Canada is planning to selling more of its oil to Asia and China in response to Trump s power grab of Venezuela s oil. media report.
The news the trades may be conducted in Yuan are a major blow to Trump and will accelerate de dollarisation.
Canada is now in a win win position.
If Trump cannot get control of the oil of Venezuela due to cost,and, or insurgency, it will be more reliant on Canada s oil giving Canada extra leverage.
But if he does get control of Venezuela s oil, Canada can sell to the growing Asia and Chinese markets using the local currencies ensuring lots of revenue.
Meanwhile, it may take 60 billion dollars upwards to repair Venezuela s oil fields and increase production degraded by years of US sanctions, according to some estimates.
Der Standard also says the entire infrastructure of Venezuela including electricity needs upgrading and that engineers will be hard to find.
https://www.derstandard.at/story/3000000302953/drill-baby-drill-wie-realistisch-sind-trumps-erdoelplaene-fuer-venezuela
But the biggest concern of oil companies will be for the saefety of any staff they send their as insurgency and guerilla warfare could wreck havoc with the plans of US corporations and will not be brought under control even if the US sends tens of thousands of troops to Venezuela so difficult is the terrain.
However, as if today, the current government of Venezuela has publicly refused to work with Trump.
So, there has been no regime change, although there may be limited cooperation so the government can earn some revenue, including selling 2 billion dollars worth of oil to Trump.
When Chevron had a contract with Venezuela for its oil, it gave only 2% of its profits, royalties to Venezuela prompting Hugo Chavez to take over some oil fields.
Fatal Mistake: U.S. Oil War BACKFIRES As Major U.S. Ally Flips To China's Economy
Sean Foo
https://www.youtube.com/watch?v=eCrOz89gYnI
https://www.cbc.ca/news/politics/carney-to-visit-china-9.7036190
Prime Minister Mark Carney will travel to China next week, marking the first visit to the country by a Canadian prime minister since 2017.
The Prime Minister's Office (PMO) said the trip from Jan. 13 to 17 will see Carney meet with Chinese President Xi Jinping to discuss trade, energy, agriculture and international security.
https://www.cbc.ca/news/politics/carney-to-visit-china-9.7036190
Conservative politicians, including the leader of Canada's conservative opposition party, are calling on Canadian Prime Minister Mark Carney to approve a new Pacific coast pipeline to help aid the country's oil exports to overseas markets, amid fears that the United States' involvement in Venezuela's market will significantly impact the competitiveness of Canadian oil. Canadian lawmakers are concerned that increased oil exports from Venezuela to the United States, which is Canada's largest oil purchaser, will displace oil from Canada, forcing the country to drop its prices in order to stay competitive.
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China has already massively decreased its need for oil by switching to RE, EV vehicles, coal and other energy sources.
https://en.wikipedia.org/wiki/Electricity_sector_in_China
China is basically oil poor, and that's why China has been trying to electrify everything. They have a lot of nuclear power there, they're running as much solar and wind as they can because they're oil poor, they don't have natural gas and and they need to insulate themselves when they do something stupid like invade Taiwan," Milloy said. "If they're dependent on oil and gas, the global market will just shut down. There will be an embargo, and they'll be screwed. So they're trying to electrify everything as much as possible — the trucks, the cars, just everything. And this is just another lever on China … They were buying their oil from Venezuela, probably at a cut-price, and that's going to end. Trump said he would sell oil in China, but it's not going to be a cut-price."
https://www.foxnews.com/politics/us-gains-leverage-over-canadian-oil-weakens-china-amid-us-plans-overhaul-venezuelan-oil-market
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