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Riyadh saying it would cut output by 500,000 barrels per day ...Moscow would extend a voluntary cut of 500,000 bpd ...The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. Algeria said it would cut its output by 48,000 bpd.
archived "we will not sell oil to any country that imposes a price cap on our supply", Tue Mar 7th, 2023, Fri Feb 10th, 2023, Wed Oct 5th, 2022
No problem! sez World's #1 oil and gas producer
AP | Oil producers' cuts could boost gasoline prices, help Russia
WILL THE PRODUCTION CUT MAKE INFLATION WORSE? [...] WHAT WILL THIS MEAN FOR RUSSIA? [...] WHAT DOES THE WHITE HOUSE SAY? White House National Security Council spokesman John KIRBY said, "We don't think that production cuts are advisable at this moment given market uncertainty, and we made that clear." [...]
State-owned [sic] Saudi Aramco raised its selling price for flagship Arab Light crude to Asia by 30 cents a barrel, boosting prices for a third consecutive month. Traders who were surveyed before the shock OPEC+ decision had expected Arab Light prices to fall by 43 cents a barrel.March Saudi Arabia Raises Oil Prices for Asia and Europe for April[...] Aramco sells about 60% of its crude shipments to Asia, most of them under long-term contracts, pricing for which is reviewed each month. China, Japan, South Korea[,] and India are the biggest buyers.
March Saudi Arabia Raises Oil Prices for Asia and Europe for April
..."This announcement demonstrates Aramco's long-term commitment to China and belief in the fundamentals of the Chinese petrochemicals sector," Aramco executive vice president Mohammed Al Qahtani said in a statement. "It also promises to secure a reliable supply of essential crude to one of China's most important refiners."...
Russian Urals oil broke through the $60 per barrel price cap on Wednesday ... three sources involved in Russian oil trade said and Reuters calculations showed.
Prices in excess of the cap complicate trade for Russia, which has been excluded from the international financing system [SWIFT] by Western sanctions as [seaborne] Urals can only trade in dollars [nope], the currency of international Price Cap Coalition commodity trade, provided it is sold below the $60 limit. Otherwise another currency has to be used.
Further price support came from a term agreement signed at the end of March by Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS). [...] The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent [?!] differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations. [...]
...Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to India, displacing Iraq for the first time, the data showed.....
German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline, five sources with knowledge of the matter said, indicating that its revival has not been ruled out after an alleged sabotage attack.
The insurance stands in contrast to Germany's public stance of severing ties with Moscow, but one of the five sources said the German government had not opposed the cover. Most Western investors have written off their stakes in the pipeline. [...] All of the insurance industry and trade sources declined to be named because of the sensitivity of the issue. [...] 'OLD LOGIC' [...]
"This policy was underwritten prior to the Russian invasion of Ukraine for a two-year period and we are under contractual obligation to our policyholders subject to all sanctions." Allianz added that contractual details were confidential matters between the company and its customers and could not disclose any further details.
...Yellen also discussed her recent meeting with Chinese Vice Premier Liu He and said that China and the United States should continue regular communication and seek prospects for cooperation on matters of global importance like climate change US bond yield...
"When you think about what makes the dollar a reserve currency, it's that we have the deepest and most liquid capital markets of any country on earth," Yellen said. "Treasury securities are safe, secure and immensely liquid. We have a well-functioning economic and financial system and the rule of law."best-in-class" leathal aid, Marshall Plans, IMF climate equity swaps, and tax credits?There really is no other currency that can rival it as a reserve currency."
"best-in-class" leathal aid, Marshall Plans, IMF climate equity swaps, and tax credits?
...Republican Senator Marco Rubio made similar comments in a March 30 segment on Fox News, complaining, "We won't have to talk sanctions in five years, because there will be so many countries transacting in currencies other than the dollar, that we won't have the ability to sanction them"....
...Of course, an economy's size is not the sole determinant of its strength. America is the largest economy in the world, but it also remains an unparalleled leader on a broad set of economic metrics&mdahs;from wealth to technological innovation. U.S. GDP per capita is among the highest in the world and over five times as large as China's. More than resources or geography, our country's success can be attributed to our people, values, and institutions. American democracy, while not perfect, protects the free exchange of ideas and rule of law that is at the bedrock of sustainable growth. Our educational and scientific institutions lead the world. Our innovative culture is enriched by new immigrants, including those from China - enabling us to continue to generate world-class, cutting-edge products and industries....
..."Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service," India's oil secretary Pankaj Jain said at an event as carried by Reuters....
reference IMF | allocated reserves by currency 3Q2021-4Q2022 visualcapitalist | Here's How Reserve Currencies Have Evolved Over 120 Years sun setting on most overvalued currency on planet
I want to start by thanking all of you for indulging a National Security Advisor to discuss economics. As most of you know, Secretary Yellen gave an important speech just down the street last week on our [Office of Foreign Asset Contol] policy with respect to China. Today I'd like to zoom out to our broader international economic policy, particularly as it relates to President Biden's core commitment—indeed, to his daily direction to us—to more deeply integrate domestic policy and foreign policy
As most of you know, Secretary Yellen gave an important speech just down the street last week on our [Office of Foreign Asset Contol] policy with respect to China. Today I'd like to zoom out to our broader international economic policy, particularly as it relates to President Biden's core commitment—indeed, to his daily direction to us—to more deeply integrate domestic policy and foreign policy
AFTER THE SECOND WORLD WAR, the United States led a fragmented world to build [back better] a new international economic order. It lifted hundreds of millions of people out of poverty. It sustained THRILLING technological revolutions. And it helped the United States and many other nations around the world achieve NEW! levels of prosperity.
That's why the United States, under President Biden, is pursuing a modern industrial and innovation strategy--both at home and with partners around the world. One that invests in the sources of our own economic and technological strength, that promotes diversified and resilient global supply chains, that sets high standards for everything[,] from labor and the environment to trusted technology and good governance, and that deploys capital to deliver on public goods like climate and health. Now, the idea that a "new Washington consensus," as some people have referred to it, is somehow America alone, or America and the West to the exclusion of others, is just flat wrong.
Now, the idea that a "new Washington consensus," as some people have referred to it, is somehow America alone, or America and the West to the exclusion of others, is just flat wrong.
This strategy will build a fairer, more durableglobal economic order, for the benefit of ourselves and for people everywhere. So today, what I want to do is lay out what we are endeavoring to do. And I'll start by defining the CHALLENGES as we see them--the CHALLENGES that we face. To take them on, we've had to revisit some old assumptions. Then I'll walk through, step by step, how our approach is tailored to meeting those CHALLENGES. [...]
So today, what I want to do is lay out what we are endeavoring to do. And I'll start by defining the CHALLENGES as we see them--the CHALLENGES that we face. To take them on, we've had to revisit some old assumptions. Then I'll walk through, step by step, how our approach is tailored to meeting those CHALLENGES. [...]
[...] Tass, citing a government decree, said the publication of the data would be halted starting with figures for March and the first quarter. Statistics agency Rosstat omitted monthly oil production data from its latest economic report published last Wednesday. Moscow has suspended or delayed publishing key statistics since the start of what it calls a "special military operation" in Ukraine in February 2022. Exxon delivers record first-quarter profit [...]
Statistics agency Rosstat omitted monthly oil production data from its latest economic report published last Wednesday. Moscow has suspended or delayed publishing key statistics since the start of what it calls a "special military operation" in Ukraine in February 2022.
Exxon delivers record first-quarter profit [...]
US oil and gas rig count steadies in April: Baker Hughes US energy firms last week added oil and natural gas rigs for a second week in a row for the first time since March, keeping the count steady in April, energy services firm Baker Hughes Co. said in its report. The oil and gas rig count, an early indicator of future output, rose two [2] to 755 in the week to April 28. [...]
US energy firms last week added oil and natural gas rigs for a second week in a row for the first time since March, keeping the count steady in April, energy services firm Baker Hughes Co. said in its report.
The oil and gas rig count, an early indicator of future output, rose two [2] to 755 in the week to April 28. [...]
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