By Micah Halpern
I've Been Thinking:
Russia is now ousting Saudi Arabia as the main supplier of oil to China.
This is a major move and it is critical in understanding the power of one country and its influence on the world.
If Russia is now out playing Saudi Arabia in oil in China, it is not only getting more cash in its coffers, but it is also seen on the world stage as upstaging Saudi Arabia at its own game.
That translates back to important issues in the Middle East where Russia, along with Iran, is supporting Assad in Syria and Saudi Arabia is doing everything in order to oust Assad and harm Iran and Russia.
In 2010, Russia was only providing 7% of Chinese oil while the Saudis supplied 20%. Now it looks like they are both somewhere between 13% and 14%. And for several months last year Russia won the oil export game.
Russia is making a serious move and the Saudis are trying to fight back.
Yes, they all can use the money given the drop in the price of oil. But more than money - what they really need is influence and prestige.
Micah@MicahHalpern.com
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