libya oil exports' destinations

[jk]

just to inform our geopolitical discussions. of course this doesn't tell us who holds the e&p contracts.

[Slimprofits]

Re: libya oil exports' destinations

also important to note that Libya has the light, sweet crude that is well suited for diesel fuel.

[c1ue]

Re: libya oil exports' destinations

I had posted this information before in the 'US is doing Libya for oil' discussion.

As your graph clearly shows, Libya was already sending almost all of its oil to Europe and the US.

[doom&gloom]

Re: libya oil exports' destinations

where will the gold be exported?

[Verrocchio]

Re: libya oil exports' destinations

I had posted this information before in the 'US is doing Libya for oil' discussion.

As your graph clearly shows, Libya was already sending almost all of its oil to Europe and the US.

Getting oil from Muammar Gaddafi was not a problem; he was willing to deal with anyone. The US didn't have a big dog in this hunt, with only 5% of Libyan oil to the US.

[makimanos]

Re: libya oil exports' destinations

The chart is obvious. China, the next global enemy, was starting pulling the strings.

[gnk]

Re: libya oil exports' destinations

The chart is obvious. China, the next global enemy, was starting pulling the strings.

+1

BINGO

Libya Rebel Oil Official Says China, Russia Will Have Trouble Getting New Deals

Not a coincidence that China, Russia and India also have been accumulating gold and have entered into non-dollar denominated trade agreements.

The Gold (reserve currency) wars and the Oil wars are tied together.

You want to keep reserve currency status? Then your hands better be on all the oil spigots.

[Prazak]

Re: libya oil exports' destinations

More on this point: http://www.washingtonpost.com/world/...y.html?hpid=z3

Not surprising in the least, but interesting to read nonetheless.

[c1ue]

Re: libya oil exports' destinations

More on this point: http://www.washingtonpost.com/world/...y.html?hpid=z3

Not surprising in the least, but interesting to read nonetheless.

The WaPo rag continues its amusing editorial methods:

Although China insists no weapons were delivered, a spokesman for the Libyan opposition said there is evidence that Chinese companies shipped weapons through Algeria to Gadhafi’s forces after the outbreak of the uprising in violation of a U.N. arms embargo.

Wow! Complain about alleged Chinese violations of the UN arms embargo, but deathly silent on public admissions of arms shipments to rebels by France and others.

[Prazak]

Re: libya oil exports' destinations

The WaPo rag continues its amusing editorial methods:



Wow! Complain about alleged Chinese violations of the UN arms embargo, but deathly silent on public admissions of arms shipments to rebels by France and others.

You're right. There's the smallest of references later in the article:

"China and Russia had earlier questioned whether the supplying of weapons to rebels breached the terms of the U.N. ban."

It would have been a much better article if it had discussed the French drops of weaponry to the rebels and the dueling viewpoints on whether those violated SC Resolution 1970. The French purported to find a loophole in the resolution language permitting such support, and the operation in Libya has long gone beyond the letter of the resolution to encompass removing the Libyan regime from power. No loophole would exist to cover China's alleged sales to the Qaddafi's forces. Unfortunately a MSM publication isn't likely to delve too much further into the topic.

[gnk]

Re: libya oil exports' destinations

You're right. There's the smallest of references later in the article:

"China and Russia had earlier questioned whether the supplying of weapons to rebels breached the terms of the U.N. ban."

It would have been a much better article if it had discussed the French drops of weaponry to the rebels and the dueling viewpoints on whether those violated SC Resolution 1970. The French purported to find a loophole in the resolution language permitting such support, and the operation in Libya has long gone beyond the letter of the resolution to encompass removing the Libyan regime from power. No loophole would exist to cover China's alleged sales to the Qaddafi's forces. Unfortunately a MSM publication isn't likely to delve too much further into the topic.

In the near future I see UN Resolutions becoming increasingly irrelevant.

[bill]

Re: libya oil exports' destinations

+1

BINGO

Libya Rebel Oil Official Says China, Russia Will Have Trouble Getting New Deals

have entered into non-dollar denominated trade agreements.

.

another one

http://www.chinadaily.com.cn/world/2...t_13635209.htm

Updated: 2011-09-06
BEIJING - Nigeria plans to invest 5 percent to 10 percent of its foreign exchange reserves in China's currency, the renminbi (RMB) or yuan, the country's central bank governor Lamido Sanusi said on Tuesday.
Nigeria has been discussing with the People's Bank of China (PBOC), the Chinese central bank, to allow it to invest its reserves in China's interbank bond market, as well as in the offshore yuan market in Hong Kong, Sanusi said.
"We will continue with our efforts and are close to...taking the RMB as part of Nigeria's foreign exchange reserve currencies," Sanusi said at a press briefing in Beijing.
Sanusi is on a visit to Beijing and is expected to meet PBOC Governor Zhou Xiaochuan to discuss potential cooperation on monetary policy and foreign exchange.
Currently, the Nigerian government has kept its reserves in three major currencies -- the US dollar, the sterling and the euro.
"A few years ago, we made a strategic decision to consider adding the renminbi to the basket of reserves," Sanusi said.
Nigeria's foreign exchange reserves total $32 billion to $36 billion, with 79 percent currently invested in US dollars, Sanusi said.
It's "inevitable" that the yuan will become an international currency since China is the second largest economy in the world, he said.
The recent downgrade of US debt as well as the debt turmoil in the Europe added to the urgency of diversifying Nigeria's foreign exchange reserves, he added.
China has a large share of the world trade and is today a major exporter and manufacturer, as well as a major importer of commodities from developing countries, but these are not reflected in the use of its currency internationally, he said.
Over the last 12 months, Sanusi has seen the Chinese currency become more easily convertible and more widely used for trade and investment in the offshore RMB market in Hong Kong.
"A number of countries are participating in the RMB market in Asia and the Latin America, and we are pleased to be the first African country to take the step of joining this group of countries that recognize the importance of China to the world economy," Sanusi said.
According to him, Nigeria is the second largest economy on the African continent. Its gross domestic product (GDP) has been growing at an average annual rate of 7 percent over the last decade and boasts a population of 150 million.
He said Nigeria is planning a swap arrangement with the PBOC to give Nigerians access to the RMB because of possibilities of settlement of transactions in RMB and of attracting Chinese to invest in Nigeria.
Last year, China's loans and exports to Nigeria exceeded $7 billion, while Nigeria exported $1 billion of crude oil, Sanusi said.
"Today in Nigeria, the RMB is being exchanged on the street for the naira (Nigerian currency) so the market is already ahead of regulator, we are just going to catch up with them officially getting involved in the transactions," he explained.
Sanusi, whose father was Nigeria's first ambassador to China in 1972, said he looks forward to China investing more in his country, especially in the energy, agriculture and processing sectors.
A large number of Chinese companies are now operating in Nigeria, largely in manufacturing, while a number of Nigerians come to China to trade, Sanusi said.
He expects a continued gradual appreciation of the yuan, but if the European and US economies continue to be weak,the yuan's appreciation may slow.
He also said Nigeria's currency peg has been central to price stability, and the country expects to maintain exchange-rate stability, but won't defend the naira's peg to the dollar "at all costs."

[GRG55]

Re: libya oil exports' destinations

another one

http://www.chinadaily.com.cn/world/2...t_13635209.htm

Updated: 2011-09-06
BEIJING - Nigeria plans to invest 5 percent to 10 percent of its foreign exchange reserves in China's currency, the renminbi (RMB) or yuan, the country's central bank governor Lamido Sanusi said on Tuesday.
Nigeria has been discussing with the People's Bank of China (PBOC), the Chinese central bank, to allow it to invest its reserves in China's interbank bond market, as well as in the offshore yuan market in Hong Kong, Sanusi said.
"We will continue with our efforts and are close to...taking the RMB as part of Nigeria's foreign exchange reserve currencies," Sanusi said at a press briefing in Beijing.
Sanusi is on a visit to Beijing and is expected to meet PBOC Governor Zhou Xiaochuan to discuss potential cooperation on monetary policy and foreign exchange.
Currently, the Nigerian government has kept its reserves in three major currencies -- the US dollar, the sterling and the euro.
"A few years ago, we made a strategic decision to consider adding the renminbi to the basket of reserves," Sanusi said.
Nigeria's foreign exchange reserves total $32 billion to $36 billion, with 79 percent currently invested in US dollars, Sanusi said.
It's "inevitable" that the yuan will become an international currency since China is the second largest economy in the world, he said.
The recent downgrade of US debt as well as the debt turmoil in the Europe added to the urgency of diversifying Nigeria's foreign exchange reserves, he added.
China has a large share of the world trade and is today a major exporter and manufacturer, as well as a major importer of commodities from developing countries, but these are not reflected in the use of its currency internationally, he said.
Over the last 12 months, Sanusi has seen the Chinese currency become more easily convertible and more widely used for trade and investment in the offshore RMB market in Hong Kong.
"A number of countries are participating in the RMB market in Asia and the Latin America, and we are pleased to be the first African country to take the step of joining this group of countries that recognize the importance of China to the world economy," Sanusi said.
According to him, Nigeria is the second largest economy on the African continent. Its gross domestic product (GDP) has been growing at an average annual rate of 7 percent over the last decade and boasts a population of 150 million.
He said Nigeria is planning a swap arrangement with the PBOC to give Nigerians access to the RMB because of possibilities of settlement of transactions in RMB and of attracting Chinese to invest in Nigeria.
Last year, China's loans and exports to Nigeria exceeded $7 billion, while Nigeria exported $1 billion of crude oil, Sanusi said.
"Today in Nigeria, the RMB is being exchanged on the street for the naira (Nigerian currency) so the market is already ahead of regulator, we are just going to catch up with them officially getting involved in the transactions," he explained.
Sanusi, whose father was Nigeria's first ambassador to China in 1972, said he looks forward to China investing more in his country, especially in the energy, agriculture and processing sectors.
A large number of Chinese companies are now operating in Nigeria, largely in manufacturing, while a number of Nigerians come to China to trade, Sanusi said.
He expects a continued gradual appreciation of the yuan, but if the European and US economies continue to be weak,the yuan's appreciation may slow.
He also said Nigeria's currency peg has been central to price stability, and the country expects to maintain exchange-rate stability, but won't defend the naira's peg to the dollar "at all costs."

+1

BINGO

Libya Rebel Oil Official Says China, Russia Will Have Trouble Getting New Deals

Not a coincidence that China, Russia and India also have been accumulating gold and have entered into non-dollar denominated trade agreements.

The Gold (reserve currency) wars and the Oil wars are tied together.

You want to keep reserve currency status? Then your hands better be on all the oil spigots.

So what will the USA do to put its hand on the rather considerable Nigerian oil spigot? Shock and awe bombing campaign over Lagos and Abuja? Let the Brits lead the way, since it's former British colony? Embargo the country like they've done with Iran. Demand the President step down as they have with Syria?

[aaron]

Re: libya oil exports' destinations

There are many excellent reasons to bomb and invade Nigeria. Far more than Iraq, for example. They would not even have to make up stories about babies being thrown around for target practice. The Nigerians have much better, real stories.

Dear Sir,
As the bombs have started falling on my dear homeland of Nigeria, my uncle His Heinous Cladenistine Oligarch the Third will pay you a transfer fee of 10% to accept wire transmission of 8,000,000 U.S. dollars to international bank account. Please reply to this email as soon possible to begin international wire remittance in return for transfer commission.

###########

[gnk]

Re: libya oil exports' destinations

US policy on Nigeria is anyone's guess. I'm sure we'll find out soon. If the US decides to get active in Nigeria, it will always find a way to get the job done. The American people are no hindrance to that. After watching the run-up to the Iraq war, I have no doubts about that.

But I'll say this - I'm sure that the Chinese presence in Iraq was due to some sort of quid pro quo between the US and China. The US needs to control as many oil spigots as it can. In return:

It always has a source of oil. (Oil at any cost)

It allows the US to influence the price - not always, of course. Price swings influence Russia and China in different ways. A collapsing price destroys the Russian economy, but helps the Chinese economy. (That's a good thing to control if you can.)

It can shut off oil to anyone challenging the US militarily in a SHTF scenario.

To maintain dollar supremacy - (the US may not have a formal gold standard - that's a fallback option - but an "oil standard" is at work here, has been since the 1970s)

The above, in my opinion, is the ongoing policy of the US. Is it always successful? Obviously that's debatable. But if you want to maintain Superpower status, you need to be able to control the economies of your enemies, and ward off any major war. Cut them down at the knees, if need be. At best, you always have a strategic edge.

One thing to keep in mind. When it comes to US policy, we are all in the dark, to a degree. There is a lot of horse trading going on between the EU, Russia, China, and the US that we don't see. We only see the bombs dropping or occasionally rebels getting armed when the horse trading negotiations fail.

In my opinion, we are witnessing an escalation in the Gold and Oil wars. Just think of the events of the last decade when it comes to oil and gold.