German-Russian Oil Cooperation

BERLIN/MOSCOW (Own report) – The Russian petroleum company, Rosneft, is expanding its activities in Germany, thereby reducing Germany’s dependence on the transatlantic oil industry. While public discussion is focused on ex-Chancellor Gerhard Schröder’s candidacy for the chair of Rosneft’s board of directors, the company has increased its share to 25 percent of Germany’s crude oil imports, and has become the third largest oil processing enterprise in Germany. It has plans to further strengthen its position in the country, inspired by the close German-Russian natural gas cooperation, which provides Germany significant influence over Western Europe’s supply of Russian gas. Achieving predominant influence over the EU’s supply and a growing independence vis-à-vis the energy giants of the transatlantic era, facilitates Berlin’s pursuit of an independent German-EU global policy.

BP’s Stunning Warning: “Every Oil Storage Tank Will Be Full In A Few Months”

It was just last week when we said that Cushing may be about to overflow in the face of an acute crude oil supply glut.

“Even the highly adaptive US storage system appears to be reaching its limits,” we wrote, before plotting Cushing capacity versus inventory levels. We also took a look at the EIA’s latest take on the subject and showed you the following chart which depicts how much higher inventory levels are today versus their five-year averages.