Oil Wars: Can Russia Hold Off Middle Eastern Oil In Eastern Europe
Russia still has supremacy over Central and Eastern Europe, especially over its crude oil market. However, Middle-East countries like Saudi Arabia, Iraq and Iran, have recently entered this traditional Russian trade because every oil producing country is searching for new markets and bigger market share regardless of the price. Last year, oil from the Saudi Kingdom arrived in Poland for the first time, and in August this year Iranian crude came back to the Polish market after being absent for a couple of years. Hungary, the second biggest export destination for Russian oil in the region, has increased the import of fuel from Iraqi Kurdistan, while Ukraine, the greatest adversary of Russia, is trying to become the gate to Eastern and Central Europe for National Iranian Oil Company. It appears that the energy supply security has increased in the region, but will oil from the Middle East be a […]
"Now we clearly see downside risks to this forecast. We'll probably have stable inflation of 0.2 percent in the euro zone," Holstein said. "And this would clearly raise the pressure on the ECB to unleash more monetary stimulus."
The combined balance sheet of the European Central Bank and the euro zone's 19 national central banks expanded by 17.16 billion euros ($19.15 billion) to 3.33 trillion euros in the week to Aug 26, the ECB said on Tuesday.
The European Central Bank and the Bank of Japan are relying on stimulus packages that include a negative deposit rate to fuel inflation and revive the economy. ECB President Mario Draghi and BOJ Governor Haruhiko Kuroda have both argued that they have the scope to cut rates further below zero if needed, even as the debate about risks and side effects of the policy gains momentum.
Russia still has supremacy over Central and Eastern Europe, especially over its crude oil market. However, Middle-East countries like Saudi Arabia, Iraq and Iran, have recently entered this traditional Russian trade because every oil producing country is searching for new markets and bigger market share regardless of the price. Last year, oil from the Saudi Kingdom arrived in Poland for the first time, and in August this year Iranian crude came back to the Polish market after being absent for a couple of years. Hungary, the second biggest export destination for Russian oil in the region, has increased the import of fuel from Iraqi Kurdistan, while Ukraine, the greatest adversary of Russia, is trying to become the gate to Eastern and Central Europe for National Iranian Oil Company. It appears that the energy supply security has increased in the region, but will oil from the Middle East be a […]
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