The western pillars that have supported Israel are crumbling

On the plus side, Israel’s position in the Middle East has improved, despite the chaos that has overtaken the region since the so-called “Arab Spring” of 2011. Not only is Israel militarily stronger, but due to the threats from Iran and Islamic State, Israel’s relations with its Sunni Arab neighbors have undergone a dramatic transformation, as those countries realize that Israel can be an important asset. Thus far this rapprochement has been largely behind the scenes, but no less marked because of that. Continue reading

Commodities: Iran challenges US sanctions with plans to double oil output by 2018

As already mentioned here a few times, third world countries have no bottom, thus making any sanctions against Iran’s oil industry worthless. The world has a high demand for oil and all sanctions will do is force the oil route to change direction towards another country.

Iran has unveiled plans to double its oil production by the end of the decade and, ignoring sanctions, pump billions of dollars of its currency reserves into developing its share of the world’s largest natural gas reservoir in the Persian Gulf.

The country’s new oil minister, Bijan Zanganeh, has set a new output target of 5.7m barrels per day (bpd) of crude by 2018, according to the official state-run news agency Shana. The latest figures produced by the Organisation of Petroleum Exporting Countries (Opec), show that Iran is currently pumping about 3m bpd of crude.

Tehran is also sending strong signals to the international community that it plans to press ahead with the development of vast natural gas reserves that it shares with Qatar in the Persian Gulf. Moshtaq Ali-Gohari, head of the National Iranian Oil Company, told Shana over the weekend that the Islamic republic plans to invest almost $14bn (£8.3bn) to develop oil and gas fields that it shares with neighbours in the region. This could signal that Tehran is preparing for the further development of the South Pars field in the Gulf. Continue reading

Iran starts building gas pipeline to Syria

Sanctions have proven useless as there are plenty of clients to go around and as third world economies have no bottom.

TEHRAN: An Iranian semi-official news agency says the country has started building a $10 billion natural gas pipeline to Syria as part of efforts to boost its energy sector that has been battered by international sanctions. Continue reading