Samson: Oil Is At Its Lowest Level Since February 2022
7th August, 2022
Fears of a possible recession dominate energy markets and curb their rise, as oil ended last week at its lowest level since February 2022.
NYMEX crude fell by 8% last week to reach $89 a barrel, between Brent crude contracts fell by 11% to settle at $94.92 per barrel.
Recession fears escalated after the Bank of England warned on Thursday of a prolonged recession after it made its highest rate hike since 1995.
The OPEC + group had agreed at its meeting last week to increase its target production of oil by 100,000 barrels per day in September, but according to OPEC data, this is one of the smallest increases since the introduction of such quotas in 1982.
The organization expressed its concern about the lack of investments in oil exploration, as OPEC Secretary-General Haitham Al-Ghais said in an exclusive interview with CNBC Arabia that the oil market needs investments in production capacity and exploration estimated at about $12 trillion between 2021-2045, stressing that oil investments are no longer to pre-pandemic levels.
Supply concerns are expected to escalate as winter approaches, as European Union sanctions banning Russian seaborne imports of crude and oil products are set to take effect on Dec. 5. LINK
Courtesy of Dinar Guru
Frank26 [Iraq boots-on-the-ground report] We are still hearing Kazemi made a big deal with the CBI and saying the dinar rate will change very soon. When? We don’t know. He doesn’t tell us…it sounds like they’re going to float the dinar but we’re not sure when.
Mnt Goat I get some questions on the VND Vietnam Dong as will it also RV along with the IQD Iraqi Dinar? I will give you a short answer to this question – maybe …the Vietnam war has been over for about 50 years and still they have their downgraded currency and larger three zero notes. Maybe it’s time to bring them to the standard of the western currency? We can see there is no hurry to change these notes, at least not what they are saying. We do also see a higher VND rate (.47 – $2.00) in the QFS staged to go at some point. So, something is up. This is a good sign.
“Revolution Has Begun”: 75,000 Brits To Stop Paying Power Bills Amid Inflation Storm
by Tyler Durden Sunday, Aug 07, 2022 – 06:35 AM
The resistance is growing as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again.
“75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all,” tweeted “Don’t Pay UK,” an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.
75,000 people have pledged to strike on October 1st!
If the government & energy companies refuse to act then ordinary people will!
— Don’t Pay. (@dontpayuk) August 5, 2022
The strike comes as an inflation storm of high energy prices has obliterated household incomes. Brits are the most miserable in three decades as inflation is expected to hit 13%. And while Bank of England (BoE) Governor Andrew Bailey hiked interest rates the most in 27 years to tame inflation, risks are mounting of a recession.
On Oct. 1, the average household will pay almost £300 a month for power, the BoE warned. Couple surging power costs with negative real wage growth, and it becomes apparent households are being squeezed. This excludes soaring prices for shelter, food, and petrol at the pump — this trend is unsustainable and could result in social instabilities.
British news outlet Glasgow Live said the strike is similar to the “action in the late 1980s and ’90s to fight against the poll tax brought in by PM Margaret Thatcher. In protest, 17 million people refused to pay.”
MARKETS A LOOK AHEAD… RIGGED! Central Banks Set To INCREASE Bond Buying.
Greg Mannarino: 8-7-2022