Chapter 734: Lowering Oil Prices and Squeezing Out the United States

Moscow.

"Welcome to Moscow, the most beautiful city in the world." Looking at the Soviets who came to greet him, the UAE Oil Minister forced a smile on his face. This was his first time in Moscow. The weather here was still very cold. Compared with the UAE, this place was simply a place where savages lived!

However, he did not dare to act rashly. Up to now, more than fifty oil tankers of his side have been stuck in the Strait of Hormuz. If there is no substantial progress in this meeting, the crisis over there will not be resolved. Therefore, he had to bow his head and lower his posture. The other party has blocked his national economy!

They took a car to the foreign guest building specially prepared for them in Moscow and rested for a night. The fatigue from the journey had not yet subsided when the UAE Oil Minister attended this important oil conference hosted by Moscow and organized by Iraq.

It is indeed very important. You can tell by looking at the geographical location. This is clearly a shot at the Western world!

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"Ladies and gentlemen, welcome to the Soviet Union. I believe that this trip will make you fall in love with Moscow and our beautiful Soviet country." Foreign Minister Gromyko personally organized this meeting, and his speech at the meeting was actually written for him by Andrei.

"I've called you all here, and you should all know why. Anyway, it's a matter of life and death for us oil exporting countries!" Gromyko started his speech with this sentence, which made the others stunned. Life and death? Bullshit? The Middle East would be better without you Soviets!

"All this starts from the evil Western world, from the United States across the ocean." Gromyko continued: "In the United States, they have carried out a new oil technology revolution, that is, shale oil extraction. Now, the American shale oil wells have a very high yield."

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Shale oil! Now, this thing has really become synonymous with high technology. In fact, this kind of shale oil has existed for a long time, but it was not suitable for mining at the beginning. Now, after the crisis in the Middle East, the Americans have been mining shale oil! So far, the Americans have mined 7 million barrels of shale oil per day!

The United States has become a pure oil exporter! Relying on oil exports, the U.S. economy, which was on the verge of collapse, has even begun to show signs of loosening!

The result can be seen from the international crude oil price. Originally, due to a series of situations in the Middle East, the international oil price soared. At its highest point last year, it even exceeded $130 a barrel. But now, the international oil price has fallen back to $110 a barrel!

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Why? Because supply exceeds demand!

When the world's crude oil production and consumption reach a balance point, the stability of international oil prices can be guaranteed. Historically, this role has always been played by Saudi Arabia. Saudi Arabia has large oil reserves and production volumes. Therefore, when international crude oil prices rise, Saudi Arabia will increase production and lower oil prices. When international crude oil prices fall, Saudi Arabia will reduce production to maintain a stable oil price.

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Now, with the emergence of an additional oil-producing country, combined with the original oil and the current shale oil, the United States has also become a major energy exporter! As the United States continues to increase production and export oil, international oil prices have begun to fall.

Maintaining high international oil prices is of course good for all oil-producing countries! Only oil importing countries hope that oil prices will fall! And now, due to competition from the United States, oil prices have begun to fall!

"According to the American exploration report, their current crude oil reserves amount to 264 billion barrels! Therefore, the United States is no longer stingy with its oil resources and has begun large-scale exploitation. This is a big shock to us. Therefore, the main purpose of our meeting this time is to protect the interests of our oil-producing countries." Gromyko continued.

After all, although the Soviet economy was constantly developing, one of the ways for the Soviet Union to obtain foreign exchange was oil exports.

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"We in Iraq have a plan." When Gromyko finished speaking, the Iraqi Oil Minister spoke up: "If we want to protect our oil exports, we have to squeeze out our competitors! No oil-producing country can compete with us in the Middle East because our extraction costs are the lowest! As long as we increase oil production and keep the oversupply of oil, the global oil export price will continue to decline. We estimate that the cost of oil extraction for Americans is between thirty and forty dollars a barrel. As long as the world crude oil price is lower than this value, the United States will lose money in oil extraction. By then, let's see how long the Americans can hold on!"

Lower the oil price and squeeze the United States out of business! Hearing this, the UAE representative took a deep breath in his heart. The Soviets are really ruthless!

The United States is now relying on the shale oil revolution to temporarily survive. If the American shale oil companies are defeated, then the good days of the United States will really be over!

"We in Iran agree to this plan." Iraq proposed it, Iran expressed its position, and both sides did it flawlessly. Others can only act as spectators.

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"What about other countries?" Gromyko asked.

Therefore, other countries had no choice but to agree, and finally, Gromyko's eyes turned to the representative of the UAE.

"We agree," said the UAE's oil minister.

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Everyone has agreed, so what does it matter if I disagree? The representatives of the UAE certainly know the principle of trying to stop a chariot with a mantis arm. If they don't agree, they won't be able to export a single drop of their oil! In order to squeeze out the export of shale oil from the United States, there will be a long period of low oil prices. If the UAE does not export its oil, it will have no way out.

"Okay, so what is your current production?" Gromyko asked.

"Our current daily production is about 2 million barrels." After the UAE's oil minister said this, he suddenly felt his eyebrows trembling, as if something unfortunate was about to happen.

"How about increasing it to four million barrels within a year?" Gromyko asked.

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Four million barrels! How is this possible? The UAE's oil minister suddenly felt uneasy. The Soviets were setting conditions. If they did not agree, the Persian Gulf would still be impassable!

"Sorry, the most we can increase is 3.5 million barrels." said the UAE Oil Minister after a quick calculation.

"Okay, then 3.5 million barrels." Gromyko agreed readily. Sure enough, Andrei's plan worked. The UAE representative had a raped expression on his face.