US, Allies Agree To Implement Russian Oil Price Cap Plan
If Russia responds to the attempted price cap by cutting oil production [they already have], experts have warned prices could skyrocket. In the worst-case scenario, analysts at JPMorgan Chase said oil could shoot up to a “stratospheric” $380 per barrel. Oil prices are currently hovering around $100 per barrel.
How do higher oil prices prevent a worldwide recession?! Did the Biden Administration even think this through?! 🤯
Europe’s impending depression is not to be discounted in terms of its relevance to this side of the Atlantic pond. Since the turn of the century, US exports to the European Union have soared from $12.3 billion per month to $30.4 billion. That latter amounts to $365 billion on an annual basis.
Needless to say, when European GDP descends into a double-digit slide, demand for US exports will plunge, causing declines in production and employment on this side of the Atlantic.
Europe’s Coming Winter From Hell: Thanks for Your Sanctions War, Washington!
The writing is on the wall for Europe in terms of this coming winter – It’s going to get ugly. With natural gas imports from Russia cut by 80% through Nord Stream 1 along with the majority of oil shipments, the EU is going to be scrambling for whatever fuel sources they can find to supply electricity and heating through the coming winter. Two sources that were originally suggested as alternatives were Iran and Venezuela.
Venezuela Stops Oil Shipments To Europe As Alternatives To Russian Energy Dry Up
Related:
Venezuela: Oil Production Declines as Shipments to Europe Suspended
Caracas’ oil operations were affected by mechanical disruptions caused by alleged attacks against oil facilities. On July 16 a natural gas pipeline explosion and a power outage interrupted PDVSA’s supply to its main crude production and export hub, the José Antonio Anzoátegui industrial complex in eastern Venezuela.
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With the operational disruption depleting Venezuela’s lightest oil grade stocks, Iran recently began to increase its supply of 29.5°API blend, a lighter alternative to Venezuela’s 16°API Merey, in order to boost fuel production and free domestic upgraded blends for exports.
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However, anonymous sources revealed that Caracas might suspend crude cargoes to Europe while the industry recovers from recent setbacks. PDVSA is reportedly negotiating the terms of the oil-for-debt agreements with Eni and Repsol to receive fuel while still settling long-standing debts owed to the two companies.
Neither Venezuela’s Oil Ministry nor PDVSA has issued statements confirming the alleged halted shipments to Europe or the renegotiation of the swap deals.
Against a backdrop of deteriorating living conditions, electricity shortages, rising fuel and bread prices, popular unrest has returned to the streets of Libyan cities since July 1 which, with the inaction of security forces, has degenerated into disorderly acts by angry crowds, accompanied by vandalism, arson and looting. Hundreds of protesters stormed the parliament building in the eastern Libyan city of Tobruk, setting fire to official documents, offices and reception halls, according to the Libya News Agency. According to Alwasat TV, the protesters demanded the dissolution of parliament and the transfer of all electoral powers to the country’s supreme state council.
US Funds New Protests in Libya
Related:
The practice of oil tankers turning off their location signals has increased in the past month, according to shipping data, after the U.S. went after a Chinese-owned shipping company it said was moving crude for sanctioned Iran.
— Read on www.worldoil.com/news/2019/11/14/venezuela-using-dark-ships-to-secretly-export-millions-of-barrels-of-oil
Ms. Cat’s Chronicles 
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