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Shots Fired: "OPEC Has Practically Stopped Existing" - Rosneft CEO Mocks Defunct Oil Cartel

Shots Fired: "OPEC Has Practically Stopped Existing" - Rosneft CEO Mocks Defunct Oil Cartel

Russia is moving full steam ahead with its plan to kill the petro-dollar, and is burying OPEC's influence along with it. 

As we reported earlier, Russia has taken its next step toward de-dollarization by launching its own benchmark oil futures contract that will price oil in rubles instead of USD. Now, it appears as though Russia has deemed it is time to start chipping away at OPEC and its power within the oil space.

According to Reuters, Rosneft CEO and close Putin ally Igor Sechin had some harsh words to say about the oil cartel, and effectively announced its demise.

Frontrunning: May 9

  • China stocks plunge again as hopes for economic recovery fade (Reuters)
  • European Stock Gains Defy China Data That Hurt Metals; Oil Rises (BBG)
  • Yen falls after Tokyo warning (Reuters)
  • Soros Chart Signals BOJ Bond Buying Already Enough to Weaken Yen (BBG)
  • Dollar Jump Catches Traders Short in One More Currency Calamity (BBG)
  • Even China's Party Mouthpiece Is Warning About Debt (BBG)
  • Fed's Evans sees U.S. growth picking up to 2.5 percent, favors 'wait and see' on rates (Reuters)

Putin Offers Free Land To Foreigners

Land in Russia’s  far eastern wilderness is being offered for free to both Russians and non-Russian nationals wishing to settle in the region. The land will be handed over to Russians and foreigners who want to build homes or start businesses in agriculture or tourism in the region. After five years, foreign nationals will be able to apply for naturalization as Russian citizens and acquire full property rights to the land they have been working.

For Russia & China, It's "Accept American Hegemony" Or "Go To War"

Authored by Paul Craig Roberts,

Somnolent Europe, Russia, and China - Can the world wake up?

On September 19, 2000, going on 16 years ago, Ambrose Evans-Pritchard of the London Telegraph reported:

“Declassified American government documents show that the US intelligence community ran a campaign in the Fifties and Sixties to build momentum for a united Europe. It funded and directed the European federalist movement.

 

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