Monday, 30 June 2008

ONGC Discovers new Iranian Oilfield

Iran has discovered an oilfield within its southwestern Farsi oil block, an oil official said on Saturday, without giving details of estimated reserves.

Iran, the world's fourth-largest crude oil exporter, said in March it had finalised a financial proposal for developing the Farsi block with Oil and Natural Gas Corp. (ONGC)

The US military considers Middle East oil as a national security matter such that they will respond to any "threat" by Iran to undermine their control of this resource.

At present Iran is planning on selling its oil in Euros which would weaken the Dollar and make oil vastly more expensive for the US to purchase. The US currency is currently being held up by its role in global Oil transactions. A move away from the PetroDollar to a PetroEuro would effectively destroy the economy of the US thanks to their high levels of debt. The value of the US dollar would plummet as the country faces bankruptcy.

This threat from Iran's move to a PetroEuro is playing a great role in the current US effort to initiate hostilities with that country.

[Posted at the SpookyWeather blog, June 30th, 2008.]

No comments: