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Started By
Message
Good job Biden. Your BBB Plan is making Putin rich AF. From the WSJ:
Posted on 8/29/22 at 4:19 pm
Posted on 8/29/22 at 4:19 pm
quote:
(Via WSJ) – […] Demand from some of the world’s largest economies has given Russian President Vladimir Putin the upper hand in the energy battle that shadows the war in Ukraine, and has confounded the West’s bid to cripple Russia’s economy with sanctions.
Sales are booming in Russia’s export market, the world’s largest in crude and refined fuels. And new trade arrangements have given Mr. Putin cover to use natural gas exports as an economic weapon against Ukraine’s European allies. Before the war, Russia supplied Europe with 40% of its gas. It has since throttled flows through the Nord Stream pipeline to Germany and other conduits, driving prices higher and putting pressure on European households and businesses.
Oil revenue more than makes up the difference. “Russia is swimming in cash,” said Elina Ribakova, deputy chief economist at the Institute of International Finance. Moscow earned $97 billion from oil and gas sales through July this year, about $74 billion of that from oil, she said.
[…] Russian energy sales have flourished by finding new buyers, new means of payment, new traders and new ways of financing exports, according to oil traders, former Russian industry executives and shipping officials.
“There came a realization that the world needs oil, and nobody’s brave enough to embargo 7.5 million barrels a day of Russian oil and oil products,” said Sergey Vakulenko, an analyst and former Russian energy executive.
After buyers in the U.S., the European Union and their Pacific allies cut back their Russian oil imports, much of it went to nations in Asia that have declined to take sides in the conflict.
An unexpected market has been the Middle East. Exports of Russian fuel oil, a lightly refined version of crude, now go to Saudi Arabia and the United Arab Emirates, often stopping in Egypt en route.
The Russian oil is either burned in Saudi power stations or exported from Fujairah, a U.A.E. port and hot spot for blending Russian and Iranian oils to conceal their provenance. This is oil that before the war was shipped to U.S. refiners.
The Russian imports, purchased at a discount, free state giant Saudi Arabian Oil Co. to export its crude at market prices. “The Saudis are happy to take their oil and sell it rather than burning it,” said Carole Nakhle, chief executive at consulting firm Crystol Energy.
The arrangement adds supply to the global oil market, helping put a lid on prices. “This is a win-win situation for the Russians and even, I would say, for the Europeans and the U.S.,” Ms. Nakhle said.
Linked to the CTH b/c WSJ is subscription only.
9
Posted on 8/29/22 at 4:29 pm to GumboPot
Fossil fuel first economies seem to do much better than us dumbasses that are hellbent on going green.
Posted on 8/29/22 at 4:39 pm to GumboPot
We are losing the big fight in the international realm, big time.
China, India have insatiable never quenched need for energy. They are massive, emerging economies and they are not going to shoot themselves in the foot. I read an article the other day that discussed Russia’s new record billions in coal exports to China and India too.
Look at a world map and you see it’s basically US, Canada, Europe, Australia, Japan against all of South and Central America, Africa, the Middle East, all of mainland Asia. And some countries in Europe like Hungary are carving out exceptions for themselves.
More and more international trade is being conducted in other currencies.
The US dollar may prove the ultimate victim in this Ukraine war.
China, India have insatiable never quenched need for energy. They are massive, emerging economies and they are not going to shoot themselves in the foot. I read an article the other day that discussed Russia’s new record billions in coal exports to China and India too.
Look at a world map and you see it’s basically US, Canada, Europe, Australia, Japan against all of South and Central America, Africa, the Middle East, all of mainland Asia. And some countries in Europe like Hungary are carving out exceptions for themselves.
More and more international trade is being conducted in other currencies.
The US dollar may prove the ultimate victim in this Ukraine war.
Posted on 8/29/22 at 4:39 pm to GumboPot
So a Biden "solution" resulted in the exact opposite result. Wow that's hard to believe. At least he is fricking the rest of the world this time instead of just us.
Posted on 8/29/22 at 4:56 pm to GumboPot
cuck4ever will not like this one bit
Posted on 8/29/22 at 5:08 pm to GumboPot
Thanks for printing what we know WSJ, always a day late and a dollar short
Posted on 8/29/22 at 6:10 pm to CuyahogaTigerJr
Former President of Russia Dmitry Medvedev has issued an updated forecast for gas prices in the European Union, saying that they will skyrocket to €5,000 by the end of the current year.
“Given the increase in gas prices to €3,500 per thousand cubic meters, I am bound to raise the projected price to €5,000 by the end of 2022,” Medvedev posted on his Telegram channel, addressing heads of state and governments of the EU.
“With warm regards,” Medvedev, who is currently deputy chair of the Russian National Security Council, wrote at the end of the message.
Along with the gloomy projection, Medvedev shared a painting “Farther Gas,” by Russia’s modern primitivist artist Vasya Lozhkin.
Posted on 8/29/22 at 6:17 pm to GumboPot
This shite is absolutely on purpose.
If you can't see it you're thick headed.
Biden and his crew are fricking retarded but they couldn't be this stupid on every front unless it was purposeful.
If you can't see it you're thick headed.
Biden and his crew are fricking retarded but they couldn't be this stupid on every front unless it was purposeful.
Posted on 8/29/22 at 6:17 pm to GumboPot
Posted on 8/29/22 at 7:12 pm to LuckyTiger
quote:
We are losing the big fight in the international realm, big time.
Depends on who "we" are. The American middle class? - yeah, racking up big losses. The Left/corporatocracy? - winning bigly.
It's not like the Left/big biz are confused about who's polluting what. If they really believed the bullshite they have their retarded voters believing, they'd be passing laws requiring imported goods to be manufactured with clean energy.
Posted on 8/29/22 at 7:28 pm to GumboPot
The Ukraine fanboys in the OT thread won’t like this one fricking bit who think sanctions “had to happen”
Sanctions were virtue signals that only served to hurt the West
Sanctions were virtue signals that only served to hurt the West
Posted on 8/29/22 at 7:29 pm to GumboPot
Communist helping communist. Who would’ve thunk it?
Posted on 8/29/22 at 7:36 pm to roothog1
quote:
“With warm regards,” Medvedev, who is currently deputy chair of the Russian National Security Council, wrote at the end of the message.
hahaha
Posted on 8/29/22 at 7:58 pm to Sid E Walker
They just toss aside the fact that the WORLD ECONOMY is based on petroleum
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