Arabs threaten with prices and chemical weapon, the USA threatens with war and Russian oil

The world politics is smothered in blackmail. Influential Arab figures warn the USA of its war in Iraq. Arabs claim that oil will allegedly become three times as expensive – up to $100 per barrel. Americans do not pay any attention to that. They are preoccupied with another thing –Tony Blair’s  propaganda step turned out to be an idling one yesterday. Military campaign is still going on. American politicians are getting ready for the Russian-American oil summit. The summit is to take place in Houston on October 1, 2.

The Daily Telegraph of London reported that former minister for oil of Saudi Arabia and former OPEC’s head Ahmed Saki el-Jamani warned the global community of an opportunity for oil prices to triple. He claimed that the oil price might make up $100 per barrel.  He is certain that Saddam Hussein will dare to use chemical weapon against neighboring countries in case of the American aggression. Arab oil manufacturers in the area of the Persian Gulf will suffer a lot of losses. Oil deliveries from Saudi Arabia and Kuwait will stop, and nothing will hold oil prices back.

Ahmed Saki el-Jamani used to be the head of OPEC in the 1970s of the 20th century.  He already threatened the West  with the reduction of oil deliveries. Experts said that the oil crisis of that time  hampered the growth of developed countries.  They managed to recover from that recession only due to the economic rise, which had been caused with the collapse of the USSR. On the other hand, the price of crude was $40 per barrel during Storm in the Desert operation.

Americans and Russians are getting ready for the joint oil summit. A suggestion from the Russian oil giant LUKOIL is expected to be  the major sensation of the summit. LUKOIL will present a project to build an up-to-date oil terminal in a Murmansk port. Experts believe that the oil terminal project  has already become a symbol of Russian and American relations. The new terminal will allow to deliver the Russian oil directly to the USA. Russian oil manufacturers are about to face the perspectives of development of one of the most solvent and richest world markets.

As it is expected, LUKOIL’s President Vagit Alekperov is expected to present the Murmansk terminal project. The Russian initiative will surely become the highlight of the summit, taking into consideration the fact that other Russian oil giants as Sibneft, Yukos, TNK showed their great interest in the project.

Experts believe that Russia is unable to offer anything else to American investors now. LUKOIL evaluated that the project would cost 1.5-2.6 billion dollars. The company also calculated that the construction of just a terminal would cost $300 million.

If the terminal in Murmansk is built, then Russia will be able to carry up to 50 million tons of oil over to American and European markets every year. Virtually, this will make up about 50% of the  current Iraqi export.

Dmitry Slobodanuk

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Author`s name Olga Savka