Europe PET buyers shocked by highest prices since 2013 – Those who are in the market to buy additional polyethylene terephthalate (PET) volumes in Europe are presented with offers far above what they had anticipated – Europe PET polyethylene terephthalate

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Europe PET buyers shocked by highest prices since 2013

Source:ICIS News

Europe PET polyethylene terephthalate

LONDON (ICIS)–Those who are in the market to buy additional polyethylene terephthalate (PET) volumes in Europe are presented with offers far above what they had anticipated, sources said on Friday.

“I received updated offers. Then, I really was absolutely shocked,” a buyer said.

Prices have jumped up at a surprising rate, to the point where the €1,200/tonne FD (free delivered) Europe barrier has been broken for the first time since 2013.

Europe PET polyethylene terephthalate

Until recently, demand was disappointing, so now there are plenty of buyers scrambling for what is considered to be expensive material.

With so much under contract, and buyers offtake maximum where possible, additional spot volume is scarce.

“If you need it, you should forget about the price,” a second buyer said.

The Asian market is hot right now, so buyers cannot even access bargain imports.

They are reliant on a limited number of suppliers.

Europe PET polyethylene terephthalate

“There are no alternatives. People have to buy now. Anything above contract volume will need to buy at a spot price, which is now €1,200/tonne for May and June,” a supplier said.

The force majeure on upstream purified terephthalic acid (PTA) is compounding the problem.

PET is used in fibres for clothing, containers and bottles for liquids and foods, thermoforming for manufacturing, and in combination with glass fibre for engineering resins.

Picture source: imageBROKER/REX/Shutterstock

By Caroline Murray

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-US Slaps Preliminary Duties Determinations on PET Resin From Five Countries – US Secretary of Commerce Wilbur Ross has announced the affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of polyethylene terephthalate (PET) resin from Brazil, Indonesia, South Korea, Pakistan, and Taiwan – USA Duties PET Resin

-PET Imports To Face Anti-Dumping Duties in the U.S – The imposition of duty is further to trade investigations following petitions filed in September last year by domestic PET manufacturers – PET Imports AntiDumping Duties USA

-Octals pet resin gives opportunity for export to Canada – Raising the profile of Omani exports worldwide and boosting bilateral trade opportunities between Oman and Canada, Octal one of the sultanate’s principal exporters – Octals pet resin export Canada

-Americas petrochemicals outlook: w/c Apr 16 – Spot ethylene has been on the rise, 0.50 cent/lb higher than the record lows seen April 9 after prompt-month was heard offered at 14 cents/lb MtB Nova – Americas petrochemicals outlook

-Motiva considers ethylene, aromatics projects in US – Motiva Enterprises signed $8bn-10bn worth of memoranda of understanding (MoUs) covering process technologies for possible ethylene and aromatics units in the US – Motiva ethylene aromatics projects USA

-US spot ethylene falls to 16-year low amid tariff concerns – US spot ethylene traded at a 16-year low on Friday amid long supply and concerns about proposed Chinese tariffs on chemicals – USA spot ethylene chemicals

-The initial price for MEG in Europe for April deliveries fell by EUR20 per tonne – The initial contract price of monoethylene glycol (MEG) in Europe for April deliveries was agreed at the level of EUR965 per tonne, which is EUR20 per ton lower than the March contract prices – Price MEG Europe April

-China’s MEG up in anticipations of better supply-demand for Q2 – China’s MEG market has remained rangebound for around two weeks, and domestic spot prices shivered around 7,000yuan/mt – China MEG prices market

-Prices MEG in the US may fall in April  – It is expected that prices of monoethylene glycol (MEG) in the US will decline in April due to a weakening of demand between peak seasons – Prices MEG USA April 

-AFPM ’18: EQUATE’s US MEG plant begins construction phase – CEO – AFPM 2018 EQUATE USA MEG

-Sabic reduced the April price of MEG by USD55 per tonne – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level – Sabic April price MEG

-MEGlobal lowered the April contract price of MEG in Asia by USD80 per tonne – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), set the April contract price for MEG for Asia at USD1,100 per tonne – MEGlobal April contract price MEG Asia4

-China polyester to drive MEG, but oversupply fears – China polyester MEG oversupply – Robust demand from polyester production in China is expected to drive the Asian monoethylene glycol (MEG) market in the first half of 2018

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Americhem Focuses on Development of Compounds & Additives that Target Some Key Trends – Check out high-performance pre-colored PVC capstock compounds, an expanded antimicrobial product line, and thermoplastic alloys that eliminate secondary processes – Americhem Compounds & Additives

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Americhem Focuses on Development of Compounds & Additives that Target Some Key Trends

Check out high-performance pre-colored PVC capstock compounds, an expanded antimicrobial product line, and thermoplastic alloys that eliminate secondary processes.

Americhem Compounds & Additives“The trends we have observed are related to different segments’ needs. For outdoor decking, there is a shift to darker colors with a realistic wood appearance that have lower heat retention,” says Matthew Hellstern, CEO of Americhem.  Hellstern tells Plastics Technologythat the company’s eCap technology, among the focus points of the company’s exhibit (Booth S17031), are high-performance pre-colored capstock compounds, including PVC-based, that have proven color stability and performance over traditional PVC compounds.

Another area of focus is the antimicrobials, says Hellstern. “As bacteria and microbes evolve, a wider breadth of antimicrobial solutions are needed. Our antimicrobial line has been expanded to work across a wider range of polymers that can be processed at lower temperatures—PVC, TPEs and TPOs.”

The company is also seeking to help processors eliminate secondary processes. Here, Hellstern points to the company’s Surlyn Reflections Series of thermoplastic alloys, gained via the acquisition of LTL Color Compounders. The company has had worldwide exclusive license for over a decade to make and sell DuPont’s Surlyn Reflections Series resins. These alloys of ionomer and nylon 6 are used to injection mold weatherable, glossy parts. Says Hellstern, “Manufacturers are continuing to look at ways to reduce secondary processes. The Surlyn Reflections Series thermoplastic alloys, are high-gloss resins that produce highly durable parts that require no painting. These alloys are less viscous and flow easily to fill larger, thinner-walled parts while still providing visual appeal.”

Asked about the company’s direction over the next few years, Hellstern says, “As a unified Americhem, with the acquisition of LTL, Infinity Compounds and Vi-Chem, we have synergies across material platforms and are able to tap into a wider breadth of technical expertise. Our customers can trust us to be their partner when providing the right solution to solve their most complex problems. Like other plastics manufacturers, we evaluate new opportunities based on strategic fit. We will continue to evaluate acquisition opportunities while investing in new development technologies.”

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Braskem selects lead mechanical subcontractor for new US PP line in La Porte – Braskem mechanical subcontractor USA PP line

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Braskem selects lead mechanical subcontractor for new US PP line in La Porte

Source:ICIS News

Braskem mechanical subcontractor USA PP line HOUSTON (ICIS)–US-based Bilfinger Westcon will be the lead mechanical subcontractor for Braskem’s new 450,000 tonne/year polypropylene (PP) line in La Porte, Texas, the Brazil-headquartered producer announced on Thursday.

The new PP line named Delta will bring additional capacity of homopolymers, random copolymers, impact copolymers and reactor thermoplastic polyolefins (TPO) to Braskem’s current PP plant in La Porte, which has a capacity of 354,000 tonnes/year.

The final phase of main construction remains on track and targeted for Q1 2020, Braskem said.

Braskem mechanical subcontractor USA PP line

Bilfinger Westcon will be responsible for the installation of structural steel, piping and industrial process equipment through the completion of the facility construction.

“With the recent milestone delivery of the reactors to the Delta site, Braskem and The Linde Group, as our lead [engineering, procurement and construction] EPC contractor have appointed Bilfinger Westcon, a leading construction service provider to the chemical and specialty chemicals industries, as our lead mechanical subcontractor,” said Mark Nikolich, CEO of Braskem North America.

“This appointment keeps us on track for our original Delta project timeline and further supports our leadership position as the largest producer of polypropylene in the Americas,” he added.

Braskem also has a UTEC ultra high molecular weight polyethylene (UHMWPE) plant, which started up in early 2017 at the La Porte site.

Picture source: (PRNewsfoto/Braskem)

By Tracy Dang
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China-Iran petrochemical trades insulated from US sanctions – China Iran petrochemical USA sanctions

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China-Iran petrochemical trades insulated from US sanctions
Source:ICIS News

SINGAPORE (ICIS)–China’s petrochemical imports from Iran are not expected to take a major hit upon the US’ re-imposition of sanctions against the Middle Eastern country.

China Iran petrochemical USA sanctions

Even before the landmark 2015 Iran nuclear deal, the world’s second-biggest economy has been procuring heavy volumes of polyethylene (PE) and methanol, as well as crude, from Iran.

Their trade ties may even be reinforced as Iranian cargoes would have to seek alternative export outlets, when the US sanctions are reinstated.

“In the medium term, the new sanctions may change the trading flow to some extent – more Iran cargoes … may target [the] China market, but which may be limited by some factors,” said Amy Yu, olefins & polyolefins analyst at ICIS.

Payment terms do not pose a problem as settlement of Chinese transactions with Iran are limited to telegraphic transfer(TT), cash or euro credit, although some restrictions were introduced in 2017 on the use of letters of credits (LCs) on Iranian transactions.

But traders and end-users in China will have to contend with higher freight cost when dealing with Iran as shipping capacity will be limited amid international sanctions, she said.

“Iran producers usually sell cargoes [on a] FOB [free on board] basis”, with the freight cost borne by buyers, Yu said.

In some cases, to go around the sanctions, some Iranian cargoes had to be re-routed to the UAE before heading to China, resulting in higher shipping cost, she said.

Over the past four years, Iran accounted for an average of 8.1% of China’s crude imports; 17.5% of its PE imports; and 35.6% of methanol imports, according to official data.

China Iran petrochemical USA sanctions

For China, the looming trade war with the US – the world’s biggest economy – is deemed a much bigger problem.

Continuing trades with Iran could potentially sour relations between China and the US, which has been embracing increasingly protectionist trade policies under President Donald Trump.

China, along with the US, UK, France, Germany and Russia, were the six world powers that signed the nuclear pact with Iran three years ago, which was aimed at curbing Tehran’s uranium development.

Trump on 8 May announced the US decision to withdraw from what he views as a “defective” pact, noting that the sanctions to be re-imposed are targeted at critical sectors of Iran’s economy, such as energy, petrochemical and financial sectors.

Once the US sanctions are put back in place, companies and countries will have 180 days to reduce their consumption of Iranian oil or face penalties from the US, according to analysts.

The possibility of having to cut oil imports from Iran should not hurt China as much, amid a glut in domestic supply of oil products, said She Jianyue, chief analyst at state-owned China National Offshore Oil Corp.

“Oil is not a big problem. For one, China can switch to other suppliers to replace Iran quite easily, particularly Russia. For another, China may not need to import that much of oil at all,” She said.

“We are exporting more and more gasoline and diesel, which means our refineries have processed too much oil into those transportation fuel. So, cutting imports from a single supplier will not be a problem,” he added.

Crude has been trading at their highest levels since November 2014 due to a combination of output cuts by OPEC and other major producers, except the US; strong demand amid the global growth recovery; as well as the heightened geopolitical tensions in the Middle East.

The upward pressure intensified following the US’ decision to withdraw from the Iran deal. On 9 May, both the US and Brent crude futures surged by more than $2/bbl on 9 May, with strong expectations that the gains would continue.

“Oil prices are finally on a clear upward trend, while strong global growth is boosting demand for regional goods,” Spain-based research firm FocusEconomics said in its May Consensus Forecast report for the Middle East & North Africa (MENA).

In the short term, crude’s strong gains may filter through the downstream petrochemical markets, ICIS aromatics analyst Jenny Yi said.

Prices of aromatics such as benzene and toluene, as well as those of petrochemical feedstock, naphtha, tend to follow crude movement closely.

Focus article by Fanny Zhang and Pearl Bantillo

Picture: Port and oil refineries in Asaluyeh at the Pars Special Energy Economic Zone in Iran. Zagros Mountains in distance. (Source: FLPA/REX/Shutterstock)

By Fanny Zhang

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-Saudi Arabia Needs $88 Oil – Higher oil prices have provided a boost to the economies of oil-exporting nations such as Saudi Arabia – Saudi Arabia $88 Crude Oil

-BP says still sees oil at $50-$60/bbl in 2018 as shale output surges – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day – BP crude oil $50 $60 barrel 2018 shale output

-Iran and the oil market – How Iran’s nuclear deal and a host of other factors are forging a new crude reality – Iran Crude Oil market

-Oil output cuts succeeded but future cloudy – There is a danger of Opec, non-Opec members exceeding their vision due to current rally in oil prices, energy expert says – Oil output cuts Opec nonOpec

-Who’s to blame for costly oil? Saudis, Russia and Trump himself – Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling – Blame costly oil Saudis Russia Trump

-Oil pulls back from gains; OPEC says glut nearly gone – Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower – Crude Oil OPEC glut Saudi Arabia

-Escalating Middle East Tension Could Trigger Oil Prices To Hit $100 Per Barrel – Oil prices could soon soar to $100 per barrel amid growing fear about conflict in the Middle East, according to an oil analyst for CNBC – Oil Prices $100 Barrel

– IEA: OPEC Mission Near Completion as Oil Glut Vanishes – OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation – IEA OPEC Crude Oil Glut

-Is Russia Cheating On The OPEC Deal? – After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production – Russia Cheating OPEC Deal

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China April PE market boasts intensive turnarounds – China PE market has stabilized into the threshold of Apr, and market transaction is elevating on the whole – China April PE market

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Apr PE market boasts intensive turnarounds

 

China PE market has stabilized into the threshold of Apr, and market transaction is elevating on the whole. After the Fresh Green holiday (Apr 5-7) in particular, market has bounced greatly, as rebound of most products offset the decline since the 2018 China Lunar New Year holiday. The robust increase is based on multiple supporting factors, which have been taken by domestic petrochemical suppliers and as a result push prices up significantly.

China April PE market

Prices of almost all PE products ramp up in the first half of Apr. In East China, ex-works offers of LLDPE 7050H from Sinopec Zhenhai Refinning & Chemical (ZRCC) has risen by 400yuan/mt to 9,850/mt, and traded levels are above 10,000yuan/mt. The increase is propelled by ZRCC’s turnaround schedule in late Apr. Ex-works rates of LDPE 2426H from Sinopec Maoming Petrochemical is up by 400yuan/mt to 10,000yuan/mt. All HDPE sources except for pipe-grade have been climbing vigorously, as raffia-grade 5000S of Sinopec Yangzi Petrochemical (YPC) increases 700yuan/mt to 11,400yuan/mt, and injection-grade 8008 from PetroChina Dushanzi Petrochemical up 700yuan/mt to 11,200yuan/mt.

Among most supportive factors, intensive turnaround during Apr-May is the major supportive reason for the quick rise in PE market. Turnarounds have gradually laid out since end of Feb and appear mostly intensively currently. China domestic PE plant operating rate has been cut heavily to 78.64% on Apr 16, sharply down by 10% from the beginning of Apr.

 

China April PE market

Production of LDPE has been shut most intensively compared with LLDPE and HDPE, and this have directly turned market trend from a panic decline to quick elevation. LDPE plants, including Sinopec Shanghai Petrochemical, Sinopec Maoming Petrochemical, Sinopec Yanshan Petrochemical, Shenhua Yulin and Zhongtian Hechuang, etc. are gradually shut since end Feb. Notably, Sinopec Yanshan Petrochemical’s 200kt/year LDPE plant is accidentally shut on Mar 5 for technical problem and remains closed for over a month and thus largely affects market supply, and triggers bullish trend in the market. Even though some players believe LDPE stocks are still ample, market ramps up quickly.

LLDPE supply is also cut heavily. Shenhua Ningxia Coal Industry II’s 450kt/year and PetroChina Sichuan Petrochemical’s 300kt/year plant have been shut and taken away large quantities from the market in Apr. In late market, ZRCC will shut its 450kt/year plant for two months. Mentally speaking, LLDPE segment is on a strong bullish trend.

Shortage of some HDPE sources is more evident, as the size of subsegments is smaller. Except for HDPE pipe, all grades fall in short of supply, and the lift of ex-works offers from petrochemical suppliers is most evident. Price lift of HDPE raffia and injection is quickest compared with all other PE products.

On top of domestic supply reduction, import arrivals in Apr are influenced by recent adjustment on added-value tax on manufacturing industry, as the rate will be cut from 17% to 16% effective since May 1. So some Apr ordained shipment are delayed to May in order to say the 1% rate gap. It is for sure that arrivals in Apr will be thinner, and probably leaves a gap in supply-demand in traditional importers. Domestic suppliers would take this opportunity to pull up prices and reduce stocks at the same time.

Above all, intensive PE plants’ turnaround have injected high confidence to Chinese suppliers, and reducing imports in Apr would allow more space for sellers to pull up the market. And possible rising import tax on the U.S. originated LDPE amid China-US trade frictions also attracts’ speculative mood. Led by PetroChina and Sinopec groups, domestic PE suppliers are reducing their stocks and raising prices. But after this round of quick rebound, market needs a period to consolidate current height. When transaction could be maintained around this stage, market may climb higher in late market.

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-Polyethylene set for an exciting 2018 – The second half of this year promises to be fascinating as increased polyethylene (PE) volumes are shipped out of the US – Polyethylene exciting 2018 PE

-Turkey PE bottoms out as poor economic performance dampens sentiment – Turkish polyethylene (PE) prices are stable to down as demand falters following the continuing poor performance of the Turkish lira, according to sources this week – Turkey PE bottoms poor economic performance

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Milliken: Pharmaceutical Barrier Bottles – Milliken Pharmaceutical Barrier Bottles

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Milliken: Pharmaceutical Barrier Bottles

Technology supplier partners create HDPE bottles that reduce plastic and energy, using compression blow forming and a barrier additive that enable lightweighting, without compromising moisture and oxygen protection.
Milliken Pharmaceutical Barrier Bottles

jARDEN Plastic SolutionsSACMI Group and Milliken & Company jointly featured at NPE 2018 a new pharmaceutical bottle that promotes sustainability through light-weighting and production efficiency. The high-density polyethylene (HDPE) bottle, developed for a leading pharmaceutical manufacturer, combines technology advancements from the companies to reduce plastic content by up to 28% compared to standard designs, while delivering excellent barrier performance.

More specifically, Milliken’s additive solution for barrier improvement, together with uniform wall thickness provided by SACMI’s proprietary Compression Blow Forming™ (CBF™) equipment, enabled jARDEN to produce the new thin-wall bottles. These bottles are strong and light, use less energy to manufacture and generate less scrap.

Compression Blow Forming is a sustainable plastic production method that combines compression molding and blow forming into one process. This patented process is said to offer advantages for pharmaceutical companies. First, it delivers consistent wall thicknesses, avoiding thinner areas that can allow for faster permeation of water vapor and oxygen. This consistency, together with the high-performance properties of Milliken’s barrier technology, permits cost-effective lightweighting without compromising protection.

The CBF process is said to offer reduced cycle time and produce less waste compared to other blow molding technologies. The process also runs at a lower temperature, reducing energy use, which safeguards the purity of the resin against degradation. In addition to the benefits of lower heat, the compression of the preform reduces shear stress, which is important for initial resin processing and for further use after recycling.

Milliken’s additive technology can be incorporated in HDPE as a masterbatch to create a passive barrier. Without the use of the barrier additive, HDPE typically forms large, spherulitic crystals that do little to inhibit the passage of oxygen and moisture. Milliken worked with a leading pharmaceutical company to obtain regulatory approval on a material formulation with improved barrier performance.

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Get ready for $100 a barrel oil and the conflict it represents – The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating – $100 barrel crude oil

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Get ready for $100 a barrel oil and the conflict it represents

  • The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating.
  • The U.S. exit from the Iranian nuclear deal, the rocket attacks between Iranian and Israeli forces and the general belief among the U.S., Saudi Arabia and Israel that Iran’s regional expansion needs to be stopped all argue for a continued rise in the price of crude.
  • President Trump’s position on Iran has emboldened both Israel and Saudi Arabia, together, to challenge Iran more openly than at any time in the last four decades.
Ron Insana | 
$100 barrel crude oil
Andrey Rudakov | Bloomberg | Getty Images
Barrels are filled with oil at a Royal Dutch Shell lubricants blending plant in Torzhok, Russia.

It’s time to prepare for $100 oil. A price of $150, taking out the 2008 high, may also be a real possibility if events in the Middle East continue to escalate, as we have witnessed in recent days.

While I believe that oil, given the vast supplies available around the world, has an economic value of about $20 per barrel, it’s becoming increasingly impossible to ignore a world that seems to want higher prices for crude.

Through a production agreement, OPEC and Russia have successfully offset the glut of crude oil being pumped every single day in the United States. Rising demand for oil in a synchronized global economic recovery has also helped bring supply and demand in better balance over the last year-and-a-half.

$100 barrel crude oil

Oil prices could rise to $100 a barrel: BOA  

Having said that, U.S. oil output approaches 11 million barrels per day, and crude oil production exceeds that of Saudi Arabia and could surpass the world’s largest producer, Russia, sometime next year.

Despite that, the geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating. And so many interests benefit from higher oil prices; it appears there is a part of the world ready, and willing, to accept much more expensive energy.

This array of developments comes just as the summer driving season begins in the U.S., meaning that consumers should expect higher prices at the pump, certainly in excess of $3 per gallon, on average, and possibly much higher.

The U.S. exit from the Iranian nuclear deal, the unprecedented exchange of rocket attacks between Iranian and Israeli forces and the general belief among the U.S., Saudi Arabia and Israel that Iran’s regional expansion needs to be stopped all argue for a continued rise in the price of crude.

The Trump Administration’s plan to re-impose sanctions on Iran, and apply additional pressure on the Iranian regime, has heightened the fear that Iran will sponsor more terror attacks against Western targets, while its surrogates in both Syria and Lebanon (Hezbollah), will work to further destabilize the region, leading to an outright military confrontation between the sides.

It is becoming increasingly clear that Washington, Jerusalem and Riyadh are united in their desire to thwart any further territorial, or nuclear, ambitions Tehran may, or may not, harbor.

Certainly, Iran was said by U.S. intelligence and by U.S. allies, to be in compliance with the nuclear accord, but the U.S. walked away anyway.

Indeed, there is growing speculation among foreign policy experts that this administration wants to foment rebellion within Iran, by crippling its already weak economy and ushering in regime change.

It’s a notion that seems to be supported by the words and actions of Israel’s president, Benjamin Netanyahu and Saudi Arabia’s de facto leader, Mohammad bin Salman.

Despite President Trump’s criticism of the Bush administration’s “nation building” in Iraq, the newly installed hawks in this White House, some would argue, harbor no such hesitation when it comes to Iran.

However, unlike Iraq, the Iranian regime has not just greater control over the nation as a whole, but also control of a much more skilled military in the form of the Revolutionary Guard, Iran’s most elite and lethal force.

Regime change in Iran, if indeed that is the goal of this triumvirate, is not a given by any means.

Russia backs the mullahs in Tehran. China is somewhat dependent on Middle Eastern oil.

Even Europe, which until recently had been a solid American ally on foreign policy, is breaking with this White House openly, and has no appetite for an unsettling event in the Middle East.

How this plays out is anyone’s guess. But we are seeing the gloves come off as Iran and Israel have tested each other’s military prowess just days ago in the Golan Heights.

This ancient battleground may have been on slightly firmer footing with respect to the prospects for peace until President Trump assumed office.

His position on Iran has emboldened both Israel and Saudi Arabia, together, to challenge Iran more openly than at any time in the last four decades.

During the 1970s, the Arab oil embargo and the Iranian revolution brought the world to its knees economically, with two massive oil shocks that helped ignite hyperinflation and recession.

While a repeat of that outcome is not yet a forgone conclusion, as a wise man once said, history often rhymes.

War is hardly poetic, but one can already hear the meter of the past playing out in modern times.

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-Saudi Arabia Needs $88 Oil – Higher oil prices have provided a boost to the economies of oil-exporting nations such as Saudi Arabia – Saudi Arabia $88 Crude Oil

-BP says still sees oil at $50-$60/bbl in 2018 as shale output surges – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day – BP crude oil $50 $60 barrel 2018 shale output

-Iran and the oil market – How Iran’s nuclear deal and a host of other factors are forging a new crude reality – Iran Crude Oil market

-Oil output cuts succeeded but future cloudy – There is a danger of Opec, non-Opec members exceeding their vision due to current rally in oil prices, energy expert says – Oil output cuts Opec nonOpec

-Who’s to blame for costly oil? Saudis, Russia and Trump himself – Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling – Blame costly oil Saudis Russia Trump

-Oil pulls back from gains; OPEC says glut nearly gone – Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower – Crude Oil OPEC glut Saudi Arabia

-Escalating Middle East Tension Could Trigger Oil Prices To Hit $100 Per Barrel – Oil prices could soon soar to $100 per barrel amid growing fear about conflict in the Middle East, according to an oil analyst for CNBC – Oil Prices $100 Barrel

– IEA: OPEC Mission Near Completion as Oil Glut Vanishes – OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation – IEA OPEC Crude Oil Glut

-Is Russia Cheating On The OPEC Deal? – After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production – Russia Cheating OPEC Deal

-Oil price crosses $70 amid Iran deal tensions – Oil prices rose as investors saw increasing possibility that the US could withdraw from the historic Iran nuclear deal – Crude Oil price dollars 70 Iran tensions

-Is $70 oil the new normal? – The global economy is poised to cope well even if oil prices will remain at around $70 per barrel throughout 2018, energy experts said – Dollars 70 barrel crude oil shale oil

-Will oil prices remain strong for the rest of the year? – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – Crude Oil prices

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