US ‘Seeks War in Middle East to Save Its Fracking Industry From Collapse’

Tuesday, April 19, 2016
By Paul Martin

On Sunday, negotiators from the world’s major oil-producing countries, including both the Organization of the Petroleum Exporting Countries (OPEC) members and the non-cartel producers, failed to reach an agreement on freezing production levels in talks in Doha, Qatar.

The news triggered a sharp drop of about 4 percent in oil prices, raising concerns about further developments in the global energy market.

According to German financial expert and journalist Ernst Wolff, the failure to reach any agreement during the meeting may have fatal consequences for the entire world. The decreasing oil prices raise the risk of war in the Middle East and may result in a number of serious armed conflicts worldwide, the expert argued.

“We are dealing with a very dangerous situation. On the one hand, the demand is decreasing, because the global economy is currently in a state of stagnation, and partly, recession. On the other hand, we are facing oversupply and a drop in oil prices,” Wolff said in an interview with Sputnik.

“Oil storages are full, oil tankers are lining up in kilometer-long traffic jams. As result, some states are already experiencing serious difficulties. Venezuela is in the default risk zone. Nigeria, Angola and Azerbaijan have already requested emergency loans,” the expert explained.

At the same time, Wolff stressed that the core of all problems lies in the US financial sector which invested lots of money in the fracking industry and now has to bear huge losses.

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