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InvisiblePsiloKitten
Ganja Goddess

Registered: 02/13/99
Posts: 1,617
Russia to price oil in Euros
    #1999132 - 10/11/03 02:41 AM (13 years, 1 month ago)



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Offlinepattern
multiplayer

Registered: 07/19/02
Posts: 2,183
Loc: Canada
Last seen: 1 year, 8 months
Re: Russia to price oil in Euros [Re: PsiloKitten]
    #2000388 - 10/11/03 05:02 PM (13 years, 1 month ago)

Time to invade Russia! At least they'll find WMD there.


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InvisiblePsiloKitten
Ganja Goddess

Registered: 02/13/99
Posts: 1,617
Re: Russia to price oil in Euros [Re: pattern]
    #2001028 - 10/11/03 09:11 PM (13 years, 1 month ago)

This is true, they would find WMD there. But dont you get the feeling that if the US and Russia ever met in an all out war, it would be really really bad?

I dont think that the US has balls that big.

But Syria -- Cheney and Ashcroft are gunning for it like Sauron's ring.


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Offlined33p
Welcome to Violence

Registered: 07/12/03
Posts: 5,381
Loc: the shores of Tripoli
Last seen: 3 years, 6 months
Re: Russia to price oil in Euros [Re: PsiloKitten]
    #2001113 - 10/11/03 10:05 PM (13 years, 1 month ago)

Quote:

PsiloKitten said:
But dont you get the feeling that if the US and Russia ever met in an all out war, it would be really really bad?

I dont think that the US has balls that big.





Russia is still a shell of its former strengh during the cold war. Assuming m.a.d. stops any use of nuclear arms, russia would get spanked.


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Offlinewingnutx
Registered: 09/25/00
Posts: 2,268
Last seen: 5 years, 5 months
Re: Russia to price oil in Euros [Re: d33p]
    #2001135 - 10/11/03 10:16 PM (13 years, 1 month ago)

It would still be a dumb thing to do. It's not a question of balls so much as a question of self-destructive recklessness.

It's also a good illustration that once a country has operational nuclear weapons then it is too late to do anything.


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InvisiblePsiloKitten
Ganja Goddess

Registered: 02/13/99
Posts: 1,617
Re: Russia to price oil in Euros [Re: d33p]
    #2001819 - 10/12/03 04:04 AM (13 years, 1 month ago)

But you know that Nuclear bombs are going to fly. Im more inclined to think that we would act preemptively and then China would go friggin nuts. Either way, it would be bad.

Most Americans continue to underestimate the arsenal that Russia has. People also seem to think that there have been these huge advances in technology.. I mean, look at the patriot missle. Nukes cancel all that crap out.


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OfflineGazzBut
Refraction

Registered: 10/15/02
Posts: 4,733
Loc: London UK
Last seen: 3 months, 29 days
Re: Russia to price oil in Euros [Re: PsiloKitten]
    #2002011 - 10/12/03 08:43 AM (13 years, 1 month ago)

These kinds of discussions make me nervous!


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InvisibleLos_Pepes
Stranger

Registered: 06/26/05
Posts: 731
Re: Russia to price oil in Euros [Re: GazzBut]
    #4737772 - 09/30/05 06:59 PM (11 years, 2 months ago)

See:

http://www.ccc.nps.navy.mil/rsepResources/si/nov03/middleEast.asp


It appears that the real reason Russia wants to sell oil to europe in euros is to make more money at the expense of the europeans.

Conclusions
Several general propositions emerge as to the likely introduction of a petroeuro and the U.S. motivation for the Iraq War:

1. For a number of technical reasons OPEC is unlikely to shift markets to euro-priced oil. There would be costs and inefficiencies involved, with no real significant benefits gained. The same applies to the buyers of oil.

2. There is good reason to believe that the euro's current appreciation vis-?-vis the dollar will not be sustained?the currency will have a hard time maintaining its current parity with the dollar. The euro's current strong value is taking a toll on euroland economic performance.

3. Even if the euro were to maintain its parity with the dollar, this would not cause the dollar to cease to be the international reserve currency. A two international reserve currency system is more unstable[24] than one dominated by a single currency. Markets will move toward stability?and a currency with a historical track record.

4. The fate of the dollar and hence its use as an international reserve currency is largely in the hands of the United States?budget and trade deficits and low savings pose a greater threat to the use of the dollar as a reserve currency than any actions the EU or OPEC could undertake with regard to oil pricing.

5. Even though the United States may derive some economic benefit from having its currency serve as the dominant international reserve currency, the gains are not nearly as great as is often assumed?around 0.5% of GDP at best, much of which is offset by lost manufacturing exports and jobs associated with the strong dollar.

It follows that the notion the United States undertook the Iraq war over its concern with the consequences of Saddam Hussein denominating Iraq's oil sales in euros (and the direction that might move other producing countries) is little more than another web-based conspiracy theory.


Quote:


The current discussion surrounding the Russian government's interest in pricing the country's oil exports in euros provides a good illustration of the issues involved in creating a petroeuro. The debate over euro oil pricing was set off in mid-October 2003 when Russian President Valdimir Putin indicated that Russia was considering pricing its crude exports in euros rather than dollars. One has to appreciate his frustration during the current period of dollar weakness. The dollar's 8 percent drop against the euro in August and September 2003 translates roughly into an 8 percent revenue loss for Russia. More importantly, the country is concerned over the dollar's 35 percent drop against the euro since January 2003.

At first sight, a shift in the pricing of Russian oil to the euro makes a certain amount of sense. The eurozone is the largest oil importer in the world, and a full 45 percent of Middle Eastern oil goes to europe. Moreover, after falling steadily from its January 1999 flotation, the euro has managed a strong rebound in the past two years, regaining its losses, which suggests that the euro is a world-class currency able to hold its value.

Yet, several days after President Putin floated the idea of euro priced oil, Prime Minister Mikhail Kasyanov said his government would not take any decisions on transferring oil settlements into euros. "This topic can not even be discussed. There can be no administrative decisions here. The market decides?oil is a commodity that is traded for dollars, and if it is sold for dollars, it means that suits the buyers and sellers."[17] By the end of October 2003 the Putin idea appeared dead in the water.









http://www.ccc.nps.navy.mil/rsepResources/si/nov03/middleEast.asp

It sounds like if europeans payed for oil in euros they would end up paying more for oil if the dollar declines more.


Edited by Los_Pepes (09/30/05 07:02 PM)


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