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Page added on November 20, 2016
OPEC Math Misses the Point
Saudi Arabia’s energy minister Khalid Al-Falih said Thursday he’s “optimistic” that the agreement OPEC reached in September to limit supply will be implemented, with individual output ceilings for member countries. But don’t mistake him for a pushover.
The economics of a cut are compelling, but there’s more to it than just doing the math — and this could mean the group fails to reach a deal when it meets in Vienna on Nov. 30.
An output cut of just over 1 million barrels a day would only have to boost prices by $1.60 a barrel for producers to be better off. Most people would say prices would rise more and that makes doing a deal a no-brainer.
So why don’t they do it? Because it’s not about the money…at least not for Saudi Arabia.
The country knows it has to break its oil dependence and has an economic program to achieve that. Meanwhile, it still has plenty of foreign reserves, and plenty of room to borrow. Quite simply, Saudi Arabia is not on its knees.
It may prefer prices to be higher than they are now and it almost certainly still wants to be seen as a “team player” within OPEC (hence its support for action now), but it is not prepared to carry a disproportionate share of the burden. Saudi Arabia may want an output deal, but not at any cost.
The roots of this trace back to Nov. 2014, when the Kingdom refused to cut its output to support prices and subsidize high-cost rivals, rejecting the role of the world’s swing producer.
This change of heart was inspired in part by the surge in U.S. shale oil production — which was rising by 1 million barrels per day each year at the time — in part by the growth in Iraqi output and in part by a re-evaluation of the long-term future of oil.
Saudi concerns over peak oil demand have changed its calculation of the long-term value of reserves in the ground. For most of the last 50 years they were seen as appreciating assets, whose value could only rise in the face of future scarcity. More recently a fear has surfaced that they could be wasting assets, falling in value as oil demand peaks and then wanes, while competing supplies vie for a dwindling market.
As I wrote in May, Saudi Arabia has finally heeded the warning issued in 2000 by former oil minister Sheikh Zaki Yamani, that the Stone Age did not end because of a lack of stones, and the oil age will not end for a lack of oil.
The kingdom has recently clarified its four pillars of participation: the cuts must be collective and equitable, while the deal must be transparent and credible. This is not really any different from what they have been saying since they launched OPEC on its current strategy two years ago.
And this is where the problems arise. Saudi Arabia is still not willing to contemplate an agreement where Iran doesn’t share the pain. Iran’s leaders cannot accept a deal that restricts the country’s future output growth while legitimizing the surge in Saudi supply, which has risen by more than 2 million barrels a day over the last five years. To do so would raise the risk of a hard-line candidate winning May’s presidential election there, undoing President Rouhani’s progress in normalizing relations with the rest of the world.
Transparency and credibility require that the deal is based on mutually agreed baselines for cuts, but those don’t exist. Iran, Iraq and Venezuela each claim production levels more than 200,000 barrels a day above the external estimates that OPEC says it will use as a basis for the deal.
These ought not to be insuperable obstacles, and may indeed be overcome at the eleventh hour, but don’t be surprised if Saudi Arabia is willing to let the deal die if its conditions aren’t met — just as it did in April.
34 Comments on "OPEC Math Misses the Point"
rockman on Sun, 20th Nov 2016 8:41 am
Always interesting to see such expectations that ignore a basic fact: consumers don’t buy oil…they buy refinery products. Refineries buy oil used to make those products. The refiners judge the market with respect to not just how much consumers will pay but also how much they can afford to buy. OPEC members, if they can actually agree on production limits, can try to set prices as any monopoly might. Refineries, especially in the US (one of the largest product consumers) cannot by law function as a monopoly and fix the prices for their products.
An oil producer’s revenue is a function of not just the price of oil but also the volume sold. Same for refineries…except not just the price of their products and the volume but also what they pay for the oil. And since refineries can’t operate like a monopoly they can’t force consumers to neither pay a fixed price and buy a certain volume. IOW the only aspect the refiners can control is how much oil they buy at what price. And let’s not forget: the KSA and Russia might be two of the largest oil suppliers in the world but the US is the largest supplier of the refinery products consumers buy. The US is currently exporting 75 BILLION gallons of products per year. And the great majority of oil used to produce those products are made from oil supplied by US and Canadian companies…none of which are allowed to function as monopolies.
In the end it will be the refineries’ projection of the consumer response to OPEC prices. But remember OPEC isn’t the only oil exporter. Russia might say it will limit production in cooperation with OPEC. But given the Russian dependence on export oil revenue pressure will be felt to cheat and gain market share. As it will be felt by every OPEC member.
It all boils down to finding that “sweet spot” (max revenue determined by both price and volume) the oil and product sellers strive for. And it obviously can’t be calculated with any accuracy. If it could OPEC would have done that 2 years ago and it would not have lost over $700 BILLION in revenue.
peakyeast on Sun, 20th Nov 2016 9:04 am
“The country knows it has to break its oil dependence and has an economic program to achieve that. “.
I wonder what that plan is and how economic programs will solve their future worldwide problems.
Boat on Sun, 20th Nov 2016 9:54 am
OPEC problems with any production cut, the U S will accellerate an already growing rig count.
The demise of shale was overblown and is very close to adding production rather than losing world market share.
Now if Nigera and Lybia solve their political termoil , combined they could another 1.5 Mbpd keeping the glut going into 2018.
mx on Sun, 20th Nov 2016 11:34 am
Russia can now sell their oil at $10 a barrel for a profit. Devalued currency.
They will increase supply to and knock out more expensive producers, like Canadian Tar Sand.
There will be no agreement.
rockman on Sun, 20th Nov 2016 3:37 pm
mx – “…more expensive producers, like Canadian Tar Sand.” Possibly/probably. I’ve yet to see what I consider a well documented explanation of the actual cost to keep producing EXISTING WELLS in the oil sands fields. Which is not the cost to develop NEW RESERVES. Since the capex has already been invested there should be just two major production expenses. They have to burn some form of fossil fuel to generate the steam they inject. But I’ve seen hints that some producers actually burn the produced bitumin. But again no details to make even a rough guess.
Another big expense some don’t realize is the cost of the light oil they have to blend with the bitumen. That mixture (“dilbit”) can be 20% to 30% of the bbls of oil the Canadians export to us. And they don’t have enough of the light oil of their own: they import about 350,000 bbls/day of US light oil to make up the 750,000 bbls/day they use to make dilbit. The good news: the price they had been paying for light oil s decreased significantly. But, of course, the price they are getting paid for the light oil component of the dilbit has also decreased.
Whatever the details I suspect the oil sands production cost are some of the highest (if not the highest) of any major producing trend. But is it $5bbl? Or $10/bbl…a very high cost compared to most major trends? Or is it rediculously high like $20/bbl? I wouldn’t guess.
And here’s a good example of how the public gets confused thanks to idiots that continue to use incorrect terminology. Like Bloomberg:
“Producers are all losing money at current prices, First Energy Capital’s Martin King said Tuesday at a conference in Calgary.
Which doesn’t mean they’ll stop. Since most of the spending for bitumen extraction comes upfront, and thus is a sunk cost, production will continue and grow.”
Do you see the sloppiness: losing money but will continue to produce because much of the “production cost” is the monies already spent on infrastructure. They appear to be confusing the production cost (cost to produce existing wells) and the “development cost”, the monies spent on new wells/infrastructure.
A company might run a negative cash flow for a short period of time, maybe a few months, hoping for a quick price recovery. But do you think any oil sands producer continued its out put for the last two years at a loss month after month? Where would those monies be coming from: investors, the bankers, the company’s cash reserve?
Anonymous on Sun, 20th Nov 2016 7:02 pm
‘Canada’ does not ‘export’ oil to the uS rockman, as you know full-well. uS corporations(mainly), extract(steal really) Canadian resources, oil in this case, and ‘pays’ some trivial fees(taxes whatnot) to keep the locals quiet about the whole thing.
Its amerikan corporations, operating in canada, exporting to the uS, for the benefit OF amerikans. Get it straight.
http://raesidecartoon.com/vault/us-owned-canadian-oil-reserves/
Davy on Sun, 20th Nov 2016 7:09 pm
Poor Canadians getting beat up by the big bad meriCans. Lol, Anonymous you are a piece of work. Go back downstairs and play with your xbox.
Anonymous on Sun, 20th Nov 2016 8:58 pm
Why don’t you go downstairs and play with your sheep, cracker boy?
GregT on Sun, 20th Nov 2016 10:04 pm
“Poor Canadians getting beat up by the big bad meriCans. Lol”
Be thankful that a large percentage of your fellow americans are beginning to wake up Davy. Not that Trump has a hope in hell of taking out the big bad meriCans anyways. And just in case that you still haven’t quite figured it all out, their plans don’t include you either. Your ‘farm’, on the other hand, is an entirely different story.
https://www.whitehouse.gov/the-press-office/2012/03/16/executive-order-national-defense-resources-preparedness
makati1 on Sun, 20th Nov 2016 10:08 pm
GregT, now you went and ruined his night’s sleep. He really thinks he owns his little farm. Wait until the big boot of the Police State stomps down on his family. You “own” nothing in America that the state cannot take away from you except what is in your brain. and that, they just twist and turn until it is not worth anything in the real world.
Davy on Mon, 21st Nov 2016 4:45 am
Greg, can’t we stick to the subject? Ask boy anymouse about the Canadians, Chinese, and Europeans involved in the Tar sands. I responded to a blatant distortion by a Canadian who makes every comment a dissertation on how evil Americans are. Anti-Americanism is a sickness which is a reflection on the failures of Canadian intellectualism. Instead of wise cracking me you should have called out your boy wonder. He is an example of a bad bacon in Canada.
Canadians should wake up to the fact they are part of the problem in the world today instead of pointing their fingers constantly elsewhere. Canadians were among the top 5 of the donner nationalities that supported the Clinton crime family. I think a large percentage of your fellow Canadians woke up to that failure a few weeks ago. Your leadership was all in on Clinton despite the criminality and corruption.
Greg, just in case you still haven’t figured it out we don’t know what is ahead with Trump, not me or your maple syrup brilliance. He is a wild card and so is the global economy which trumps Trump. We still don’t know how Trump and Putin will get along. We don’t know if real change is coming to the deep state. Will Trump manage to impact the DC swamp?
Davy on Mon, 21st Nov 2016 4:54 am
Wow, I love when I bend makati out of shape. You can’t get over how I perfectly I defined your life as a lie. Again, Makti, talk is cheap can you elaborate on how the police state is going to stamp down on me? This should be funny…..I would like to know what details you have on my farm ownership? Sounds like you are pissed off from the asskick’in I gave you the other day. Quite being a pussy and grow some. Get over it and say something that enhances our understanding of this crazy world instead of being a part of that craziness. We get tired of your marketing effort to justify your failed life
Davy on Mon, 21st Nov 2016 5:10 am
“Some thoughts on future postings, November 20, 2016”
http://questioneverything.typepad.com/
“I have essentially concluded that humanity is on a course that is irreversible owing mostly to the fact that the vast number of people in the population are simply incapable of seeing the larger and long-term picture of reality. They think neither strategically nor, apparently, systemically.”
“I consider the situation in the US now as just stronger evidence of the decline and fall of global civilization. It is just one more step down, though it may lead to a significant acceleration of the whole process. Incidentally, all of the media talk about an improving economy is complete hype.”
“Our human created world, as it is, may come to an end before too long. But I still hold that the chance for some higher sapient individuals to survive and form the nucleus of a bottleneck population is quite high, and therefore worth attending to. To whatever degree the knowledge of systems science and systemness can be preserved and passed on to that population it will mean that they do not have to completely start over. Knowledge of systemness is the hardest won knowledge there is. It includes not just ordinary knowledge, but wisdom as well – the knowledge of what ordinary knowledge to gain and how to use it. This will be more valuable to some future population than computers or solar collectors because from this knowledge all other technical aspects can be regenerated.”
makati1 on Mon, 21st Nov 2016 5:16 am
Davy, glad I can make your day even if it is all in your mind, not real. Delusional like most Americans. The police state boot is already on your neck, you just try to ignore it along with everything else that is negative about the U$. Soon the pain will be too much to ignore, Enjoy your bliss. It is not going to last.
Glad I am not in your shoes, raising a family in what is soon to become a hell on earth with no future. You too will be living a 3rd world lifestyle before you die.
Davy on Mon, 21st Nov 2016 7:01 am
Makati, you were just baited and I did this to expose your real intentions of self-advancement not common learning. You do not care about others nor the truth. You are all about makati and this is the reason you deserted you family and now live a lonely life in a faraway land. This self-advancement is the reason you spend your day on this board and others bragging and belittling. It is nothing more than a personality disorder. No medication can cure it and at your age well you are hard wired. There is no conversion to reality for you only the anxiety of death from living a lie.
I find it an honor to fight for my family as the patriarch. That is my nature and not the selfish self-preservation of an old man afraid of death. I completely accept that my end may be near. I do fear death but I do not fear the fear of death. I am in acceptance and ready to go forth in my nature as protector and provider. In a few years I will be too old. If my children choose to support me that will be wonderful. I am not make it to old age and my children may not survive but I live in the here and now and that is what I am doing and what they want to do. It is called life makati so join it.
Davy on Mon, 21st Nov 2016 7:18 am
“Goldman Now Expects OPEC To Reach Production Cut Deal, Raises Q1, Q2 Oil Price Forecast; Cuts Q3, Q4”
http://tinyurl.com/jxymhjd
“In our view, the goal of normalizing inventories should however not target elevated oil prices as the flattening of the oil cost curve and the unprecedented velocity of the shale supply response would make such an endeavor rapidly self-defeating above $55/bbl.”
“For the purpose of our oil price forecast, our base case is now that an OPEC production cut will be announced and implemented with OPEC production at 33.0 mb/d in 1H17 and a Russia freeze at 11.6 mb/d. As we have flagged previously, this leads us to reverse the direction of our 2017 oil price path, although not the annual average level, which remains at $52.5/bbl for WTI. Specifically, normalizing inventory levels will generate backwardation by 2Q17 and leads us to raise our 1Q and 2Q17 WTI price forecasts to $55/bbl from $45/bbl and $50/bbl previously.”
“Even so, Goldman hedges accordingly: “Of course, political risks can still derail an otherwise economically sound decision and we believe an outcome where OPEC does not agree to a cut is near-term bearish – even from current price levels – as it implies greater sequential production from the group in competition for revenues and market share.”
“Traditionally, this would mean that Goldman is now selling oil to its clients who have been advised to load up. Whether this time is different will be revealed in less than 10 days.”
Davy on Mon, 21st Nov 2016 7:27 am
“Beppe Grillo: “The Amateurs Are Conquering The World Because The ‘Experts’ Destroyed It”
http://tinyurl.com/zath7ph
“Bingo, or as Nassim Taleb put its, the “Intellectual-Yet-Idiot” class. It is the elimination of these so-called “experts”, most of whom have PhDs or other letters next to their name to cover their insecurity, and who drown every possible medium with their endless, hollow, and constantly wrong chatter, desperate to create a self-congratulatory echo chamber in which their errors are diluted with the errors of their “expert” peers, that will be the biggest challenge for the world as it seeks to break away from the legacy of a fake “expert class” which has brought the entire world to its knees, and has unleashed the biggest political tsunami in modern history.”
GregT on Mon, 21st Nov 2016 9:22 am
“Greg, can’t we stick to the subject?”
I have provided you in the past with a breakdown of foreign ownership of Canadian Tar Sands production Davy. Anonymous is correct in his assertion.
“Greg, just in case you still haven’t figured it out we don’t know what is ahead with Trump, not me or your maple syrup brilliance.”
If Trump is the real deal Davy (which I highly doubt), my prediction is that he will not survive a full first term as POTUS. The deep state controls the money supply, and more specifically, the world’s reserve currency, the USD. Nothing will change until the TBTF are taken out of the equation. That would require nothing less than a violent, and bloody revolution.
peakyeast on Mon, 21st Nov 2016 9:34 am
There is no real difference btw. rep and dems. – So why should there be any difference with Trump? AFAIK he has chosen exactly those people that signals a continuation of the
“No future for anyone” policy.
Cloggie on Mon, 21st Nov 2016 9:52 am
Shooting incident Gibraltar:
https://www.rt.com/news/367603-british-navy-standoff-gibraltar/
British marine vessel fires flares in direction of Spanish ship.
In 1704 a Dutch-British naval force conquered Gibraltar from Spain. That’s 300 years ago.
In 2016 this naval base is an anachronism and contradicts Britain leaving the EU and the EU ambition to set up an army of its own in order to take responsibility for its own defense now that the US (likely) will withdraw. In line it should be the EU that controls the Mediterranean, not 19th century has-been Britain. Expect a Night and Fog action from the Spanish government in a not too distant future, shortly after Britain has initiated article 50. Expect the EU to “mediate” in the conflict, but quietly choosing the side of Madrid.
Britain can keep using the base, provided that continental Europe gets a military base in Dover-Britain to secure the Channel.
No?
Well then, don’t whine about the immanent loss of Gibraltar then.
Davy on Mon, 21st Nov 2016 10:10 am
BS, Greg, I responded to you claim and refuted your evidence. Basically it is a multinational effort with most recently the Americans becoming more invested. Stop you Canadian whining and accept your part in this industry horror show that is a Canadian creation. You are pathetic with your “it’s all the Americans fault.” Grow up!
Davy on Mon, 21st Nov 2016 10:14 am
Sure Greg, always back to your failed conspiracy theories. Trump no different than Obama is always at risk of danger from many sources especially now with waco-liberals. It is more likely the danger for Trump will be his own corruption into a deep state “trump style” then a bloody coupe.
GregT on Mon, 21st Nov 2016 10:16 am
“Basically it is a multinational effort with most recently the Americans becoming more invested. ”
I worked in the oil patch in Alberta 30 years ago Davy. Even back then it was predominately controlled by American corporations.
GregT on Mon, 21st Nov 2016 10:24 am
“Sure Greg, always back to your failed conspiracy theories.”
Which failed conspiracy theories would that be Davy? That Trump will not survive a first term if he makes a concerted attempt to take out the deep state? That the Federal Reserve is an unconstitutional privately owned entity that prints money out of thin air with interest attached? Or that the TBTF can simply be removed from the equation without a total collapse of the system, resulting in blood in the streets?
Davy on Mon, 21st Nov 2016 10:32 am
Greg, we are talking about the tar sands and the last 10 years not Alberta oil 30 years ago. Again stick with the topic. Even with the Canadians bailing out of their Tar Sand businesses recently it was just another cash-out and get rich game much like you yourself did in Vancouver with your house. Next thing you Canadians will blame the Americans for China buying up Vancouver.
Davy on Mon, 21st Nov 2016 10:44 am
Try this Greg, your simplistic attempt to blame “everything” on an all-powerful entity with almost supernatural powers controlling the world. Pretty obvious the world is quite a bit more multipolar than that. I do not deny a deep state and a global world significantly influenced by a small group of elites. My point is this powerful group is not nearly as powerful as conspiracy theory folks want to believe it is. This same simplicity is kind of like the failed message of makati and his little spoken about lately agenda of the rise of the Brics and the death of the US and dollar with a corresponding rise of the Chinese Yuan. I see the US dying but along with the rest of the global world.
GregT on Mon, 21st Nov 2016 10:50 am
“it was just another cash-out and get rich game much like you yourself did in Vancouver with your house. ”
I didn’t make the rules Davy, that doesn’t mean that I won’t play by them.
“Next thing you Canadians will blame the Americans for China buying up Vancouver.”
I blame the globalists for that Davy. The very same people that off-shored American jobs for increased profit margins, at the expense of the middle and lower classes. Trump says that he will make ‘America Great Again’ by reversing this trend. I am highly skeptical of his rhetoric, and don’t believe that it would work even if he did do so.
GregT on Mon, 21st Nov 2016 11:02 am
“your simplistic attempt to blame “everything” on an all-powerful entity with almost supernatural powers controlling the world.”
From the horse’s mouth Davy.
“For more than a century ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure–one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.”
― David Rockefeller
Anonymous on Tue, 22nd Nov 2016 4:59 am
“your simplistic attempt to blame “everything” on an all-powerful entity with almost supernatural powers controlling the world.”
Yep, no projection there cracker boy.
Cloggie on Tue, 22nd Nov 2016 5:33 am
“your simplistic attempt to blame “everything” on an all-powerful entity with almost supernatural powers controlling the world.”
They don’t “control the world” or “everything”; you can safely cross the street or organize a barbecue without asking “their” permission.
But they did control (until November 2016) US foreign policy, US money Fed/Wall Street, US MSM, Hollywood, US academia, US politics, US presidential candidate selection process (until billionaire “I don’t need your money” Trump came along), US mass immigration policy, changing your country beyond recognition (and not for the better).
And if Trump fails and “they” get in charge again, the Soros-SJW-BLM-Gulag on US soil will be next.
Without “them”:
no Fed
no communism
no US WW1 entry
no WW2
no Nuremberg tales
no JFK murder
no mass migration to the US since 1965
no 9/11
no Iraq, Libya and Syria
no Euro-Maidan
Michael Ledeen (one of “them”):
“Every ten years or so, the United States needs to pick up some small crappy little country and throw it against the wall, just to show the world we mean business”
Creative destruction is our middle name, both within our own society and abroad. We tear down the old order every day, from business to science, literature, art, architecture, and cinema to politics and the law. Our enemies have always hated this whirlwind of energy and creativity, which menaces their traditions (whatever they may be) and shames them for their inability to keep pace. Seeing America undo traditional societies, they fear us, for they do not wish to be undone. They cannot feel secure so long as we are there, for our very existence—our existence, not our politics—threatens their legitimacy. They must attack us in order to survive, just as we must destroy them to advance our historic mission.
Straight from the horse’s mouth.
List of historic expulsions:
https://www.biblebelievers.org.au/expelled.htm
No US entry btw.
You really think these expulsions happen out of the blue?
makati1 on Tue, 22nd Nov 2016 6:41 am
cloggie, some don’t want to believe that a relatively small number of men can control their lives. How much influence can a trillion dollars buy? How much is the Rothschild Family worth? No one knows because they are rich enough to stay out of the spotlight and off the Richest Persons list for decades. Yet, they own banks and interests in many countries. Some estimates is in the multiple trillions with a ‘T’.
Six men run most of the news outlets in the U$ and influence most of the other outlets in the world. A dozen men and a woman, run the Federal Reserve. What else is important? Answer: Nothing. They control your mind (news) and your pocket book.
They also get rich off of war and have started many of them for profit. Ditto for economic depressions. Tin foil hat? Nope. Logic and history, if you bother to learn it.
Davy on Tue, 22nd Nov 2016 7:18 am
Conspiracy theory folks are intellectually searching for simple answers. These folks are generally extremist of some sort. Conspiracies require a central theme and story actors. It takes an extremism of view to allow for the narrow linearity of conspiracies in a complex world. How can one story fit a global earth LMFAO? If you think a few men can control billions of people across a global economy then you believe in Santa.
This is not to say there are a class of people who make and shake the world. That is completely obvious but what is more obvious is the world makes and shakes these people. There are no god like people on this earth. Conspiracy people let their fantasy get the best of them. They are caught up in and a genre of people who get lost in the Hollywood of fiction and sci-fi. There was a time when the world was smaller and less complex when men controlled the world. Today we have globalism which is a mechanization of life and machines combine and dependent on each other. If you take a shit it runs downhill.
This board is full of petty conspiracy theory fantasy buffs. I read it daily. Some are dedicated anti-Americans where all world events are an American conspiracy. Others see globalist and others race. It is all of the above and none of the above. There are forces going on much more powerful than humans. There is the system and networks of humans that have taken on a life of their own. There is then the “Ecos” which is above all. Many of you guys are hilarious and fun to read but you are like a standup comedian and peddling jokes for meaning.
Cloggie on Tue, 22nd Nov 2016 8:27 am
The world is full of conspiracies, aka “state or corporate secrets”. It is not a matter of good & evil, but of one group outsmarting or outmaneuvering other group(s). We are living in a Darwinian world.
The Europeans ruled the world between 1400-1939…
http://tinyurl.com/jmuygkf
…until they were cleverly outmaneuvered by Americans and Soviets, using Churchill as a tool to get the necessary war in Europe started.
The Americans and Soviets (or more accurate “the Jews”) ruled the world between 1912-2016.
Who is going to fill the power vacuum in 21st century?
Two candidates:
Chinese?
White Race Grand Alliance US-EU-Russia?
Who knows.
Anonymous on Tue, 22nd Nov 2016 5:32 pm
That right clog, ‘they’ dont control ‘everything’, they just control what matters most. Cracker boys schtick he peddles is ‘Everyone is responsible, and no one is responsible’.(Ya know, because the world is so ‘complex’, no one can possibly influence it). And by ‘no one is responsible’, he means the united snakes and his beloved wall st, kosher elites. He is however, very quick to assign specific blame whenever it strikes his fancy, ie ‘Putin did it’, or China, or whoever his zio-media complex tells him and his retard cousin boat who is to ‘blame’ for amerikas ills this week.
‘Conspiracies’ if you prefer to use the term are in fact, real, and undeniably abundant. False flags, oppression, bribery, corruption. And the prime mover?, the united snakes of Israel. Everywhere you turn, every time you turn on the ‘new’s, its a new crisis of one sort or another. And the uS, for whatever reason, is almost always at the center of it, or trying to insert itself, if it isn’t.
So cracker boy can attend to his, err his sheeps needs all he likes. He has no oil, weapons, nor does he own a central bank.