The Organization of Petroleum Exporting Countries (OPEC) and Russia announced yesterday that they would be cutting back daily oil production to the tune of about two million barrels per day to help shore up oil prices. I would be more concerned if OPEC wasn't already struggling to meet its own quotas.
Chronic underinvestment and a host of technical and...other production issues have been causing significant production declines throughout OPEC member nations, particularly among African producers. Throughout much of 2022, that figure has hovered between 1 and 2 million barrels per day below OPEC production targets. Add in the rest of OPEC+ (the 13 OPEC member states and other significant oil exporters, like Russia) and that figure tips over 3 million. A reduction in target quotas might not have the long-term impact on oil prices they expect, though the market is historically notoriously speculative.
NB: at 1:57 I mention internal financing, but I should have said external. Margaritas...
Posted by: 49 Pan ||
10/06/2022 11:44 Comments ||
Top||
#2
No worries. Biden can always draw a million barrels a day from the Strategic Petroleum Reserve to make upfor it.
On the other hand, as I mentioned elsewhere, gas prices have gone up 30 cents a gallon in two days.
Posted by: Rambler in Virginia ||
10/06/2022 12:23 Comments ||
Top||
#3
Looks like the bully US is getting a dose of its own medicine.
[Wash Times] San Francisco’s government raised the Chinese flag over city hall last week to mark the founding of the People’s Republic of China 73 years ago.
The city government’s action was carried out despite Beijing’s ongoing genocide in western China, as well as propaganda support for Russia’s war against Ukraine.
The flag-raising took place during a ceremony on Friday with city and Chinese officials and local business representatives, according to Chinese state media.
Oct. 1 was the anniversary of the founding of the communist state that critics say has been responsible for the deaths of millions of people since the Chinese Communist Party seized power in 1949. A spokesman for San Francisco Mayor London Breed referred questions about the flag-raising to the press office, which did not immediately respond to a request for comment.
San Francisco in the past has flown the Chinese flag on that date noting its close ties to the Beijing government.
In 2014, during the height of a major Chinese crackdown on pro-democracy protests in Hong Kong, then-San Francisco Mayor Ed Lee defended the flying of the flag.
[Lawfire] Monday’s announcement by the Congressional Budget Office that President Biden’s student loan ’forgiveness’ program will cost a whopping $400 billion has left many commentators aghast. Curious as to how this will harm national security?
Consider this: in the midst of one of the worst recruiting years in the history of the All-Volunteer Force (AVF), the commander-in-chief instituted a student loan ’forgiveness’ program that will predictably undermine the AVF’s viability by disincentivizing military service to the detriment of America’s security.
Furthermore, the program will also harm national security by draining needed resources away from defense and institutionalizing a troubling expansion of unilateral presidential authority.
Finally, it creates a mindset that erodes the quintessential American virtues of self-reliance and altruism and, more importantly, wrongly suggests that freedom is free.
#2
Going from memory so my numbers will be off, but something like $1.7T in loans guaranteed by the federal government with what, 30% in default? More? In any event, a significant percentage will never be paid back. It just won't be. So we have a huge problem. Forgiveness won't solve it. Grandstanding about one's moral obligation to pay it back won't solve it either. And every day we write more of these loans.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
The Organization of Petroleum Exporting Countries (OPEC) and Russia announced yesterday that they would be cutting back daily oil production to the tune of about two million barrels per day to help shore up oil prices. I would be more concerned if OPEC wasn't already struggling to meet its own quotas. 
[Wash Times] San Francisco’s government raised the Chinese flag over city hall last week to mark the founding of the People’s Republic of China 73 years ago.
