and non-payment of allowances, with the potential to disrupt 350,000 bpd in oil production. Chevron is desperate to offload some of its Nigerian assets (OML 86 and OML 88), and has tried to dump them more than once without success, to focus more acutely on fields back home - fields in the US that aren't subject to pipeline vandalism, worker strikes, and other disruptive actions.

- Iran’s First Vice President has admitted that Iran’s oil exports have fallen thanks to the US sanctions, though he did not reveal the extent. The strategy is to keep accurate export data out of play to avoid any determination of exports slipping out through secret methods, including bypassing shipping transponders. Regardless, there is little doubt that sanctions are cutting deep into revenue. Iran has agreed to take out a $6 billion loan from Russia; asked…





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  • Nazir K. Ali on December 21 2019 said:
    Without a shade of doubt, Russia is emerging as a key factor on the global scene. China and Russia are the only 2 countries that can look directly into the eyes of the warring US.
    As for Saudia, they can surely get their way with Pakistan. Sad! Salams

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