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TopAsiaFX - WAR BEGINNING
WAR BEGINNING - 🇮🇷 VS 🇺🇸... https://www.facebook.com/TopasiaFX/posts/2578306112450974
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submitted by AlphaexCapital to AlphaexCapital [link] [comments]
submitted by top1markets to u/top1markets [link] [comments]
Since the outbreak of COVID-19 in 2020, the global economy has entered a recession, with gold soaring, stock markets tumbling, and oil prices plummeting.
Saudi Arabia cut pricing for oil sales to Asia and the U.S. for October shipments, and the reduction exceeded last month.
Global daily oil consumption (total liquid volume) broke the "100 million barrels" mark for the first time in 2019, reaching 10.96 million barrels. It means the global daily consumption is more than 100 million barrels, and the annual consumption is more than 5 billion tons.
Since the outbreak of COVID-19, fuel demand has decreased significantly, while global oil supply has continued to increase.
Global oil consumption has decreased by nearly a quarter due to COVID-19. The global daily oil consumption level in the second quarter of this year was less than 77 million barrels, which is almost 20 years ago.
20th April saw WTI oil prices plunge from $17.85 to -$37.63, more than a 300% drop, the largest one day drop for U.S. crude in history.
The oil prices up and down in history, and various factors impact the oil prices. One of the most critical factors is OPEC.
The Birth of OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
Before the OPEC, the Seven Sisters (E Anglo-Iranian Oil Company, Gulf Oil, Royal Dutch Shell, Chevron, ExxonMobil, Socony, Standard Oil Company of New York, and Texaco) controlled the world's oil markets.
In the 1950s, coal was the most critical fuel globally, but oil consumption increased rapidly, and demand continued to grow. In 1959, the United States' Seven Sisters lowered the price of oil produced in Venezuela and the Middle East by 10% to reduce the United States' price.
To counter the U.S. oil monopoly, OPEC was born.
OPEC's 13 members control approximately 30% of global oil supplies and 79.4% of proven reserves. OPEC member nations produce about 42% of the world's crude oil, and OPEC's oil exports account for roughly 60% of the total petroleum traded worldwide.
Impact of OPEC on Oil Prices
Within the OPEC group, Saudi Arabia is the largest crude oil producer in the world and remains the most dominant member of OPEC, with each instance of a cut in oil production by them, resulting in a sharp rise in oil prices, and vice versa.
Additionally, the 'kingdom of Saud' is also the leading exporter of crude oil globally. Since 2000, all historical instances since the 1973 Arab oil embargo indicate that Saudi Arabia has maintained its upper hand in the oil market. It calls the shots in determining crude oil prices by controlling supply.
All major oil price fluctuations in recent history can be clearly attributed to production levels from Saudi Arabia, along with other OPEC nations.
Is it now the end of OPEC?
The success of shale oil and the plunge in oil prices in 2014 are signs that OPEC has declined.
Since 2014, U.S. shale oil has created a boom in domestic crude oil production. Shale oil comprises more than a third of the onshore production of crude oil in the lower 48 states. It drove U.S. oil output from 8.8 million barrels per day in 2014 to a record 12.2 million barrels a day in 2019.
As a result, the United States became the world's largest crude-oil producer.
Today the U.S., Saudi Arabia, and Russia rank among the top three in world oil production.
In November 2014, despite the appeals of other OPEC members to cut production, Saudi Arabia suddenly increased production sharply, trying to defeat U.S. shale oil companies through the competitive increase in OPEC member states. But American shale oil survived strongly by borrowing, and it became more efficient, and production costs were greatly reduced.
During this time, Saudi Arabia's economy is declining rapidly. Saudi Arabia had the highest government deficit in history-98 billion U.S. dollars, accounting for 15% of GDP in 2015.
In 2016, Saudi Arabia led OPEC and Russia to reach an OPEC+ production reduction agreement. Since then, oil prices have steadily rebounded. At the same time, Saudi Arabia has begun to consider taking advantage of high oil prices to list Saudi Aramco to ease domestic financial difficulties.
During this period, OPEC +'s reduction in production has rescued U.S. shale oil again. The production capacity of shale oil has increased sharply by 4 million barrels per day, surpassing Saudi Arabia, and Russia.
So far, the OPEC structure and cohesion continues to divide and elude.
On 8th March 2020, Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil. The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. Russia walked out of the agreement, leading to the fall of the OPEC+ alliance.
While past oil shocks have been driven by either supply or demand, the price collapse of 2020 is highly unusual in oil market history: It results from a massive demand shock and a huge supply overhang at the same time.
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Scoop Jackson was convinced that there's no place for partisanship in foreign and defense policy. He used to say, 'In matters of national security, the best politics is no politics.' His sense of bipartisanship was not only natural and complete; it was courageous. He wanted to be President, but I think he must have known that his outspoken ideas on the security of the Nation would deprive him of the chance to be his party's nominee in 1972 and '76. Still, he would not cut his convictions to fit the prevailing style. I'm deeply proud, as he would have been, to have Jackson Democrats serve in my administration. I'm proud that some of them have found a home here.
|submitted by Manoos to india [link] [comments]|
The world is the most unpredictable place. Especially with a continuous change in motion, the position of any country can’t be counted as the stable position. Talking about the development process of any of any country is totally dependent on the development of the currency of its country, how the country is actually growing in different aspects with different growth factors taking place.submitted by bookmyforexgurgaon to u/bookmyforexgurgaon [link] [comments]
For instance, the growth of health conditions in the country how poor or good they are, the quality of education in the country, the rate of employment or moreover the poverty line of the country. All this depends on the value of the currency the country has, the better the currency, the better the country is.
Talking about Rupee, the situation since 1945 till now is never a stabilised one. The rupee has only tangoed all this while, deliberations on the amount of debts have just grown intensely. However, when it comes to the growth of Rupee, you’ll find nothing. Although, the past few months have been ever growing for the Rupee, one can’t ignore the fact that the fluctuations were terribly high and still are.
Thus, when the condition of the rupee is itself in a concoction, how can one expect to have a constant growth in another domain or field. Another reason one can find is the constant fluctuations in the Euro Exchange rate for the global markets that have their business standards quite trembling too. The impact of this tremble is quite visibly witnessed by many.
As known the Indian Rupee depends on the USD for its trade growth and economy development, not to forget the constant fluctuations in the Crude Prices and the Hiking highest of the Brent shows a constant change and no possible stability due to the Waiver take off by the US due to Trump’s decision can largely impact the world.
Imagine if Indian Rupee has touched an all-time low, one’s immediate reaction is to worry about the inflation and the negative impact on the finances. Stock markets have reacted negatively as foreign investors are pulling money out of emerging markets including India.
The investments will be depleted on the condition that all this will be gorged in a different shape. No high value of Rupee will result in no returns for your investments because the value of the rupee has changed totally.
As an investor, an important skill is to have an ability to connect the dots. This applies to your personal finances too. Being aware of the implication of economic developments on investments can not only help save money but also seize opportunities.
The investment of an investor depends a lot more on the fundamentals of a country and the movement of the country’s currency based on its fundamentals. While looking at our fundamentals we stand tall over them as one can see that there is no rise in the overall debt (excluding the corporate debt & NPAs.)
For instance, the daily forecast that is published on BookMyForex for every currency can help you in taking your decision in a better way. Here’s today forecast for your reference:
22 April 2019: The rupee had opened with a positive gap at 69.46 regaining through the day touching a high of 69.6175 in the afternoon. However, the strong dollar sales in the last 30 minutes allowed the rupee to later close at 69.34. The rising crude prices confuse the rupee’s recovery. Brent broke above $74.00 mark today amidst the speculations coming from the US that Trump is to discontinue the waivers on buying Iranian Oil. Situations are tough for any forecast on Rupee as there will be no political and economic decisions taken to combat the crude price hike until the election results are out by May 23rd.
|Rate (per day)||0.43||6.45|
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In 1974 SEDCO had a trainee program for college graduates to enter the drilling business working on the rigs to eventually become toolpushers and rig managers. I had graduated from The University of Texas a year earlier with a business degree and was working with my father running an Exxon owned service station and car wash. I liked working outside and with equipment so when I heard about Sedco hiring I signed up. My friend and college roommate, Dennis Welborn also signed up.submitted by olddave48 to u/olddave48 [link] [comments]
This was September- October 1974 and after a 2 week course at Odessa College our group of 40 trainees were sent overseas. Half went to Aberdeen, Scotland to work offshore 14/14 in the North Sea, and the rest went to Ahwaz, Iran working 14/7 on land rigs. We flew into Abadan Iran landing late one night and were taken by car to the base in Ahwaz. Next morning we had some orientation and were split up and sent to various rigs all over South Iran. Bob Burnett and myself were assigned Rig 77 in Agha Jari field. A driver took us across the desert towards a raised hilly plateau which was atop the oilfield. We went to the portable rig camp, were assigned a shared room, and got ready to start the 12 hour workday the next morning.
We rode with the crew towards our rig about 2 miles away and passed between a rig on one side of the road and some engines and pumps on the other side. Our driller said that the Santa Fe Drilling rig had a blowout after drilling too deep before setting casing without a diverter stack. He said it was flowing gas and a lot of condensate uncontrolled. They had even removed some of the equipment as it was not going to be killed very easily. We passed by it the next few days and then I was put on night tour with my Driller, a Canadian named Charlie Staroba. Charlie was a good guy and easy to get along with.
Eighteen months later I was a very green driller working for him as he was promoted to tour pusher on Sediran Rig 11. That first night Charlie told me to go help change a piston on Mud Pump no. 2 . About 7 PM I was on top of the pump bent over trying to understand what the Iranian crew was doing when Charlie called down to get my attention. I looked up and that rig about a mile away was on fire. That was pretty much the focus of the rest of our tour. Just watching it burn. The fire spread quickly down and through the hills catching all of that week's worth of flowed condensate on fire. Within an hour half the world in front of me was burning with flames going very high and getting closer to us. I distinctly remember saying to myself " what did I get myself into ?"
About 9 PM we were thinking we might have to evacuate . A OSCO pickup drove up and Bill Murchison Sr. got out, introduced himself and took over our small toolpusher office and radio room. He started the 2 month process to bring in Red Adair's team, rig up 2 rigs to drill directional relief wells, and eventually kill the blowout. Charlie and I got off work at 6AM and on the way to our camp drove right up to the burning rig with the mast laid over and took pictures of each other. I have attached the pictures here.
We spent the rest of 1974 drilling our wells and helping to support the blowout killing operation with whatever they asked for. I got to meet Boots Hansen and Coots Mathews, they liked the food in our camp. I eventually realized I liked the drilling business and made a 40 year career of it. I worked up to Driller , Toolpusher, OIM, Rig and Operations Manager of land and offshore operations with Sedco Forex Schlumberger, Pride International, and Weatherford Drilling. I spent 35 years working international, 17 years of that as a resident. I retired in 2014 as a Sr. Country Manager, resident in Dubai and now am a Well Control Instructor at Intertek in Spring, Tx. I show this picture and get to tell this and other stories in my classes. It has been an interesting career and I enjoyed it and the people I met and friends I made.
submitted by davidreiss666 to worldpolitics [link] [comments]
Syria Downs Israeli F16 Jet, Pilots Safe, Israeli Army SaysHere are some other articles about this story:
Syria Downs Israeli F16 Jet, Pilots Safe, Israeli Army SaysHere are some other articles about this story:
Turkey's president Recep Tayyip Erdogan is a desperate man.
A prominent member of the "Friends of Turkey" group in the European Parliament concluded that Islamism had replaced Kemalism and another cheerleader confessed: "Our dream of a European Turkey has turned into a nightmare and it is time for a wake-up call." Barack Obama, who once touted "a model partnership" between the US and Turkey and considered Erdogan a moderate Muslim leader, is also disillusioned.
There is a curious reluctance on the part of the Turkish government to carry out an in-depth investigation of the coup, but the blame has been put unequivocally on an erstwhile ally, Fethullah Gülen, a reclusive Turkish imam resident in Pennsylvania, and the cadres of his movement, which enabled Erdogan and the AKP to come to and hold power.
Since July last year Turkey has reignited its war with the PKK in the southeast, and there have been terror attacks not only from the PKK but also Turkish members of ISIL. Erdogan's overall aim, which is now within reach, is to gain parliamentary support for a constitutional change which will make him executive president but without the checks and balances of democratic rule.
Moody's has downgraded Turkey's credit rating to junk and President Erdogan has called on Turks to change their forex into lira and gold to save the economy.
Erdogan's nemesis could well be the USA. A key figure in the December 2013 corruption allegations against the Turkish government is Iranian-Turkish businessman, Reza Zarrab, who was accused of bribing ministers with millions of dollars to facilitate the export of gold to Iran to break US sanctions.
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