Oil could reach $1 000 - Sunter

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Oil could reach $1 000 - Sunter

Johannesburg - Scenario planner and chairperson of the Anglo American chairperson's fund, Clem Sunter, said on Wednesday that the US starting a conflict with Iran was a "perfect storm" scenario that could usher in a $1 000/barrel oil price and lead the world from recession into something worse.

"If the US goes into Iran, expect oil prices to go to $500-$1 000 a barrel overnight," said Sunter.

"It could take R10 000 to fill your 4x4 - so life will change," he noted.

He said that this was now a very topical issue as the US had placed Iran on two weeks' notice and that these developments thus needed to be monitored very closely. He calls the current phase a "two week pipeline" during which Iran must climb down from their nuclear prgramme.

He said it was so important as 40% of the world's oil flows right past Iran.

"Keep it on your radar screen - this can decide the next years - a long-drop scenario like in the 30s and 40s," he said, noting that this was just a scenario that could happen should conditions change.

"We're moving into a tough world and we've all got to be prepared for that," said Sunter.

Sunter calls the potential military action a "perfect storm" coming on top of current recessionary global conditions brought about by the depressed US consumer.

:eek:


So are we going to see a traffic jam on the Ben Schoeman highway where everybody is trying to walk to work?
 
not to mention the russian's would not be to impressed with the US as would many other big oil nations

war with iran = end of the world
end of world will start in the middle east, well so i have read :)
 
:mad: Trust America to F*** it up for the rest of us.
Iran will make them so sorry for trying to start S***, twice the population of Iraq and are waaayy more organised.
 
Maybe then we will finally see alternate fuels come to the fore. Can't be that hard to make a Prius minus the petrol engine. Might not be super fast but at least it won't use any petrol :)
 
the urgings of hawks in Israel for pre-emptive military action to halt Iran's nuclear programme
Which is exactly why Iran needs weapons they can use against Israel. It is the only sure defense against being attacked by them.
 
:mad: Trust America to F*** it up for the rest of us.
Iran will make them so sorry for trying to start S***, twice the population of Iraq and are waaayy more organised.



As for the article, oil prices are coming down in 1.5 - 2 years...

And when its $1000 in 30-40 years, we'd already have had finished using hybrids and start to use hydrogen.

And the Americans will never attack Iran. Period.
 
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What a pointless article. I am sure if an asteroid hit Iran the price of oil would also go up. Or maybe if some mutant virus was unleashed in Iran and turned everyone into zombies, the price of oil would also go up.
 
What a pointless article. I am sure if an asteroid hit Iran the price of oil would also go up. Or maybe if some mutant virus was unleashed in Iran and turned everyone into zombies, the price of oil would also go up.

Thats what I was thinking!

Everyone here is busy crying and blaming America. Grow up
 
maybe that would make it go down;)

Quite right, you never know. Zombies are quite useful critters. I bet you could stick them in a blender and use the result as an oil replacement. Dead useful they are.
 
The biggest concern I have is Israel attacking them and then the US joining in when Iran smashes the granny out of them.
 
The biggest concern I have is Israel attacking them and then the US joining in when Iran smashes the granny out of them.

That would go against form.

Frankly I think the Israelies will essay a selective airstrike, destroy some key installations and get rapped over the knuckles by the security council (as they all breath a sign of relief) then business will continue as normal.
 
I think it's imperative that Iran backs down from its nuclear power program. Their pursuit only makes a volatile region more volatile.

If US were to invade expect the war to last about 3 weeks although the occupation and small scale conflict would go on for years...

One thing the Americans do very effectively is war and they've been involved in that region for long enough to know the most suitable tactics...

Israel is a very nervous neighbour at the mo.... All in all a potentially explosive situation...
 
STFU you ignorant bastard.

As for the article, oil prices are coming down in 1.5 - 2 years...

And when its $1000 in 30-40 years, we'd already have had finished using hybrids and start to use hydrogen.

And the Americans will never attack Iran. Period.

who is more ignorant the oke calling someone ignorant or the oke who thinks america will never attack Iran?


Israel will hit them and US will join in, either way Israel/us pretty much the same thing

blaming the US, wtf do you think oil is so high barok!!!!!!!! the US are the worst nation on the planet and are destroying the world slowly

of course we are going to blame them, they are the reason these Muslim's hate the west

DOWN with America!!!!!!!!!

o sandman why back down man, how many countries have nuclear energy? we have yet the US thinks its fine

let them have their Nuclear energy i say like alot of places in the world

Why does the US want to control the world? Iran will be one fight to many for the US, Russia is looking for a fight with the US, as are the Chinese

The US have very few Allies left in the world and going into Iran would be Suicide for the entire world
 
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Nigerian militants: We'll destroy oil pipelines

http://edition.cnn.com/2008/WORLD/africa/07/23/nigeria.oil/index.html

(CNN) -- A Nigerian militant group issued a statement Wednesday saying it will destroy major oil pipelines "within the next 30 days" to disassociate itself from a government pipeline protection deal.


Nigerian militants have played havoc with oil production in the Niger Delta in the past.

The Movement for the Emancipation of the Niger Delta, or MEND, issued the statement. It has been blamed for a number of attacks on the African country's oil industry.

The group issued a statement disassociating itself from the Nigerian National Petroleum Corp. claim of a payment of $12 million to militants for "pipeline protection."

"MEND is aware that huge payments have been made to some criminal gangs in Delta state as a protection fee," the group said in an e-mail statement.

"This gang is not a genuine part of the Niger Delta agitation for justice but a front for the Delta state governor for such extortions. They cannot be labeled as militant freedom fighters."

The MEND statement said it "will never sell its birthright for a bowl of porridge when the impoverished masses in the region continue to live in abject poverty."

To prove that it is "not a part of this deal, the Chanomi creek pipeline (in Delta State) and other major pipelines will be destroyed within the next 30 days."

MEND has bombed pipelines and kidnapped hundreds of foreign oil workers, typically releasing them unharmed, sometimes after receiving a ransom payment.

The rebels hope to secure a greater share of oil wealth for people in the Niger Delta, where more than 70 percent of the population lives on less than $1 a day while oil pumped from the region has brought riches to the government, the group says.
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