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usndiver

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  1. Oil Prices Crash as Storage Shortage Looms 139 Hussein Malla/AP Photo John Carney 20 Apr 2020792 2:12 The joke among oil traders Monday morning is that gas stations will soon be paying customers to fill up their tanks as the search for storage options intensifies. Oil prices plunged on Monday to multi-decade lows. The front-month May contract for West Texas Intermediate futures, which expires Tuesday, fell by more than 36 percent to $11.55 a barrel. Soon to be expiring contracts are typically traded in lower volumes. Som\e traders may be selling the expiring May contract for fear that storing oil will become more expensive as high production numbers clash with low demand around the globe. The June WTI contract for West Texas Intermediate futures, fell by more than 11.5 percent. Brent crude oil, considered the global benchmark, fell by around 6 percent. Analysts are concerned that the capacity for storing oil may run out soon. The storage facility in Cushing, Oklahoma has become a particular focus. Connected by pipeline to Canada, West Texas, the Gulf Coast, and the American Midwest, Cushing is where the physical delivery of most WTI takes place. That end-stage of billions of dollars of daily trading, most of it purely financial and settled with contracts, is becoming more expensive as crude stockpiles have accumulated. Efforts to curb production, such as a recent agreement between Russian and Saudi Arabia, appear to have fallen short. When prices for futures contracts expiring further out are higher than contracts expiring sooner, traders describe the market as being in “contango.” The opposite, where near-term contracts are cheaper than long-term, is called “backwardation.” The current market, with a steep discount for oil available for near-term delivery, is known as “super-contang0.” The definitions of those terms may not matter to most consumers but they are fun to say. “Uncontained contango,” is a new phrase being thrown around to describe super-contango driven by lack of storage capacity. https://www.breitbart.com/economy/2020/04/20/oil-price-crash/
  2. Russia's stronger economy lets Putin stare down OPEC By Natasha Doff and Anya Andrianova on 3/8/2020 MOSCOW (Bloomberg) --Vladimir Putin’s resistance to further output cuts has pushed Russia’s accord with the OPEC cartel that controls more than half of the world’s oil production toward breakdown. Some key metrics guiding the Russian economy help explain the president’s reasoning. “Thanks to Russia taking harsh measures earlier, Russia can now afford a lower oil price than five to six years ago,” said Dmitry Dolgin, chief economist at ING Bank in Moscow. Five years of austerity and safeguarding assets against the threat of U.S. sanctions have left Russia in a stronger position than ever before to cope with lower oil prices. Putin’s plans to increase spending this year can go ahead regardless and a weaker ruble will only help the country’s commodity exporters, which sell their goods in dollars. Russia resisted pressure from allies in the Organization of Petroleum Exporting Countries to make deeper production cuts at negotiations in Vienna that ended without a deal on Friday, saying it favors maintaining supply reductions at current levels until June. Saudi Arabia, the other major player in the OPEC+ talks, is pushing for a group cut of 1.5 million barrels a day. International sanctions forced Russia to strip back foreign borrowing in recent years, while stringent fiscal policies pared domestic spending to a minimum. The result is that Russia now boasts the fourth-biggest international reserves in the world, and some of the lowest debt levels. Putin’s new government still has plenty of room to start increasing spending this year even if oil prices drop closer toward $40 a barrel. Gone are the days when Russia needed oil prices of over $100 a barrel to balance its budget. A combination of spending cuts and revenue increases pursued since the 2015 oil price crash has pushed the break-even point for the budget down to $51 a barrel. Though oil prices breached that level earlier this month, the Finance Ministry can afford to take in a bit less given that the budget ran a surplus in the last two years. Compared to other oil-exporting nations, Russia is in very good shape to cope with lower prices. Saudi Arabia, for instance, balances its budget at oil prices roughly double the level that Russia can cope with. The ruble is down close to 10% so far this year, compared with a nearly 30% plunge for Brent crude, implying that the Russian currency is still overvalued. In the past the Kremlin has been content to keep the currency weak to boost revenues of commodity exporters, the driving force of the economy. Bloomberg Economics’s Scott Johnson warns though that a blow to the ruble could “undermine domestic demand just when more external shocks are on the way.” https://www.worldoil.com/news/2020/3/6/russias-stronger-economy-lets-putin-stare-down-opec
  3. Huff post, now there’s an outlet with integrity. 😂 Dare we mention how much the eight year President Obama apology world tour cost? I really don’t care where any POTUS travels to for down time. It’s a thankless job regardless of party affiliation.
  4. 6ly410 Do you have a link for the article?
  5. Marty McFly: Time circuits on... Flux Capacitor... fluxing... Engine running... All right!
  6. Well, since this thread is off topic I’ll throw this into the mix. It’s been awhile since SNL put something out that was funny! Enjoy!
  7. How about you all keep the political rhetoric in the Opinions section. It’s bad enough that we are inundated with politics by every form of media out there. Most of us are here for IQD news. Thanks for your consideration in this.
  8. Mep01, In regards to China’s economic power and the strength of the yuan we really need to compare apples to apples. Currently the GDP to debt ratio for the USA is 106%, China is at 300%. USA https://tradingeconomics.com/united-states/government-debt-to-gdp CHINA https://www.scmp.com/economy/china-economy/article/3018991/chinas-total-debt-rises-over-300-cent-gdp-beijing-loosens That being said, China cannot sustain this level of spending. The ongoing trade war with the USA is eroding their GDP as well. China’s romancing of third world country’s is more about propping up their economy than spreading ideology. In Iraq’s case the oil is just the tip of the iceberg. Post RV we can only assume that consumer spending, private and governmental, will greatly increase, and multiple nations want a piece of that market. A generation ago the world witnessed the collapse of the USSR. Reagan implemented a policy of strengthening our military forcing the USSR into keeping pace with us. The USA outspent the USSR and bankrupted them in the process. Subsequently we saw support of Soviet satellite countries lose their subsidies from mother Russia. Will we see the same happen to China? I know this explanation may be taken as sophomoric by some of the folks out here. There was a lot more going on that contributed to the Soviet collapse. So so in the end you have to ask yourself. Given the aforementioned debt to GDP ratio’s who has the stronger currency.
  9. Did a quick check and came across this. https://www.truthorfiction.com/does-video-show-police-spraying-fake-blood-on-themselves-during-a-philadelphia-shooting/ Does Video Show Police Spraying Fake Blood on Themselves During a Philadelphia Shooting? Disinformation, Fact Checks / By Kim LaCapria / August 15, 2019 Claim Video from a local news broadcast depicts Philadelphia police using fake blood during a shooting. Not True On August 15 2019, the conspiracy-oriented Facebook page “True News 4 U’s” shared a video (archived here) of police officers in Philadelphia purportedly spraying “fake blood” on themselves in the aftermath of a shooting. In that context, the clip appeared with very little information, and the claims which did accompany it were strongly suggestive of the events it supposedly showed. One notable detail of the Facebook clip and others shared on social media is that audio — both of the television news segment and the person gesturing — was curiously missing. All clips were silent. The footage seen in the broadcast came from reporting on a shooting in Philadelphia on August 14 2019, during which six police officers were wounded. CNN aired different video from the same standoff, but that footage did not include the portion seen in the viral clips. Another version of the clip gained engagement sufficient to be tracked by the real-time viral content spotter Trendolizer on the morning of August 15 2019. Trendolizer’s page pointed to a YouTube video (“Police Officers Spray Fake Blood on themselves during Philadelphia Shooting 8/14/2019”), published on August 14 2019: When the YouTube iteration was played at a slower speed, a brief station identification logo was visible in the lower right-hand corner of the screen — WPVI-TV. Yet another version of the same clip with the same description was racking up heavy engagement on Twitter: All seemed to show the same WPVI-TV segment in which two police officers stopped in a crosswalk, retrieved a bottle, and dispensed an amount of dark reddish liquid. The contents of the bottle spilled onto the white of the crosswalk before one of the officers entered the passenger side of the cruiser and the other closed the door. The second officer dragged his foot through the pooling liquid, wiping some of it from the white-painted asphalt. During the standoff, WPVI-TV shared live updates to Twitter. At 8:14 PM local time, the outlet reported that six officers had been wounded. An appended news article reported that in addition to the six wounded officers, others had been injured in the response to the shooting. Video on that page did have audio. In one clip at the top of the page on August 15 2019, different bits of footage captured throughout the standoff appeared. In that clip, a brief portion of the “crosswalk” video was included, with narration different from the longer, live version. At the 4:15 mark, an anchor describes the two officers running to the cruiser, noting that one of the two had blood on his arm: The scene with the bottle was not included, but the anchor noted the presence of blood on an officer’s arm as he approached the cruiser — not after the bottle was retrieved. The anchor stated the officer had blood visible on his arm and leg, and he was running to (not from) the cruiser. Another of the page’s multiple videos was two minutes and 10 seconds long, and the officer in the “crosswalk” video is seen approaching the cruiser 41 seconds into the video. In that clip, the higher resolution enabled viewers to clearly see his forearm is covered in blood as he runs to the car, while he is on the sidewalk, and as he opens the cruiser door. The scene with the bottle is not included, and we did not see the footage of any of the other videos on the page. Multiple iterations of the same video shared to social media claimed that police officers sprayed fake blood in a news video broadcasted by WPVI-TV on August 14 2019 during a standoff in which nine officers were injured, six of whom were shot. However, the clip was presented without audio, likely to mask the clarifying comments of news anchors. In adjacent footage, the same officer is seen running to the police cruiser with blood already across his forearm. As for the liquid in the bottle, it is most likely a disinfecting solution such as Betadine (povidone-iodine, which can appear deep orange or red) or a treatment to hasten clotting pulled from what appears to be a belt trauma kit, hurriedly applied to an officer’s wounded arm while both men were standing behind a car door in order to protect themselves from bullets.
  10. Savoy, Both notes are bonified currency. To compare just think of our $100 notes in circulation. The blue ones have all kinds of security features and the green ones are just old school. They Both spend the same way.
  11. Iraq's 2019 budget busts IMF deal Zidane February 7, 2019 ARTICLE SUMMARY The Iraqi parliament randomly amended the government's 2019 draft budget to include provisions that increase spending, a move that contravenes an agreement with the International Monetary Fund and that has led to threats of court challenges. Iraqi President Barham Salih approved the controversial 2019 budget on Feb. 4. The budget passed the parliament Jan. 23 after long debates over allocations for the Kurdistan Region and southern provinces and amendments that ignored Iraq's obligations under an agreement with the International Monetary Fund (IMF) mandating austerity measures until 2021. The Iraqi parliament approved draft legislation for the 2019 budget amid objections from authorities in the southern provinces. At 133.1 trillion Iraqi dinars ($112.6 billion), the budget, if passed, would be the country's third largest, behind those for 2013 and 2014. With a 27.8% increase in spending, it would appear to blow up the IMF agreement. Compared to the 2018 budget, the current one estimates oil exports of 3.88 million barrels per day (bpd), a daily decrease of 8,000. It also assumes a $10 per barrel price increase, which based on the current market would be from $46 to $56. Budgeted oil revenue accounts for 88.8% of total revenues. Meanwhile tax revenues and fees are set at 6.8 trillion dinars ($5.7 billion), compared to last year's 9.2 trillion dinars ($7.7 billion). The decrease in taxes is evidence in and of itself of the government’s non-compliance with the IMF Stand-by Arrangement to reform the economy. The IMF-required reforms included raising personal and business taxes to increase state revenue and halting increases to the government payroll. Yet, the 2019 budget provides for a 24.7% increase in state employee salaries, for a total of 43.4 trillion dinars ($36.7 billion). In addition, the state's domestic and foreign debt will increase by 30.87%, to 10.7 trillion dinars ($9 billion). A source at the Ministry of Finance speaking on the condition of anonymity, told Al-Monitor, “The members of parliament did not discuss the budget bill with the Ministry of Finance.” They also did not consult with the Ministry of Planning and simply amended provisions at will. The source added, “The Iraqi government will file an appeal to the Supreme Court to reverse the amendments and articles added by the parliament.” In Iraq's budget process, the government prepares a draft budget and sends it to the parliament, which is allowed to offer amendments before approving it and sending it back to the government. If the government is unhappy with the legislative changes, it can approch the courts for resolution. The Kurdistan Regional Government (KRG) should be pleased with the proposed budget, which provides it benefits not allocated since 2013. Ahmad Hama, a Kurdish representative on the Parliamentary Finance Committee, told Al-Monitor, “The Kurds have a few comments on the 2019 budget, but it is fair to them since it guarantees the salaries of [KRG] employees, increases the region’s share [of expenditures] from 12.67% to 13.93% of the total budget and gives the region $2 billion in investment loans.” Hama also observed, “The 2019 budget resolves some issues ongoing with Baghdad over the years, announcing a fresh start for ties with Baghdad. One of those issues involves oil. “The Kurdistan Region produces 480,000 barrels of oil per day,” Hama remarked. “Baghdad’s share [from that] will be 250,000 barrels. Added to that, there are 150,000 barrels used within the region for daily consumption, so the region will benefit from exporting 80,000 barrels.” Kurdistan ships both its share of oil as well as Baghad's to market through a pipeline to Ceyhan, Turkey, and then disburses Baghdad its share of the revenue, as per prior agreement. The government allocated 1 trillion dinars ($846 million) for the petrodollar project allocating a percentage of oil revenues for oil-producing provinces suffering damage from the industry. The regions suffering the most from production and refining receive a higher share of the amount set aside. For example, Basra are to receive 69.2%, Kirkuk 6.3%, and Wasit 4% in the 2019 budget. The Kurdistan Region was excluded. Local authorities can use the money at their own discretion, such as to buy power, send residents abroad for medical treatment and provide other services. Southern province representatives were not pleased with the budget. They have criticized the draft budget because it does not allocate enough funding to complete stalled projects or quell popular dissatisfaction that eruped in protests last year over the lack of basic services, including potable water and electricity. Ahmad al-Salayti, speaker of the Basra governorate council told Al-Monitor, “The 2019 budget confiscated the rights of Basra governorate and gave it less than its constitutional right [to petrodollars]. This is particularly crucial since Iraq’s economy greatly relies on Basra.” Salayti stated, “The main problem is that the budget bill was not yet distributed to the members of parliament, and it was not published on the parliament’s website either [before the vote].” He added, “When we asked some members of parliament, they said that they did not know what they voted on and that the amendment and addition of articles to the 2019 budget was disorganized and random.” “This is the first time Iraq has witnessed such chaos in passing the budget, which demonstrates the parliament’s negligence toward the Iraqi people,” Salayti remarked. “Basra governorate will appeal to the Supreme Court regarding the budget [if passed], and it will approach the Iraqi courts.” The draft budget should be sent to parliament and approved before the start of the new year, but it is usually behind schedule, meaning the government conducts public finance without a budget plan. This unaccountability is a major source of corruption. Transparency International’s Corruption Perceptions Index for 2018 gave Iraq a score of 18 out of 100, with 1 being highly corrupt and 100 very clean. Last year, Iraq did not follow its budget to the letter, only implementing 80% of the budget at the most. Prime Minister Adel Abdul Mahdi has a background in economics and attained office based in part on an economic reform agenda. Yet, his government is repeating the mistakes of 2012 and 2013 by randomly increasing spending without investing in developing production sectors. Iraq is currently experiencing crises in health, agriculture, industry, education, and energy production. The rate of health expenditures under the current budget is only 2.4%, while agricultural allowances do not exceed 1% and education 3.6%. To be productive, the budget must be aligned with economic realities, not political goals. It appear that the budget crisis, which began in October, might last another three months as the government makes plans to appeal to the courts over parliament's random amendments and other changes to the draft budget. Found in:KRG, OIL, PARLIAMENT, CORRUPTION, BUDGET Salam Zidane is an Iraqi journalist specializing in economics. He has written for several local and international media sources such as Al-Jazeera and The New Arab. Read more: http://www.al-monitor.com/pulse/originals/2019/01/iraq-2019-budget-monetary-fund.html#ixzz5fShWYycV
  12. I'm sure we both have had our share of zero electricity in 100+ degree days waiting in line for whatever we need for the day. I truly hope you are doing well and getting the things that you need.
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