Re: THE Price Of Crude Pt. 15
Posted: Thu 09 Nov 2023, 03:23:18
Last months prices
WTI Crude Oil $94
Brent Crude $97
This month
WTI Crude Oil $75
Brent Crude $79
And this is with Russia and Saudi Arabia dialing back production.
Saudi Arabia, Russia to continue additional voluntary oil cuts
https://www.reuters.com/business/energy ... 023-11-05/
The high interest rates are to blame no doubt, causing curbs in consumption.
First the GFC occurs, at the same time as conventional oil peaks in production. Global economies contract. Followed by a long slow recovery, then just as the wheels are turning properly again, "Covid" strikes and decimates economies again. We begin to recover from that and global central banks start hiking interest rates ever higher, causing another sump in economic activity. It's starting to look obvious that the plan to deal with peak oil is to keep creating economic disasters. Covid wasn't an economic disaster, it was the flu, and the response to it was to create an economic disaster.
WTI Crude Oil $94
Brent Crude $97
This month
WTI Crude Oil $75
Brent Crude $79
And this is with Russia and Saudi Arabia dialing back production.
https://edition.cnn.com/2023/11/03/econ ... index.htmlThe Saudi kingdom’s oil sector contracted by 17.3% year-on-year in the third quarter — the most on record for any quarter since at least 2011 — because of the voluntary oil production cuts, aimed at shoring up global prices.
Saudi Arabia, Russia to continue additional voluntary oil cuts
https://www.reuters.com/business/energy ... 023-11-05/
The high interest rates are to blame no doubt, causing curbs in consumption.
https://uk.finance.yahoo.com/news/inter ... C61oN2fk3aHigher interest rates have caused oil prices to fall in the past as it translates to less demand for oil as activity declines with higher costs, slowing the economy. On 3 May, for example, oil prices fell 4% after the US Federal Reserve raised interest rates as investors fretted about the economy.
First the GFC occurs, at the same time as conventional oil peaks in production. Global economies contract. Followed by a long slow recovery, then just as the wheels are turning properly again, "Covid" strikes and decimates economies again. We begin to recover from that and global central banks start hiking interest rates ever higher, causing another sump in economic activity. It's starting to look obvious that the plan to deal with peak oil is to keep creating economic disasters. Covid wasn't an economic disaster, it was the flu, and the response to it was to create an economic disaster.