Thought for the day
On the surface, the OPEC+ headline cut of 2mb/d sounds very large, but the cut is from baselines and there were no revisions to the baselines... which means that to figure out the real impact of the "gross" cut one needs to net out countries which are already producing well below their quotas.
As Goldman's Damien Courvalin writes, given Russia is under-producing by c.1.3 mb/d versus its current quotas, it would need to be exempted for a 2mb/d cut to add up. Additionally, Russia is unlikely to allow for a quota much below its capacity. Meanwhile, the other countries in the aforementioned list have not displayed the level of capacity erosion observed in much of the rest of OPEC+.
From this alternative perspective, Goldman believes that such a baseline adjustment is worth approximately 1.5 mb/d alone (even excluding a Russia rebasement). As such, the bank believes that the 2mb/d headline OPEC+ cut would only be implemented as an incremental 0.5 mb/d quota cut on top of such a baseline change.
Saudi Arabia helped Russia push for higher worldwide oil prices on Wednesday alongside other members of the Organization of Petroleum Exporting Countries (OPEC).
he Federal Reserve has been attacking inflation. The problem is that after printing trillions of dollars, they’re ill-equipped to succeed at their task. Partly, this is because all that cash has to go somewhere and partly this is because their mandate does not extend into ensuring that global energy production expands. While Owners’ Equivalent Rent and wages have remained elevated, those are often seen as the “good” sort of inflation—or at least the benign sort. Meanwhile, all other forms of inflation tend to be characterized as “bad” and frequently the “bad” inflation is caused by elevated energy prices, which then increase the costs of producing and transporting everything else. Therefore, despite the Fed ignoring the inflation they caused for well over a year, when oil cleared $100 a barrel, the Fed finally felt that they had no choice but to do something.
The problem is that the only ways to reduce the price of oil are to produce more of it or consume less of it. It’s hard to produce more when the President and many of his powerful oligarch buddies are aggressively intervening to ensure that it’s difficult to expand or finance production. Meanwhile, no one wants to invest when there are constant threats of excess profits taxes, carbon taxes, expropriation and price caps. Since the obvious solution has been made so impossible, the Fed has been forced to embark on a plan to reduce global energy consumption.
“If you have voted conservative, you do not deserve to be resuscitated by the NHS,” a former nurse of England’s publicly-funded National Health Service said during a live televised debate on Monday.
‘And I am sorry, but if you have voted Conservative, you do not deserve to be resuscitated by the NHS,” former nurse Mirada Hughes declared while ranting to Host Jeremy Vine during a Channel 5 debate titled “Britain on the Brink.”
The Twitter account of former President Donald Trump could return by the midterm elections under a Tuesday offer from Elon Musk to purchase the social media platform.
Taiwan’s defense minister on Wednesday said the island will respond to incursions into its airspace by Chinese warplanes and drones, but gave no details on specific actions.
Responding to questions from legislators, Chiu Kuo-cheng said China’s newly aggressive stance had changed what Taiwan would define as a “first strike” that would necessitate a response.
China stepped up its military exercises, fired missiles into waters near Taiwan and sent warplanes across the dividing line in the Taiwan Strait in response to an August visit to the island by U.S. House Speaker Nancy Pelosi, the highest-ranking American official to visit Taiwan in 25 years.
China denies the existence of the median line in the Taiwan Strait and challenged established norms by firing missiles over Taiwan into Japan’s exclusive economic zone.
“We initially said we do not make the first strike ... if they haven’t done the first strike, which means firing a projectile or a missile,” Chiu said. “But the situation has obviously changed.”
Alec Baldwin has reached a settlement with the family of Halyna Hutchins, the cinematographer who was killed on the “Rust” movie set last year.
They both started wars in neighbouring countries, hold significant sway over energy markets, are known to brook no dissent and to covet spots in history. Russia’s embattled president, Vladimir Putin, and Saudi Arabia’s de facto ruler, Mohammed bin Salman, seem to have a lot in common.
Nearly eight months into Russia’s invasion of Ukraine, relations between Riyadh and Moscow are at a high point. As much of Europe, the US and the UK double down on attempts to combat an ever more menacing Russian leader, Prince Mohammed has instead chosen to deepen ties.
An Opec+ meeting in Vienna on Wednesday is the latest landmark in a growing relationship that is increasingly defying the demands of Riyadh’s allies and appearing to give Putin comfort at a critical juncture in the war. Both countries are likely to seek to raise oil prices by cutting global supply by 1-2m barrels a day.
A judge has blocked a gun ban enacted by executive order from Philadelphia Mayor Jim Kenney (D), one week after the liberal mayor signed the EO.
The integrity of our elections is essential, especially to a functioning Republic like ours. Truly, we cannot have America without free and fair elections. While many on the Left try to dismiss the concerns of Donald Trump and most of his supporters as bogus, America First patriots know better. They know taking steps to ensure election integrity is the most Pro-Democracy move one can make.
Americans need to be able to trust their elections. Trump was right — he had no higher duty than to “to defend the laws and the Constitution of the United States… to protect our electoral system”
A new poll put out by Rasmussen demonstrates most Americans think election integrity is a major issue. Could election integrity be the issue that tips the balance in the coming midterms? We will have to wait and find out.
But one thing is sure: the GOP could very easily capitalize on these concerns since most Americans are not buying the narrative of the Democratic Party, that this is a largely unimportant issue. A Gallup poll from 2019 shows most Americans did not trust their elections then. And that was before the 2020 elections! In many ways, Donald Trump was serving as something of a “great uniter” by bringing these concerns to light.
It appears that not everyone is on board with the left wing’s approach to tackling the challenges of climate change.
Certain individuals the left used to be able to count on for support are beginning to back away from their approach—namely, Bill Gates.
Fox Business reported the Microsoft co-founder stated in an interview that scolding people for eating meat or obtaining nice possessions was NOT the way forward for the climate movement. He feels that these approaches will backfire. He made these comments on Bloomberg’s Zero podcast with host Akshat Rathi.
The host asked Gates if a social revolution was necessary to battle climate change in the areas where technology falls short.
Three doses of the Moderna Covid vaccine increase your risk of Omicron infection by up to 27%, a study has found.
The pre-print study (not yet peer-reviewed) was funded by Moderna itself and partly designed by employees of Moderna as well as involving researchers from Kaiser Permanente in Southern California. The study’s reporting of poor outcomes for the original vaccine may be understood in the context of Moderna now having a ‘bivalent vaccine’ which targets Omicron.
The study used a test-negative case-control design to evaluate the Moderna Covid vaccine’s effectiveness against infection and hospitalisation with Omicron subvariants. It included 30,809 test-positive and 92,427 test-negative individuals aged over 18 years tested during the first half of 2022. Results were adjusted for potential confounders such as age, sex and comorbidities.
The study found negative effectiveness (i.e., where the vaccinated have a higher infection rate than the unvaccinated) for three doses against all Omicron subvariants (BA.2, BA.2.12.1, BA.4 and BA.5) except BA.1, where the waning was slower.
Numerous scientific studies link childhood vaccines to many maladies, from autism and other neurological disorders to autism. The government typically downplays such findings, even when agencies such as CDC are party to the studies. Medical observers note that when it comes to dangers the government wishes to emphasize, no link is too weak. For example, everything that happens to someone who happened to test positive for Covid was attributed to Covid. However, when it comes to dangers the government wishes to dispel, no link is strong enough. For example, no matter how many studies link childhood vaccines to childhood illnesses, the government typically emphasizes "there's no proof it's causal."
Biden Crime Family whistleblower Tony Bobulinski told Fox News host Tucker Carlson that Joe Biden was the ‘chairman’ and ‘figurehead’ of Hunter Biden’s international business dealings.
Liberal Democrat Katie Hobbs has taken RINO Liz Cheney up on her offer to campaign with Katie Hobbs in Arizona.
Just when you thought Disney had reached the bottom, the company announced it was airing FX’s show “Little Demon”, about a woman impregnated by Satan and her antichrist daughter.
Sudanese-British billionaire Mo Ibrahim criticized the West on Monday for obstructing African nations’ effort to develop their own hydrocarbon reserves and constantly ignoring the energy poverty problems of the Global South. What’s behind the Global North’s political short-sightedness and who benefits from the controversy?
Even though Africa boasts roughly 12% and 9% of the world’s oil and natural gas reserves, respectively, most of the continent’s nations suffer from energy poverty. However, once the energy crisis hit Europe, EU governments immediately turned to the African continent, seeking to tap its resources while overlooking the continent’s longstanding problems.
“The West’s exploitation of Africa’s wealth is driven by two factors,” explained Dr. Mamdouh G. Salameh, an international oil economist and a global energy expert. “The first is the old racist view that African people are backward and inferior to Western people and therefore can’t defend themselves or protect their natural resources. In a nutshell, it is doable. The second factor is greed and profit, which are the core of the Western capitalist system of taking advantage of poor and helpless people and exploiting their resources without letting them benefit the slightest from their stolen resources. That is how Western empires were built in Africa and around the world in the 19th and 20th centuries.”
The Central African Countries suffer from severe energy poverty because they neither have the infrastructure (refineries, oil and gas pipelines) to benefit from their vast energy resources and also distribute energy, nor do they have the financial means to build such infrastructure, according to the oil economist. The deplorable state of Africa’s energy infrastructure stems from the fact that the West is by no means interested in the continent’s sustainability, Salameh highlighted.
Less than two days after Mockingbird Media New York Times published a widely distributed piece for the New York Times, writer Stuart A. Thompson has egg on his face. Thompson opened up the baseless hit piece by saying:
Musk referred to his conversations with Dorsey to a Twitter board member in April.
“This is hard to do as a public company, as purging fake users will make the numbers look terrible, so restructuring should be done as a private company,” Musk said. “This is Jack’s opinion too.”
Musk also reached out to current Twitter CEO Parag Agarwal to gain a better understanding of the company’s code.
“I would like to understand the technical details of the Twitter codebase,” Musk asked. “This will help me calibrate the dumbness of my suggestions.”
The midterm elections are closer than they may seem. Within barely over four weeks, Americans will head to the polls to determine which candidates they want to represent them in the House and the Senate.
Republicans have been consistently favored to take back the House of Representatives next month. A huge factor in this boils down to positive GOP performances in districts that were either traditionally Democratic or swing areas.
However, for a while, the Senate has been widely deemed as a toss-up, largely due to the neck-in-neck elections playing out in different battleground states.
Still, Sen. Rick Scott (R-FL) is projecting that his party will pick up at least two extra Senate seats next month.
The Biden administration has been repeatedly called upon to secure the southern border. The consequences of having an open border involve fentanyl coming into the country, migrants making the dangerous journey to enter the United States, and Border Patrol officials being overwhelmed.
In spite of this, the White House completely ignored the situation at the southern border until Republicans began giving migrants free transportation to left-wing sanctuary cities. This is when Democrats began to speak out and vocalize their grievances.
These grievances are coming from the same party that’s previously said no individuals are illegal and everyone deserves to be welcomed, no matter how they came to be in the country.
Despite deteriorating East-West relations, a Russian cosmonaut joined two NASA crewmates and a Japanese space veteran for launch aboard a SpaceX Crew Dragon capsule Wednesday, kicking off a day-long flight to the International Space Station.
Wearing futuristic SpaceX pressure suits, Anna Kikina, Russia's only active-duty female cosmonaut, Crew 5 Dragon commander Nicole Mann, pilot Josh Cassada and Japanese astronaut Koichi Wakata blasted off from the Kennedy Space Center atop a Falcon 9 rocket at noon Eastern.
Vaulting skyward atop 1.7 million pounds of thrust, the Falcon 9 arced away to the northeast trailing a brilliant jet of flame from its nine first stage engines, smoothly accelerating as it consumed propellants and lost weight.
For the first time in US history, the national debt has surpassed $31 trillion.
El Paso, Texas – Border Patrol agents assigned to the Ysleta Border Patrol Station fatally shot an illegal alien on Tuesday.
White House Press Secretary Karine Jean-Pierre was stumped and resorted to talking points when Peter Doocy asked her about gas price fluctuations under Joe Biden.
A new poll shows a big five-point swing in favor of Rep. Lauren Boebert’s Democrat challenger Adam Frisch.
Joe Biden on Tuesday attended a second meeting of the task force on ‘Reproductive Healthcare Access’ – also known as abortion.
Last month True the Vote was sued by a Michigan election company for defaming them.
According to the Texas Tribune, Konnech sued True the Vote for claiming, among other things, that they stored US election data on a server in China:
In addition, the complaint says, True the Vote, Engelbrecht, and Phillips “falsely claimed” they discovered Konnech had stored data on an unsecured server in Wuhan, China, “which Defendants hacked into and stole data from,” including personal data on 1.8 million poll workers “which they claim is a vehicle for the Chinese Communist Party to breach U.S. elections.”
The company said it uses no such server, and stores all U.S. data “exclusively on protected computers located within the United States.” In addition, it said, it does not have data on that many poll workers “or even a small fraction of that number.”
Kristina Karamo, the Republican nominee for secretary of state in Michigan, took the stage with former President Trump to say that the MAGA movement will help unite Americans across all demographics.
These words are what she said at the Save America rally held in Michigan.
President Trump endorsed Karamo and stated, “she is so strong on crime, including the massive crime of election fraud,” according to reporting by Breitbart.
As I have described, we have approached a fateful moment in world history, not because of global warming, Covid, over-population, white racism, or any of the “crises” that an ignorant media hypes, but because we face nuclear war originating in the total stupidity of Western elites.
David Johnson publishes a daily Russian List, a collection of commentary by presstitutes and alleged “Russian experts.” I peruse these scribblings, and I seldom encounter anything the least bit intelligent. In the US and its European puppets, “Russian analysis” consists of Russophobic rants. Russia this, Russia that, and so on. These ignorant rants have created a frame of mind among Western decision makers that is unreal and is deceiving Washington policy makers into fatal mistakes.
I read that Russia has been defeated in Ukraine or will be. I read that 4-star General Petraeus, one of the most stupid of Washington’s political generals, has declared that Putin is desperate and in an irreversible situation and that Ukraine will become a NATO member after the victory against Russia.