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Eric Maugendre Dec 4, 2024

"About 70 percent of all crude oil exports from the Middle East go to Asia."

"Under capitalism, envisioning a shift away from fossil fuels is more difficult by the day."

Adam Hanieh: https://canadiandimension.com/articles/view/the-green-transition-is-a-myth-adam-hanieh-on-the-ongoing-centrality-of-oil-to-capitalism

#clothing #petrochemicals #plastics #pricing #prices #trading #markets #finance #oilAndGas #oil #carbon #transition #energyTransition #Gulf #geopolitics #China #capitalism #AdamHanieh #fossilFuels

‘The green transition is a myth’: Adam Hanieh on the ongoing centrality of oil to capitalism

Many vital left-wing books about global oil politics have been published over the last decade: Mazen Labban’s Space, Oil and Capital, Timothy Mitchell’s Carbon Democracy, and Simon Pirani’s Burning Up. Perhaps none have provided quite as sweeping and synthetic of an analysis as Adam Hanieh’s Crude Capitalism: Oil, Corporate Power, and the Making of the World Market.

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Eric Maugendre 6d ago

@economics @energyecon

The Strait of Hormuz lies between Oman and Iran and links the Gulf to the rest of the seas. It is 21 miles (33 km) wide at its narrowest.

1/5 of the world's oil consumption passes through the strait. Roughly 19 or 20 million barrels of crude, condensate and fuels flows through the strait daily (Vortexa). Iran has threatened over the years to block the strait but has never followed through.

#petrochemicals #markets #oilAndGas #oil #Gulf #geopolitics #Asia #fossilFuels

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Estelle Platini

@maugendre @iran

In 1901, a millionaire London socialite, negotiated an oil concession with the shah (the king of Iran). He financed this with capital he had made from mines in Queensland.
In 1908, the employees struck oil.
The Anglo-Iranian Oil Company was the #UK's "single largest overseas asset" and a "source of national pride" in the 1940s.
In 1951, it was nationalized by the Iranian Parliament. The British cabinet organized a worldwide embargo of Iran.
In July 1952, the Royal Navy intercepted the Italian tanker Rose Mary and forced it into the British protectorate of Aden on the grounds that the ship's petroleum was stolen property. News that the Royal Navy was intercepting tankers carrying Iranian oil scared off other tankers and effectively shut down oil exports from Iran.
The #MI6 and the #CIA organized a "coup d’État" in 1953.
In 1954, the company was renamed to The #BritishPetroleum Company.

#history #mining #imperialism #Britain #oilAndGas #oil #Gulf #fossilFuels #mining #extraction #Queensland