Strikes grow as Macron postpones threat to crush French refinery strike
Related:
French left-wing parties gather protesters to march in Paris, as refinery strikes persist
MSM was all over the cost of living protests but nothing about the Anti-NATO protests. Videos have emerged of police repression in Paris (at which protest, I’m unsure). Meanwhile, in the US, the Poor People’s Campaign, and allies, held multiple demonstrations to get out the vote (which were mainly covered by local news).
Members of the Munich city council, a coalition of the SPD and the Green Party, are seeking to prevent Pink Floyd co-founder Roger Waters from performing his This Is Not a Drill show at the city-owned Olympiahalle on May 21, 2023. Advance sales for the concert have already begun.
The SPD and Greens seek to gag rock musician Roger Waters and silence criticism of NATO’s war in Ukraine
DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.
Saudis say US sought 1 month delay of OPEC+ production cuts
Related:
Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut
The one-month delay requested by Washington would have meant a production cut made in the days before the election, too late to have much effect on consumers’ wallets ahead of the vote.
…
To entice the Saudis to delay their decision, U.S. officials told the kingdom they would buy oil on the market to replenish Washington’s strategic stockpiles if the price of Brent, the main international benchmark, fell to $75 a barrel, according to U.S. officials and people inside the Saudi government.
Quid pro quo, huh?! 🧐💭
The White House said on Tuesday that it has many options to counteract OPEC+’s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves.
White House Leaves Door Open For Additional SPR Releases
Related:
The Implications Of U.S. SPR Withdrawals
Implications of OPEC-+ Production Cut
I think OPEC has not learned from its past mistakes, as it is not a good time to cut oil production by 2 million bpd in November 2022, especially at a time when global economies are under pressure. While higher oil prices at this juncture may bring much needed oil revenues to (national) oil companies and OPEC members, this will come at the cost of accelerating a global recession, bringing more misery to consumers. Consequently, it will weaken global oil demand and oil prices. Oil prices in the range of $70-$80/bbls at this difficult time could be a win-win situation for both producers and consumers, and shield global economies from collapsing. Consequently, the U.S. should take its own measures to enhance its domestic oil production, encourage EVs and halt further releases of the SPR. Running down the SPR will allow OPEC+ more flexibility to play around with production.
Meanwhile:
The Best Way to Respond to Saudi Arabia’s Embrace of Putin
But this claim is unjustified. OPEC has never cut production in such a record tight market and these production cuts will lead to unsustainably low oil inventories, sending the price of oil skyrocketing out of any “acceptable band.” Furthermore, the G-7 oil price caps plan is not targeted at OPEC; it is strictly limited to Russian oil.
Nor can this Saudi move be justified by the non-existent global recession its leaders cite. Presently markets are very tight, with lush 73 percent profit margins for Saudi Arabia. In other words, there was no immediate need for Saudi Arabia to reduce supply unless they were seeking to harm the U.S. to the benefit of Russia.
Non-existent global recession?!? Low oil inventories?!? Maybe Biden shouldn’t be releasing our oil from the Strategic Petroleum Reserve?! As for never cutting production, before, looks like they have!? 🤷🏼♀️
On February 22, two days before Russian troops entered the Ukraine, the U.S. and the EU put reams of sanctions onto Russia. They also confiscated some $300 billion of Russia’s reserves that were invested in the ‘west’. The sanctions had been negotiated between the EU and the U.S. and prepared for over several months.
EU Pushes For More Sanctions Which Will Come Back To Bite It
The U.S. Bureau of Labor Statistics (BLS) reported Friday morning that just 263,000 jobs were added in the month of September, down from 315,000 in August. The total of new jobs matched the previous low, in April of 2021, for monthly job creation over the past 20 months.
Weak US jobs report not weak enough: Financial markets plunge
The United Nations has added its voice to the growing list of international organisations, including the World Bank and the World Trade Organisation, warning that interest rate hikes imposed by the US Federal Reserve are creating the conditions for a financial crisis and global recession.
Interest rate hikes leading to recession, UN says
Brazilian Anarchist expert reveals Social War behind key Lula / Bolsonaro Vote
Despite the glowing picture that progressives and social democrats paint of Lula, it was under the PT (Worker’s Party) that Brazil’s government made its turn toward austerity. Given that this will likely be a second term in office for him, how effective do you think left organizations and movements will be at wringing concessions from a Lula-led PT government?
President Joe Biden will order more oil released from the Strategic Petroleum Reserve as gas prices are on the rise and OPEC announced it was making its biggest cuts in production in more than two years.
Biden releases 10 million oil barrels Strategic Petroleum Reserve after OPEC decision
Ms. Cat’s Chronicles 
You must be logged in to post a comment.