Oil wars starting?
Saudi Arabia has threatened to halt oil exports to Taiwan over Taipei’s reluctance to invest in Saudi Arabia’s power and water desalination plant, a report said Monday.
Saudi Arabia feels cheated by Taiwan’s delay to invest in the Independent Water & Power Provider project and has threatened to suspend oil exports to Taiwan, the United Daily News reported.
Saudi Arabia supplies 100 million barrels of oil to Taiwan annually, accounting for half of all oil imports.
‘If Saudi Arabia stops oil import to Taiwan for two weeks, Taiwan will face an oil crisis,’ the paper said.
Cuba first
Cuba may have been the first to suffer from oil embargos. When the USA blocked Cuba, Russia (as was) stepped in to help. But then Russia’s own internal problems lead to a drop in supply for Cuba, and they went cold turkey without the option.
This has given us a valuable pilot study of Peak Oil.
dollars not accepted
The question: “What happens when oil producers say: ‘We don’t take dollars anymore.’?” has just been posed by Shai Agassi, the founder and chief executive of California-based Project Better Place. Read more…
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