Treasury’s Yellen says Russia’s war has weakened its economy
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Started by metmike - Oct. 14, 2022, 8:37 p.m.

Treasury’s Yellen says Russia’s war has weakened its economy ‘for years to come’

https://www.cnbc.com/2022/10/13/treasurys-yellen-says-russias-war-has-weakened-its-economy-.html

  • Treasury Secretary Janet Yellen said Russia’s economy is projected to contract “this year and the next” due to historic sanctions.
  • Russia’s GDP is expected to contract by 6.2% this year and 4.1% in 2023.

The Russian military has had to rely on Iran and North Korea for military gear amid the sanctions, Yellen noted.

“Lost investment, including hundreds of private sector companies that have left the country and are unlikely to return, and constraints on Russia’s real economy will create a drag on Russia’s growth prospects for years to come,” she said in remarks released by the department.

Russia’s gross domestic product is expected to contract 6.2% this year and 4.1% in 2023, according to the Economist Intelligence Unit. The projections are “huge by both historical and international standards,” Agathe Demarais, the unit’s global forecasting director told CNBC in September.

The EIU also said a European boycott of Russian oil will further deplete the economy. The energy sector makes up about a third of the Russia’s GDP, including half of all fiscal revenues and 60% of exports, CNBC reported.

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More energy market propaganda!

Russia Confounds the West by Recapturing Its Oil Riches

Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude

https://www.wsj.com/articles/russia-confounds-the-west-by-recapturing-its-oil-riches-11661781928

Russia pumps almost as much oil into the global market as it did before its invasion of Ukraine. With oil prices up, Moscow is also making more money.

Demand from some of the world’s largest economies has given Russian President Vladimir Putin the upper hand in the energy battle that shadows the war in Ukraine, and has confounded the West’s bid to cripple Russia’s economy with sanctions.


Russian oil production falls less than 3% as sanctions have ‘limited’ effect

https://www.theguardian.com/world/2022/aug/11/russia-oil-production-sanctions-limited-effect-ukraine-war



Russia sees 38% rise in energy export earnings this year: Report

Russia is expected to pocket $337.5bn this year on energy exports alone, according to an economy ministry document seen by Reuters news agency.

https://www.aljazeera.com/economy/2022/8/17/russia-sees-38-rise-in-energy-export-earnings-this-year-reuters

Comments
By metmike - Oct. 14, 2022, 9:03 p.m.
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Breakingviews: Oil embargo will hurt Putin more than EU

https://www.reuters.com/breakingviews/oil-embargo-will-hurt-putin-more-than-eu-2022-05-31/


G-7 looks to recruit more countries on Russian oil cap before negotiating details, officials say

https://www.cnbc.com/2022/09/09/russian-oil-price-cap-g-7-tries-to-recruit-countries.html

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They've been wrong about the war, they've been REALLY wrong about every part of the energy markets. The West and NATO countries are suffering much more damage because of THEIR acts to try to stop Putin but they continue to blame Putin for all of the damage to us from what they caused with the confrontations and boycotts.

There is no actual plan or viable endpoint to the war or end to the damage that the rest of the world suffers while it continues.

And there is very little truth about anything that contradicts the West's very flawed tactics and self inflicted damage.

The West's losses are outweighing its gains in this war by a factor of 1,000 to 1.

In the event that this turns around and Russia starts losing badly, that's when Putin is most likely to use nuclear weapons.

What kind of strategy is this?

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Why The Russian Oil Price Cap Won’t Work

https://oilprice.com/Energy/Crude-Oil/Why-The-Russian-Oil-Price-Cap-Wont-Work.html



By metmike - Oct. 14, 2022, 9:16 p.m.
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OPEC to Cut Oil Production in Boost for Russia, Rebuke to Biden

https://www.voanews.com/a/opec-cuts-oil-production-in-boost-for-russia-rebuke-to-biden/6777459.html


Explainer: Why Russia stands to gain most from OPEC+ oil production cuts

https://www.reuters.com/business/energy/why-russia-stands-gain-most-opec-oil-production-cuts-2022-10-06/


Is OPEC ‘aligning with Russia’ after production cuts?

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output.

https://www.aljazeera.com/news/2022/10/7/is-opec-aligning-with-russia-after-production-cuts

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The west/NATO, even after this is  still trying to pretend that they are in control and will limit Russian oil sales and limit the price that Russia is allowed to sell oil at is laugh out loud propaganda.


By metmike - Oct. 14, 2022, 9:23 p.m.
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Saudis won’t delay slash in crude-oil production after Biden admin ‘midterm’ plea

https://nypost.com/2022/10/11/biden-admin-begged-saudis-to-push-oil-cut-until-after-midterms-report/

“Saudi Arabia’s collusion with Putin to fix prices will increase gas prices for Americans at a time when inflation is high,” Durbin said on Twitter. “The Senate must take action against price fixing by OPEC and pass this legislation.”


Dudes, they are rebelling against YOUR PLAN TO TRY TO FIX/LIMIT PRICES for oil sold to Putin.

It never had a chance to work and in fact, like many of the  other decisions involving energy production and prices has BACKFIRED again. 

But they won't learn anything here. Just more propaganda to fool people into believing that they're  the ones controlling the war, controlling the energy markets, saving the planet from a completely manufactured climate crisis and so on.

WOW!

By metmike - Oct. 14, 2022, 11:50 p.m.
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Wayne made a profound point when he started this thread:

                Energy assistance before election time                        

                20 responses |       

                Started by wglassfo - May 25, 2022, 12:14 p.m.            


                                        

Do you think the Biden administration will come up with a monetary assistance program to help those facing difficulty with high energy bills and income that is insufficient

As utility Co.'s lock in winter needs for customers, many houses will likely have heating bills 3x larger than last yr

Plus pump gas and you have a lot of unhappy voters

Will Dems do some thing to help with energy cost before election

If they do, will that buy enough votes

https://www.marketforum.com/forum/topic/84844/

                   


            

                                

By metmike - Oct. 15, 2022, 12:15 a.m.
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Biden wanted the Saudi's/OPEC to do him and his party a favor before the election and NOT cut oil prices. And the West/NATO have been insisting that OPEC increase production to help with a tight market and drive down prices.


These are the exact same sources that have been saying for several years that we must eliminate all fossil fuels, especially oil. And while trying do it, they are vilifying oil producers with false narratives, claiming that they are destroying the planet with toxic , CO2 pollution (that's actually a beneficial gas, greening up the planet).

In the US, Biden and the democrats are the party pushing this junk science and impossible energy schemes to obliterate the future of what OPEC sells.

Bankrupt OPEC countries for a fraudulent scheme. 


And he expects them to help out the party and people that are trying to obliterate the livelyhoods of OPEC countries and their main source of revenue?

Why would OPEC want to  help them to  destroy OPEC?

OPEC wants Biden and company the heck out of office!


Yes, Biden Is To Blame For The Energy Crisis. Here’s Why.
https://www.maciverinstitute.com/2022/03/yes-biden-is-to-blame-for-the-energy-crisis-heres-why/

“Kiddo, I want you to just take a look,” Biden said to her as he (rather creepily) grabbed her hand and leaned into her. “I want you to look in my eyes. I guarantee you, I guarantee you we’re going to end fossil fuels.”

This promise formed a cornerstone of Biden’s primary campaign, and he repeated it often.

“What about, say, stopping fracking and stopping pipelines and…” a supporter in Iowa started to ask him a few days before the Iowa Caucuses.

“Yes, yes, no pipelines, exactly,” Biden jumped in before she could even finish her question.

Even as his primary win seemed inevitable in March 2020 and he no longer needed to court the far-left environmentalist vote, Biden was still promising to decimate America’s energy sector.

“No more subsidies for the fossil fuel industry, no more drilling on federal lands, no more drilling, including offshore, no ability for the industry to continue to drill,” he declared. “It ends.”

By metmike - Oct. 15, 2022, 1:58 a.m.
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The media and left may be able to trick tens of millions of Americans into forgetting that Biden said all those things,  had/has all those positions, took all the anti fossil fuel actions and what he stands for but OPEC knows dang well and won't be bamboozled by pleas and now threats. 

Or from being gullible and believing 1 word from oil energy fork tongue Biden. 

They know that the fake inflation act is actually the inflation causing act because it replaces cheap, reliable and dense fossil fuels that are greening up the planet with intermittent, diffuse and unreliable sources like wind, the energy source from environmental hell  that is wrecking the planet. 

Just The climate act renamed designed to obliterate the Middle East oil business.