As I write this on Thursday morning, crude oil futures are roughly $90 a barrel and trending lower. According to AI, Russia needs oil at $100 a barrel to continue the war in Ukraine. My earlier research said $80 a barrel, but evidently $100 a barrel is needed to cover some accumulated debt that Russia has taken on because of the war.<\/p>\n
Saudi Arabia is limiting America’s use of the Prince Sultan Airbase southeast of Riyadh and is not allowing American planes to fly through Saudi airspace to support the efforts to escort ships through the Strait of Hormuz. One guess as to why Saudi Arabia is doing this is that the Saudi’s don’t want to attacked by Iranian missiles or drones. They do not want to be collateral damage in the war in Iran.<\/p>\n
The United Arab<\/b> Emirates<\/b> (U.A.E.) has left The Organization of the Petroleum Exporting Countries (OPEC) (and OPEC’s limits on U.A.E. oil production) and has an oil pipeline that avoids the Strait of Hormuz. Look for an increased use of that pipeline.<\/span><\/p>\n One of the current leaders of Iran has met recently with China\u2019s Foreign Minister Wang Yi (days before President Trump is scheduled to meet with Chinese Communist leader Xi Jinping). China does not want Iran destroyed or the current government of Iran overthrown. China has major investments in Iran. Is China putting pressure on Iran to make a deal? If Iran agrees to give up their nuclear program and enriched uranium, can we trust them to do it?<\/span><\/p>\n Aren’t you glad that you are not President Trump who has to sort all this out?<\/p>\n","protected":false},"excerpt":{"rendered":" As I write this on Thursday morning, crude oil futures are roughly $90 a barrel and trending lower. According to AI, Russia needs oil at $100 a barrel to continue the war in Ukraine. My earlier research said $80 a … Continue reading