Day: March 9, 2022

OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply + More

Ms. Cat

OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply (Archived)

Related:

The House voted to ban the import of Russian oil even though Biden already banned it by executive order

Bank of America predicts that a ban on Russian oil exports could push prices as high as $200 a barrel – and breaks down why this could trigger a global recession or stock market crash

But the strategists noted that the status of the United States as an energy independent country – meaning it produces as much energy as it consumes – could mitigate the impact of this. US-listed oil stocks Exxon Mobil and Chevron were both up by just under 1% Monday.

South Korean opposition candidate becomes president

Ms. Cat

Conservative politician Yoon Suk-yeol has been elected president of South Korea, defeating ruling party candidate Lee Jae-myung in a bitter race to determine who will succeed Moon Jae-in in the Blue House.

South Korean opposition candidate becomes president

Previously:

Is Korea Heading Toward a Political Crossroads?

Lee’s conservative opponent, Yoon Seok-youl of the inaptly-named People Power Party, takes a hardline position on the Democratic People’s Republic of Korea (DPRK – the official name for North Korea), including talking about the option of launching a preemptive strike. Yoon also prioritizes the military alliance with the United States favors joining Washington’s “global coalition” confronting China. “The U.S. is our ally,” Yoon asserts, “while China is a partner. And a partnership is based on mutual respect. China is North Korea’s key ally. Isn’t North Korea our main enemy? We cannot make an alliance with a country that is allied with our main enemy.”