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Every now and then we have a chance to peek through a tiny window to see how “diplomacy” is done behind closed doors. Last week the leaked conversation between US diplomatsplotting the overthrow of Ukraine’s government was one such dramatic moment.
Another came Tuesday, in an interview with Iran’s Ambassador to Lebanon, Ghazanfar Roknabadi, which appeared in the respected Lebanese Daily Star newspaper. In a sweeping interview, the Ambassador discussed the recent bombing of the Iranian embassy in Beirut and the regional threat of the growing number of jihadist groups in Syria.
Then he let loose with this bombshell. Roknabadi told the Daily Star that the Iranian government had been under pressure to convince Syrian president Bashar al-Assad not to run again for president. As Syria’s only regional ally, Iran presumably has a good deal of influence with the Assad government.
[U.N. Undersecretary-General for Political Affairs Jeffrey] Feltman, during a visit to Iran last summer, asked officials to convince Assad not to run in the elections. The Iranian officials asked him: ‘What’s the problem if he runs,’ to which Feltman responded: ‘If he runs, he will win the elections.’
Feltman is not just any UN bureaucrat. In the revolving door between the UN and US government, he previously served as US Assistant Secretary of State for Near Eastern Affairs from August 2009 to June 2012 and as United States Ambassador to Lebanon from July 2004 to January 2008. Before that he served in post-”liberation” Iraq.
More recently, Feltman was an important cast member in the above-mentioned “Ukraine-gate” phone call between US undersecretary of State Victoria Nuland and US Ambassador to Ukraine Geoffrey Pyatt. In the Ukraine drama, his former State Department colleagues agreed that Feltman could be trusted to appoint a UN official to “glue” together the deal they were cooking up.
If Ambassador Roknabadi is accurate in his account, this confirms much about the US government’s cynical regime-change ploy in Syria. Not that it is any surprise to those paying attention. It is in keeping with US ambivalence toward actual electoral democracy in those places which it purports to democratize. From Gaza to Egypt to Afghanistan to Libya to Iraq, it seems what US democratization efforts fear most is actual democracy.
No wonder Secretary Kerry keeps desperately clinging to the US misread of the “Geneva I” communiqué, claiming without evidence that it is a regime-change agreement among signatories. Assad must be kept out of the picture, because the US is terrified of his popularityin Syria.
11:09 pm on February 12, 2014Email Daniel McAdams
Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.
Prices will average $105 a barrel in 2014, from $108.71 in 2013, according to the median of estimates from the seven analysts who most accurately predicted this year’s level in a survey last December. Brent averaged $111.68 in 2012.
Global supply is expanding as the U.S. pumps oil trapped in shale-rock formations, driving domestic output to the highest in a quarter century and curbing demand for the crude priced off Brent. Iran, Iraq and Libya will also produce more in 2014, the forecasters said. While a second annual drop for Brent would be the first consecutive retreat since 1998, prices are still about 39 percent higher than the average over the past decade.
“We’re expecting a surplus,” said David Bouckhout, the senior commodity strategist at Toronto-Dominion Bank in Calgary who was jointly the most accurate forecaster. North American “supply growth is going to remain robust and cover the expected increase in demand. The biggest concern for 2014 on the supply side is going to be Iran, while Iraq is another producer that certainly wants to see its production grow.”
Brent for February settlement lost 97 cents to $111.21 a barrel on ICE Futures Europe today, leaving prices little changed compared with the start of the year. Hedge funds and other speculators boosted net-long positions in the grade by 41 percent in the week to Dec. 24, restoring bullish bets from their second-smallest level this year, bourse data show.
West Texas Intermediate, the U.S. benchmark, slipped $1.03 today to $99.29 after settling at $100.32 a barrel on the New York Mercantile Exchange on Dec. 27. The grade is poised for an annual gain of 8.1 percent. The spread between WTI and Brent averaged $10.63 this year, compared with $3.94 over the past decade. The widening gap reflects an abundance of U.S. supply at a time of disrupted exports from Iran, Iraq and Libya.
The three most-accurate forecasters from last year’s survey were Christin Tuxen, a senior analyst at Danske Bank A/S in Copenhagen, Thina Saltvedt, an analyst at Nordea Bank AG in Oslo, and Toronto-Dominion’s Bouckhout.
Mike Wittner, head of oil market research at Societe Generale SA in New York, ranked fourth. Francisco Blanch, head of commodities research at Bank of America Corp. in New York, Jeff Currie, head of commodities research at Goldman Sachs Group Inc. in New York, and Jochen Hitzfeld, an analyst at UniCredit SpA in Munich, were joint fifth.
Expansions in supply from producers outside the 12-nation Organization of Petroleum Exporting Countries will more than cover the gain in global demand in 2014, according to the International Energy Agency. Daily non-OPEC output will rise by 1.7 million barrels as worldwide consumption adds 1.2 million barrels, the Paris-based adviser to oil-consuming nations says.
The U.S. will lead the gains as it taps shale reserves in North Dakota and Texas, the IEA said in a Dec. 11 report. Iraq plans more exports next year as part of its long-term strategy to triple production, Oil Minister Abdul Kareem al-Luaibi said Dec. 3. Iran will increase output if international sanctions are eased, Oil Minister Bijan Namdar Zanganeh said the same day. Libya will reopen export terminals closed by protests, Oil Minister Abdulbari al-Arusi said Dec. 21.
Expanding supply from Libya, Iran and Iraq is a “tail risk” rather than a probable outcome, said Societe Generale’sWittner, the most bullish of the top seven analysts. Libya will remain “an unreliable source of supply,” higher output from Iran won’t materialize until later in the year and Iraq has repeatedly missed its expansion targets, he said. Wittner anticipates an average price of $108.
U.S. President Barack Obama, speaking in Washington on Dec. 7, assessed the chances of a comprehensive deal on Iran’s nuclear program as no better than 50-50. The nation, once OPEC’s second-biggest member, is producing about 930,000 barrels a day less than at the start of 2012, data compiled by Bloomberg show.
Libyan production is close to the lowest level since the uprising that unseated Muammar Qaddafi in 2011 as armed groups blockade eastern ports, oil ministry data showed Dec. 23. Iraq’s production of 3.1 million barrels a day in November was 7 percent lower than a year earlier amid attacks on pipelines and a dispute with leaders in the country’s Kurdish region, according to data compiled by Bloomberg.
A supply glut will be averted because Saudi Arabia, the biggest member of OPEC, will curb output if needed, Societe Generale’s Wittner said. The kingdom’s daily production swung from 8.75 million to 10.25 million barrels over the past several years, he said.
Oil demand may exceed analysts’ expectations next year as the U.S. economy strengthens, said Bjarne Schieldrop, the chief commodities analyst at SEB AB in Oslo. The global economy will expand 3.6 percent in 2014, from 2.9 percent in 2013, the International Monetary Fund said in a report in October.
“Demand has clear upside potential,” SEB’s Schieldrop said. “Oil prices should be set to stay around the $108 to $109 level seen this year, rather than set for a really bearish development.”
U.S. crude production surged to a 25-year high of 8.11 million barrels a day in the week ended Dec. 20, government data show. That’s the highest level since September 1988.
Iraq plans to export an average of 3.4 million barrels daily in 2014, Oil Minister al-Luaibi said Dec. 3. Shipments were 2.38 million barrels a day in November, the ministry said this month. The country has said it wants to produce 9 million barrels a day by the end of the decade.
Libya will consider armed force to reopen eastern ports closed by a blockade, Ajwa Leblad News cited Oil Minister Al-Arusi as saying Dec. 16. Production in the holder of Africa’s largest oil reserves has dwindled to 210,000 barrels a day, as of November, from this year’s peak of 1.4 million barrels in March, according to a Bloomberg News survey.
Iran may be able to boost oil exports by 500,000 barrels a day following an agreement on Nov. 24 that eased some sanctions in exchange for a pause in the country’s nuclear program, Toronto Dominion’s Bouckhout said. That might expand should Iran reach a wider deal with world powers, he said. The country shipped 850,000 barrels a day in November, according to the IEA.
Iran’s improved relations with western governments may make Saudi Arabia, its regional rival, more reluctant to act as the swing producer, said Danske Bank’s Tuxen. OPEC may then be divided over who should cut to restore the balance between supply and demand, driving prices lower, she said.
“The Saudis will continue to add to an oversupplied market,” Tuxen said. “We see them cutting supplies slightly, but not enough to make up for the production increases we see elsewhere, especially in light of the Iranian-U.S. deal. They can actually deal with an oil price that falls somewhat below $100 and still be fairly well-off.”
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