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Concerns about Russian and Iraqi oil output are spiking international oil prices to new highs, with the price temporarily reaching $45.04 today.
In Iraq, threats from Shia militants led to the closure of a key production facility in the southern city of Basra, halting the country's oil output. Other factors concerning the markets include a volatile election in Venezuela and a recent OPEC disclosure that it has no remaining capacity.
In Russia, Yukos won what looked like a major court victory a couple of days ago, when a Moscow Arbitration Court ruled that the Kremlin's fire sale of Yukos' assets was illegal. The Arbitration Court reversed itself a few hours later, I assume because the judges on that court didn't want Putin reassigning them to the court in northern Siberia.
So now the Kremlin vultures are ripping pieces of Yukos off for resale to Kremlin-controlled oil firms at ten cents on the dollar, starting with its main oil-producing subsidiary, Yuganskneftegaz.
It's hard to imagine things getting worse for Yukos, but they have.
According to a report by Agence France Presse, rumors are flying in Moscow that Kremlin officials are using inside information for personal benefit in trading Yukos stock. In other words, someone knowing that the court's first ruling was coming could buy up Yukos stock, knowing that the price would go up as soon as the court ruling was announced. Then, someone knowing that the second ruling was coming could sell the stock, knowing that the price would fall again. This kind of insider trading is not illegal in Russia, and so there's no reason to believe that it isn't being practiced.
The Yukos situation has had a stench about it since the beginning. It'll be a relief when it's over.
(10-Aug-04)
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