by James Corbett, The International Forecaster:
gor Sechin, the Executive Chairman of Russian oil giant Rosneft, wrote an interesting op-ed in the Rothschild mouthpiece Financial Times this week. In it, he asserted:
“The oil crisis of today is often compared with the great oil glut of the 1980s. But demand and supply is no more unbalanced now than it was on average throughout the past decade when the price was much higher. Compared with the flood of oil that hit the markets in 1985, new supplies arriving today are ripples on the water. The world is thirsty for oil. Leading analysts see demand increasing 10 per cent between now and 2020.”
He goes on to suggest that the recent dramatic fall in prices (with Brent and WTI prices plummeting over 50% since last summer) is a tell-tale sign of oil market manipulation:
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