OPEC Humiliates President Biden On A Global Stage

[Wiz]

OPEC Humiliates President Biden
On A Global Stage

BY Quoth the Raven 6 Oct 2022

The oil producing nations basically told the U.S. to "shove it", furthering the case that the BRIC nations are moving away from the U.S. dollar and separating economically from the West.

This morning, you get a two-fer. Since my dear friend Kenny Polcari has released new thoughts on the OPEC debacle - and since that was also the topic of my latest podcast, published yesterday, which you can listen to here - I am bringing you both his thoughts and mine, together.

In short, yesterday OPEC humiliated President Biden on a global stage by cutting oil production after he specifically lobbied them not to. There’s no “nice” way of putting it - they straight-up snubbed the U.S. and have now, in my opinion, made it officially clear that they 1) are not our friends, 2) do not care what we want, 3) do not take us seriously and 4) are not here to help us and/or Biden get re-elected by lowering prices.

To use Biden’s parlance, “Let me tell you something, Jack - we’re not in bed with the Saudis anymore. They are more allied with China and Russia than they have ever been, at arguably the most crucial moment in recent history for our global economy.”

As I pointed out last night on my podcast, there was nothing quite like the “fist bump heard round the world” a couple months ago when President Biden - who spends his time here domestically fighting for “equality” and human rights - decided to embrace the Saudis, and their track record of disapproving of gay rights, murdering journalists and multiple other human rights violations - instead of simply ramping up domestic oil production here in the U.S.

Biden probably went into the meeting he had with MBS months ago thinking we had some type of leverage, like we have had decades ago. The sad reality is that we simply don’t anymore: the Saudis have the oil, they have gold, and now they have allies just as big and powerful as the U.S. when combined. And those allies provide financial and military support at a crucial juncture for geopolitics.

Meanwhile, our President remains tone deaf and while his supporters remain immune to what can only be described as blatantly obvious double standards.

While the left hand, Biden was vilifying Exxon and Chevron here in the U.S., basically encouraging them to not bring more supply online, whilst blaming “gas station owners” and other people who don’t set the price of refined fuels.

With the right hand, he was fist bumping a man who publicly disapproves of gay rights and ordered the murder of a critical journalist, in order to try and get him to unleash more fuel on the global stage.

And instead of him taking us seriously, he did the exact opposite of what Biden wanted yesterday - cut oil production, raising prices - and humiliated Biden on the global stage.

What must the world be thinking watching Biden shut down the Keystone Pipeline project and lobbying for the end of fossil fuels in the midst of a global energy crisis? I explored (screamed about) those questions, and many others,

If you haven’t yet, you must listen to this August podcast with Andy Schectman, where we talk about how the global economic is changing profoundly, with the BRIC nations purposefully pulling away from the West. We also discuss what implications this could have for the U.S., and specifically how it could decimate the U.S. dollar:

Stocks, Bonds, Real Estate & The Dollar Are About To Get "Vaporized"
A couple of days ago, I had the chance to interview my good friend Andy Schectman, President & Owner of Miles Franklin Precious Metals, a company that has done more than $5 billion in sales. Andy is a world-renowned expert in the field of precious metals and took the time to answer some pressing questions I had about about the state of energy markets in

https://substack.com/redirect/7fb5edbf-093d-4484-9ced-188511089167?r=18b088

Earlier in the day we found out what the Saudi’s and OPEC have decided to do to prop up the price of oil. While the expectation was for them to cut production by 1 mil bpd, they surprised the markets and the White House and cut production by 2 mil bdp - that sent oil markets higher and it sent Biden into a rage. It left him wondering why his now infamous ‘fist bump’ with the Saudi’s wasn’t helping the conversation.

And the news caused press Secretary Karine Jean-Pierre to have a stroke, because the administration was not ready for that decision, and so they weren’t ready with an appropriate response. And when things couldn’t get any better, Bernie Sanders had this to say:...

 

[BC]

Wiz,

Are you aware that your posts such as this one go beyond fair use allowed by copyright laws, and such replication of copyrighted content is against the Terms of Service for the website you copy from?

https://substack.com/tos

[Markje]

So far its just crickets and bird-chirps here in Dutch media, still waiting for this news to hit mainstream.

OPEC basicly said   -you to biden. Indian news says one of the biggest reasons was that they haven't forgotten how they were treated with regards to the kashoggi- incident. Of course SA is to blame for that, but it could have been handled better by (then) senator biden.

[Wiz]

Wiz,

Are you aware that your posts such as this one go beyond fair use allowed by copyright laws, and such replication of copyrighted content is against the Terms of Service for the website you copy from?

https://substack.com/tos

Yes but it is not the full article, what I posted........that is why I posted the link  to the full article.

[AvHdB]

Wiz,

Are you aware that your posts such as this one go beyond fair use allowed by copyright laws, and such replication of copyrighted content is against the Terms of Service for the website you copy from?

https://substack.com/tos

Let’s be grateful for the reality that Wiz posts a link to the sources. It was before a lot worse. I give credit to Wiz for learning and applying.

[cufflinks]

So far its just crickets and bird-chirps here in Dutch media, still waiting for this news to hit mainstream.

OPEC basicly said  -you to biden. Indian news says one of the biggest reasons was that they haven't forgotten how they were treated with regards to the kashoggi- incident. Of course SA is to blame for that, but it could have been handled better by (then) senator biden.

Also keep in mind that Saudi Arabia Sunni Arabs consider Persian Shias to be their mortal islamic enemies - MBS father urged Bush II to go into Tehran as well as Baghdad to "Cut off the Head of the [Persian] Snake".

Biden and Obama's insistence on an Iran Nuclear Deal that gave the store and $150 Billions away to Tehran as well as allowed them to get nukes within a couple years enraged the Saudi Royal Family and drove them into the ARMS literally and figuratively of the Kremlin and to become a major BRICS+ player.

Biden is a Puppet of the Obama holdovers and Obama iirc was a Shia in Indonesia.

Basically, the USA coddling Tehran Shia Persians is now considered a Mortal Enemy of the Saudis.


###

[Contrarian]

So far its just crickets and bird-chirps here in Dutch media, still waiting for this news to hit mainstream.

OPEC basicly said  -you to biden. Indian news says one of the biggest reasons was that they haven't forgotten how they were treated with regards to the kashoggi- incident. Of course SA is to blame for that, but it could have been handled better by (then) senator biden.

Also keep in mind that Saudi Arabia Sunni Arabs consider Persian Shias to be their mortal islamic enemies - MBS father urged Bush II to go into Tehran as well as Baghdad to "Cut off the Head of the [Persian] Snake".

Biden and Obama's insistence on an Iran Nuclear Deal that gave the store and $150 Billions away to Tehran as well as allowed them to get nukes within a couple years enraged the Saudi Royal Family and drove them into the ARMS literally and figuratively of the Kremlin and to become a major BRICS+ player.

Biden is a Puppet of the Obama holdovers and Obama iirc was a Shia in Indonesia.

Basically, the USA coddling Tehran Shia Persians is now considered a Mortal Enemy of the Saudis.


###

Oops.

The Dementia in Chief fails the USA again!

https://www.realclearpolitics.com/video/2022/10/05/karine_jean-pierre_its_clear_that_opec_is_aligning_with_russia_by_cutting_production.html

[BC]

Yes but it is not the full article, what I posted........that is why I posted the link  to the full article.

I am quite confident the author and courts would disagree.  Want to find out?

You might want to learn more about fair use, which for example, might consist of your transformative use as a critique or parody of the author's work.  Such might consist of a few lines, maybe a paragraph used as an illustrative example.  I highly doubt a hats-off emoticon would qualify.

Here, you simply copied the vast majority of the copyrighted work, denying the author and website revenue.  You may also find that your infringement, which allows another website (RUA) to generate revenue and profit from the author's work, could result in other actions as well.   

[WestCoast]

So far its just crickets and bird-chirps here in Dutch media, still waiting for this news to hit mainstream.

OPEC basicly said  -you to biden. Indian news says one of the biggest reasons was that they haven't forgotten how they were treated with regards to the kashoggi- incident. Of course SA is to blame for that, but it could have been handled better by (then) senator biden.

Also keep in mind that Saudi Arabia Sunni Arabs consider Persian Shias to be their mortal islamic enemies - MBS father urged Bush II to go into Tehran as well as Baghdad to "Cut off the Head of the [Persian] Snake".

Biden and Obama's insistence on an Iran Nuclear Deal that gave the store and $150 Billions away to Tehran as well as allowed them to get nukes within a couple years enraged the Saudi Royal Family and drove them into the ARMS literally and figuratively of the Kremlin and to become a major BRICS+ player.

Biden is a Puppet of the Obama holdovers and Obama iirc was a Shia in Indonesia.

Basically, the USA coddling Tehran Shia Persians is now considered a Mortal Enemy of the Saudis.


###

Oops.

The Dementia in Chief fails the USA again!

https://www.realclearpolitics.com/video/2022/10/05/karine_jean-pierre_its_clear_that_opec_is_aligning_with_russia_by_cutting_production.html

Why is Biden bothering to release 10 million barrels of oil from the Strategic Petroleum Reserve? Last time he released oil from the SPR it was sold to China and Pakistan. This time around I'll bet it will go to some foreign countries and not be used in the US.

[AvHdB]

Yes Saudia Arabia gave a single finger salute to Joe Biden, good.

It seems to me that some forget history rather quickly. These understandings of reducing the flow of oil have a tendency to disappear much like snow before the summer sun. Within six months I suspect one nation and then others will take advantage of the higher prices and start pumping more oil out of the ground to supplement their income. The only question in my mind is which will be the first country, Venezuela, Indonesia or perhaps Libya/Nigeria? I suspect in a years time the price of a barrel of oil will be less than what it is presently. In the meantime there will be some pain.

[BC]

Why is Biden bothering to release 10 million barrels of oil from the Strategic Petroleum Reserve? Last time he released oil from the SPR it was sold to China and Pakistan. This time around I'll bet it will go to some foreign countries and not be used in the US.

WestCoast,

When releasing oil from the Strategic Reserve, it doesn't matter where the physical oil goes.  Oil is a global commodity. Increasing supply, whether from increased production or release from reserves, should stabilize or reduce prices, but only momentarily.  Oil prices extend far into the future, even a year ahead, with folks buying, selling, and trading in the futures market on a speculative basis. IMO, SPR releases also help keep a lid on such speculation as it adds an unforeseeable risk factor.

https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.quotes.html

Note: I am not an expert; this is my layman's understanding of how things work.

Oil prices have been trending downward as distribution realigned to 'new normal' conditions since the onset of the war in Ukraine.  On the other hand, gas primarily relies on pipelines for transportation and is not as flexible.  Liquified natural gas is more difficult and expensive to produce and transport, and the number of ships that can do so is limited.  It will take a couple of years to build more ships, LNG production, and regasification facilities that can provide 'new normal' pricing and less dependency on Russia.

Meanwhile, higher gas and oil prices don't have to be bad.  Consumers like myself are also adjusting, taking steps to reduce waste and consumption.  For example, I'm aiming to halve the electricity I usually consume.  Even after prices relax, my eye will still be on consumption and savings.   Millions of customers like me can make more of a difference in the long run than any other factor by simply reducing demand. 





https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202204_01~7b32d31b29.en.html

[BC]

Yes Saudia Arabia gave a single finger salute to Joe Biden, good.

EU as well with talk of price caps.  With prices for oil already falling, I believe OPEC is simply taking advantage of the UA war price pop and trying to keep prices above 80 for as long as possible.

It seems to me that some forget history rather quickly. These understandings of reducing the flow of oil have a tendency to disappear much like snow before the summer sun. Within six months I suspect one nation and then others will take advantage of the higher prices and start pumping more oil out of the ground to supplement their income. The only question in my mind is which will be the first country, Venezuela, Indonesia or perhaps Libya/Nigeria? I suspect in a years time the price of a barrel of oil will be less than what it is presently. In the meantime there will be some pain.[/size][/font]

I tend to agree with your thoughts.  What goes up eventually comes down.

[Wiz]

Wiz,

Are you aware that your posts such as this one go beyond fair use allowed by copyright laws, and such replication of copyrighted content is against the Terms of Service for the website you copy from?

https://substack.com/tos

Let’s be grateful for the reality that Wiz posts a link to the sources. It was before a lot worse. I give credit to Wiz for learning and applying.

AvHdB Let me tell you and some ignorant people, that I have a very good knowledge of the Copyright Laws in this, your own country and also internationally what is permitted or not!

Here is a little story to amuse you and I can assure you I don’t hold grudges.

Actually when I started my "Hoby board" one of the owners of the two most popular boards started attacking me and made several complaints against my board.

Meanwhile in a good will gesture I wrote and asked one of the board owners’s his permission to advertise on my board, free of charge, his book for mail order women......which he gave me in writing. Just checked and I still have his email permission.

My board was running on the same company in the UK, where his board also was running, due to the limited number of providers for boards in the UK, at the time.

One day I was notified that I must move my board elsewhere. I searched around and found a cheap provider in USA, unsure if they will accept me, because of the name on its title, but I applied and 24 hours later the board was running live on much cheaper and faster set up. Then few days later, I received a strong worded warning of the previous provider and I had a good laugh when I told him that my board is not running in their system anymore!

A letter of complaints went to my new provider and when they read his email permission it was all was over. To stop anymore hassle I took of the FREE advertisement! For sometime I had Mody causing me hassle but finally I banned him and then got busy with my personal life. BTW the board is still there and have plenty visitors daily but not open for membership. I have free time in my life to do whatever I want.I am retired and have more time to play around and wind up the American trolls.

BTW may I remind all that today the best president on the world.....Vladimir Putin Has his birthday today, so let's be civilised and tell him

HAPPY BIRTHDAY VLAD!

 

[WestCoast]

Why is Biden bothering to release 10 million barrels of oil from the Strategic Petroleum Reserve? Last time he released oil from the SPR it was sold to China and Pakistan. This time around I'll bet it will go to some foreign countries and not be used in the US.

WestCoast,

When releasing oil from the Strategic Reserve, it doesn't matter where the physical oil goes.  Oil is a global commodity. Increasing supply, whether from increased production or release from reserves, should stabilize or reduce prices, but only momentarily.  Oil prices extend far into the future, even a year ahead, with folks buying, selling, and trading in the futures market on a speculative basis. IMO, SPR releases also help keep a lid on such speculation as it adds an unforeseeable risk factor.

https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.quotes.html

Note: I am not an expert; this is my layman's understanding of how things work.

Oil prices have been trending downward as distribution realigned to 'new normal' conditions since the onset of the war in Ukraine.  On the other hand, gas primarily relies on pipelines for transportation and is not as flexible.  Liquified natural gas is more difficult and expensive to produce and transport, and the number of ships that can do so is limited.  It will take a couple of years to build more ships, LNG production, and regasification facilities that can provide 'new normal' pricing and less dependency on Russia.

Meanwhile, higher gas and oil prices don't have to be bad.  Consumers like myself are also adjusting, taking steps to reduce waste and consumption.  For example, I'm aiming to halve the electricity I usually consume.  Even after prices relax, my eye will still be on consumption and savings.   Millions of customers like me can make more of a difference in the long run than any other factor by simply reducing demand. 





https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202204_01~7b32d31b29.en.html

In2021 about 90 million barrels of oil was produced each day. Releasing 10 million barrels of oil from the SPR that ends up being sold to China or India isn't going to do much if anything to lower the price of oil in the US or Europe.

The only thing that would help is if Canada and the US produced more oil and gas however neither country will because both administrations think it will harm the climate. The idiocy of both administrations is astounding.

https://www.statista.com/statistics/265203/global-oil-production-since-in-barrels-per-day/

[WestCoast]

BTW may I remind all that today the best president on the world.....Vladimir Putin Has his birthday today, so let's be civilised and tell him

HAPPY BIRTHDAY VLAD!

 

According to you Putin is the best president in the world and yet you've lived in the UK all during Putin's term in office. Why?

Wouldn't it have been better for you and your family if you had moved to Russia and lived in Russia under Putin's benevolent rule?

[BC]

The only thing that would help is if Canada and the US produced more oil and gas however neither country will because both administrations think it will harm the climate. The idiocy of both administrations is astounding.

Demand for gas, which is at least a somewhat cleaner alternative to burning oil will rise in CA and the US as more gasification regasification and transport capacity are built up to replace  RU gas, primarily for the EU.  Although demand for oil rises steadily due to growth, it has become more of a transportation-enabling fuel than anything else and less for the production of electricity, heating, and such.  Even this is slowly changing due to the higher availability and demand for electric cars.  In some countries, nuclear may experience a comeback. Solar and wind are becoming more and more important despite government subsidies dropping over the last decade. Even a new nuclear plant has effects on the fossil fuel markets.

OPEC is trying to get as much as they can, while they can.  Already dropping oil prices is their prime motivator for dropping production a bit and not so much what politicians want.  The pressure is on to cash in now before the impending global recession many are pointing at.

[BC]

AvHdB Let me tell you and some ignorant people, that I have a very good knowledge of the Copyright Laws in this, your own country and also internationally what is permitted or not!

Something I doubt that you or the owner of RUA would enjoy testing.  I don't mind you posting excerpts at all accompanied by your own thoughts on the matter at hand.  What I object to is simply acting as a spam parrot.  The information itself is not spam, just the way you use it here.

Why don't you send the author a link to your post here and see if he or she raises any objections?  It would be viewable without having to register.  I'd be interested in what they have to say. Interesting challenge?  You can post their response here.

[BC]

BTW Wiz,

here's the contact info quoththeravensa@gmail.com

[Texan77]

So far its just crickets and bird-chirps here in Dutch media, still waiting for this news to hit mainstream.

OPEC basicly said  -you to biden. Indian news says one of the biggest reasons was that they haven't forgotten how they were treated with regards to the kashoggi- incident. Of course SA is to blame for that, but it could have been handled better by (then) senator biden.

The real reason is Biden going soft on Irain by trying to start the nuclear deal and letting Irain sell oil again. Iran is very much a threat to the house of Suad who is at war in Yemen where an Iranian back enemy attacks Saudia's interest. Biden has cut military support for Sauda Arabia, and cancelled arms sells.  Under Biden our relationship with the Saudis is at or near an all-time low.  Nothing new hew here just wiz rehashing old news trying to make a big deal out of it.

Wiz usually complains about our selling weapons to Sauda Aribia and now we are not doing it he still complains.

[AvHdB]

AvHdB Let me tell you and some ignorant people, that I have a very good knowledge of the Copyright Laws in this, your own country and also internationally what is permitted or not!

Something I doubt that you or the owner of RUA would enjoy testing.  I don't mind you posting excerpts at all accompanied by your own thoughts on the matter at hand.  What I object to is simply acting as a spam parrot.  The information itself is not spam, just the way you use it here.

Why don't you send the author a link to your post here and see if he or she raises any objections?  It would be viewable without having to register.  I'd be interested in what they have to say. Interesting challenge?  You can post their response here.

I wish to point out that I was not the person who questioned Wiz quoting. Took a couple years but Wiz now includes a link. It is enough for me. Before it was a form of plagiarism.

The laws regarding copyright and specifically written text are rather complicated. I do understand because of work, the laws regarding copyright on images. Applying the standards and again different countries have different laws Wiz as long as he notes the source is within his rights. The final metric is there any profit occuring from his use of other peoples work? Bear in mind RUA is a very niche forum. Andrewfi would most likely know the laws and rules better.

As I see the answer it is no.

[Wiz]

According to you Putin is the best president in the world and yet you've lived in the UK all during Putin's term in office. Why?

Wouldn't it have been better for you and your family if you had moved to Russia and lived in Russia under Putin's benevolent rule?

Haven't I answered a similar advice or proposition few days ago?

Well you live in USA and must be a reason behind your CHOICE!
why don't you go back to live in the country that your flag represents?             

Just for your information I choosed to live where it suits better my circumstances
and I don't care about your political views!

 

[Wiz]

AvHdB Let me tell some ignorant people, that I have a very good knowledge of the Copyright Laws in this, your own country and also internationally what is permitted or not!

I corrected my wrong comment and I hope you agree with my new expression.

If somebody has nothing of interest to say, in reply to your comments...then takes the easy way and resorts to personal attacks...

Did you wish Happy birthday to Putin?   

BC no need for your help...I am in his morning list by email... have not noticed?

[2tallbill]

Millions of customers like me can make more of a difference in the long run than any other factor by simply reducing demand. 

The law of supply and demand is not a risky right wing scheme.
It is the foundation of the market economy. Lefty's quite
naturally don't understand it and often lie about it.

Increasing supply will have the same effect as reducing
demand. The favorite lefty solution is to reduce demand, 
while they f#ck up the supply with their nutjob policies. 

Your statement that reducing supply in the long run will
be the biggest factor is factually incorrect. It's the same.

[2tallbill]

I suspect one nation and then others will take advantage of the higher prices and start pumping more oil out of the ground to supplement their income. The only question in my mind is which will be the first country, Venezuela, Indonesia or perhaps Libya/Nigeria?

It should be the USA.

[2tallbill]

Biden tried  to restrict oil leases on Native lands.
A federal judge reverses Biden policies.

Judge restores oil lease on land sacred to US, Canada tribes
https://www.sfgate.com/news/article/Judge-restores-oil-lease-on-land-sacred-to-US-17431497.php