Western oligarchs feeling the sting of their own gov. sanctions on Russia: Energy firms in crisis amid collapsing oil prices, insolvencies treble

Greetings,

Note: Blowback is a mutha. The Western nations are trying to overthrow the Putin government in Moscow by driving down oil prices in a bid to start strife and insurrection amongst the people. This isn’t working. Putin has no less than 75% of the Russian population backing his policies.

Now these same wicked and evil policies are starting to effect the pockets of Western oligarchs and companies and now we look to see who will blink first. If the bite of blowback continues mounting in the West expect the Western policies to fold or expect war.

Energy firms in crisis amid collapsing oil prices, insolvencies treble

Insolvencies among UK oil and gas companies have trebled this year with a further £55 billion worth of future oil projects facing uncertainty, an accountancy firm has warned.

The bleak projections follow a statement issued by OPEC on December 14, in which the organization announced its continued backing of current oil export levels, despite the decline in price – a decision taken at the OPEC conference in November.

A report from the accountancy firm Moore Stephens, due to be published on Monday, said 18 oil and gas businesses in the UK had become financially unviable in the past year. This is three times higher than 2013, when six firms went bust.

Brent crude oil closed at under $62 per barrel on Friday, its lowest price in five-and-a-half-years and down 45 percent since June.

The energy consultancy Wood Mackenzie projected a further 32 European projects were under threat from the fall in oil prices, with $55 billion worth of potential funding still awaiting approval.

The forecasted slump could affect North Sea drilling projects in the UK. A £270 million contract to drill 22 wells off the coast of Aberdeen awarded in June this year could be compromised.

Output from the North Sea is expected to rise in the final quarter of 2014, but overall net exports are predicted to hit their lowest level since 1977…..MORE HERE

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