Glut of Crude Fuels Rivalry Between the Major Producers
By BRIAN SPEGELE
BEIJING—Warming ties between China and Russia are giving a big boost to Chinese imports of Russian oil, to the chagrin of OPEC nations jockeying for a slice of China’s market.
Faced with falling prices and lower demand from the U.S., oil-exporting nations are increasingly putting their hopes in China’s still-robust demand for crude. But Saudi Arabia and other big producers like Venezuela have seen such sales drop as Moscow’s isolation from the West over Ukraine prompts it to turn to Beijing.
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DIPLOMATIC BUBBLES: Disaster tourism amidst concern for Muslim Ummah —By Saeed Minhas
…. Countries like Saudi Arabia, Kuwait, UAE, Egypt and their oil-controlling giant Organisation of Petroleum Exporting Countries (OPEC) has contributed only a couple of hundred million dollars altogether, and that too through the Red Crescent or other International organisations for in-kind donations. Despite knowing that over 65 helicopters, 19 of which come from the US alone, are working around the clock, none of these oil-rich countries have even asked to foot the oil bill or donate oil for these humanitarian sorties. An hour of a helicopter flight costs an estimated Rs 100,000 in fuel expenses alone, and so far as per the Pakistan Air Force (PAF) figures, over 200 hours of flight operations have been carried out throughout Pakistan.
Another diplomat chipped in by saying that all these ‘brothers’ seem to be good enough for political and strategic guarantees but nothing more for Pakistan. …
To read full article >> Daily Times