In Geopolitics Today: Tuesday, February 14th
The US to Sell Another 26 Million Barrels of Oil from the SPR, Austria Condemned for Inviting Russian Lawmakers to OSCE Meeting, and other stories.
The US to Sell Another 26 Million Barrels of Oil from the SPR
The United States government has announced the sale of a further 26 million barrels of oil from the Strategic Petroleum Reserve (SPR). The sale is aimed at preventing a potential summer gasoline price spike, but there are concerns that it could discourage future US oil and gas investment.
With the release of another 26 million barrels the SPR inventory would fall to the lowest level since 1983. The SPR's levels have already been depleted by a sale of 180 million barrels mandated by President Biden in response to exorbitant retail fuel prices. The administration previously announced a range for buying crude to refill the SPR, but prices have not dropped to those levels since last year. Lawmakers from both parties have used SPR sales to finance spending proposals, but the significant decline in the number of barrels contained has made lawmakers hesitant to reduce the reserve further.
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Lockheed Martin to Establish a Heavy Maintenance Centre in India
Lockheed Martin will open a Heavy Maintenance Repair Center in India, which will be the first in Asia and third in the world. The center will be used for maintenance and repair.
The company is also in discussions with the Indian Space Research Organisation and space start-ups in India to expand cooperation into the space domain. Lockheed Martin is promoting its F-21 fighter aircraft as an option for the Indian Air Force, alongside Tejas and Rafale. At the Aero India biennial air show and aviation exhibition, the company is expected to exhibit a range of aircraft, including the F-21 fighter aircraft cockpit demonstrator. The fighter wings are reportedly made with 74% indigenization, integrating over 70 Indian suppliers.
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Austria Condemned for Inviting Russian Lawmakers to OSCE Meeting
The very meaning of diplomacy appears to have been forgotten by many Western diplomats and politicians, as they increasingly adopt the stance that meeting with adversaries involves some sort of surrender or moral compromise.
The condemnation of the Austrian decision to permit sanctioned Russian lawmakers to attend a meeting of the OSCE has stemmed from the Russian invasion of Ukraine, which has been the subject of economic sanctions and condemnation by Western states, including Austria. However, this neutrality is the reason why the OSCE headquarters was first established in Austria, and sanctions against individuals visiting countries are a barrier to diplomacy and the acquisition of knowledge.
Predicting an End to the Russo-Ukrainian War
As the war in Ukraine enters its second year, some commentators predict it will last indefinitely, with long pauses for cease-fires, and the possibility of nuclear escalation remains. Whatever the length of the conflict, it will prove expensive and cost lives, with predictive timelines running from months to years to indefinite.
For Ukraine, winning will depend on continued support from the US Congress. The war, like almost any other war in history, will end at the negotiating table, but officials and experts expect a bloody spring. Military aid is still flowing to Ukraine, but NATO’s industrial capacities are spotty, and nations have started to scrutinize how much equipment they can spare while maintaining their own self-defense requirements and that of NATO as a whole. Long exhaustive fighting carries its risks, and either side may act boldly if it winds up on the ropes and needs an exit strategy.
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Israel Promises Earthquake Aid to Turkey
Israel's foreign minister, Eli Cohen, met with Turkish President Recep Tayyip Erdogan in Ankara, where he expressed support for the victims of the recent earthquakes.
This marks the second such meeting between the two leaders in the past five months, following the appointment of Israel's new ambassador to Turkey, which officially ended a decade of sour bilateral relations. The meeting focused on bilateral relations and the resumption of direct flights between the two countries. The Turkish government also joined the US State Department and the European Union in condemning Israel's plans to promote the construction of new homes in West Bank settlements, calling on Israel to end its actions to avoid escalating tensions in the region.