(ICA/JCPA) Antoine Halff - Last year, Russia overtook Saudi Arabia as the world's largest oil producer. While in the 1970s, most of the Middle East's oil went westward to the U.S. and Europe, nowadays, most of the Middle East's supplies go eastward to Japan, Korea, and China. Russian oil is flowing in the Ashkelon-Eilat pipeline from the Mediterranean to Eilat and onward to Asia. Some of the Arab producers are trying to block this by preventing tankers that have called at Eilat or Ashkelon to go to an Arab port afterwards. While this appears to be slowing down the movement on the pipeline somewhat, ultimately there is probably not much the Arabs can do to block this flow.
2004-10-21 00:00:00Full ArticleBACK Visit the Daily Alert Archive