Tuesday, August 30, 2022

Tweets On The Russia - Ukraine War

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Tweets Of The Day

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Iran Says It Is Ready To Quickly Release 93 Million Barrels Of Oil Into The Market If A Nuclear Deal With The U.S. Is Finalized

OilPrice.com: Iran Is Ready To Release Millions Of Barrels Of Oil Into The Market 

Iran has considerable volumes of oil in floating storage that it could quickly release should a deal with the United States be finalized. 

In an update earlier this month, OilX claimed that Iran has some 40 million barrels, the bulk of which is probably condensate. 

Vortexa estimates Iranian crude in floating storage at 60 to 70 million barrels while Kpler has estimated them at 93 million barrels, Bloomberg reported on Sunday.  

Read more ....  

Update #1: Iran ready to send 93m barrels of oil into market post sanctions: report -- Tehran Times 

Update #2: Iran May Drain Offshore Oil Cache If Nuclear Deal Reached -- Bloomberg  

WNU Editor: A massive release of this oil onto world markets will result in a major decrease in oil prices for the short term. 

So why the offer now?

 I see this as an attempt by Iran to push the Biden administration to agree to Tehran's terms to reach a deal, and in return Iran will release this oil just weeks ahead of the US midterm elections.

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Iraqi Cleric Sadr Calls On Followers To End Their Protests And To Withdraw

 

Middle East Eye: Iraq: Sadr followers end protests after cleric calls on them to withdraw  

Military ends nationwide curfew after influential cleric entreats supporters to retreat from Baghdad's Green Zone and apologises for violence 

Supporters of Muqtada al-Sadr, carrying guns and driving tuk-tuk vehicles, have begun withdrawing from Baghdad's Green Zone after the influential Shia cleric called on Tuesday for them to end their actions. 

Following the move, the Iraqi military's Joint Operations Command said it had been decided to lift the nationwide curfew in the capital Baghdad and other provinces, following two days of violence. 

During a news conference in Najaf, Sadr ordered his followers to end their protests, sparked by his withdrawal from politics on Monday, and apologised to Iraqis after 28 people were killed in clashes.  

Read more .... 

Iraqi Cleric Sadr Calls On Followers To End Their Protests And To Withdraw  

Iraqis heed cleric’s plea to leave streets after clashes -- AP  

Iraqi cleric Sadr calls off protests after worst Baghdad violence in years -- Reuters  

Iraq: Tense calm in Baghdad after cleric issues appeal -- BBC  

Powerful Iraqi cleric tells supporters to stand down after day of deadly violence in Baghdad -- CNN

Iraq’s Sadr orders followers to end protests after violence -- Al Jazeera  

Baghdad, Iraq violence leaves at least 30 dead, cleric tells protesters to withdraw -- FOX News  

EXPLAINER: What spurred the bloody armed clashes in Baghdad? -- AP

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Is The U.S. Economy Facing A 'Whopper' Of A Recession In 2023?

 

CNBC: Worst is yet to come: Economist Stephen Roach says U.S. needs ‘miracle’ to avoid recession 

Negative economic growth in the year’s first half may be a foreshock to a much deeper downturn that could last into 2024. 

Stephen Roach, who served as chair of Morgan Stanley Asia, warns the U.S. needs a “miracle” to avoid a recession. 

“We’ll definitely have a recession as the lagged impacts of this major monetary tightening start to kick in,” Roach told CNBC’s “Fast Money” on Monday. “They haven’t kicked in at all right now.”  

Read more ....  

Update: Johns Hopkins economist predicts ‘whopper’ of a recession in 2023 — and points to one key economic reading the Fed is missing (Fortune)  

WNU Editor: I have been a follower of John Hopkins economist Steve Hankey for years. I have found his predictions on interest rates to be always correct, and his "Hanke-Cofnas Gold Sentiment Score" is a must go place for those who like gold (link here). His twitter account is also a must follow (link here).

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The World’s Energy Problem Is Far Worse Than What We Are Being Told

World fossil fuel energy consumption per capita, based on data of BP’s 2022 Statistical Review of World Energy.  

OilPrice.com: The World’s Energy Problem Is Far Worse Than We’re Being Told 

* Citizens around the world can sense that something is very wrong, and it looks like the economy may be headed for a serious recession in the near term. 

* The operation of our economy requires energy of the correct type and the right quantity. 

* The International Energy Agency and politicians around the world have recommended a transition to the use of renewables to try to prevent climate change for quite a few years. 

No politician wants to tell us the real story of fossil fuel depletion. The real story is that we are already running short of oil, coal and natural gas because the direct and indirect costs of extraction are reaching a point where the selling price of food and other basic necessities needs to be unacceptably high to make the overall economic system work. At the same time, wind and solar and other “clean energy” sources are nowhere nearly able to substitute for the quantity of fossil fuels being lost.  

Read more ....  

WNU Editor: This is a good analysis on why high energy prices are going to be with us for a long time, and why renewal energy sources are not going to be the panacea that many say it will be.

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Solomon Islands Has Announced A Temporary Moratorium On All Foreign Naval Port Visits

 

USNI News: Solomon Islands Blocks All Naval Port Visits After U.S. Coast Guard Cutter Denied Entry 

Solomon Islands Prime Minister Sogavare has announced a temporary moratorium on visits by foreign naval vessels after turning away a U.S Coast Guard Cutter last week. 

Speaking at a ceremony welcoming hospital ship USNS Mercy (T-AH-19) to Honiara, Sogavare said that bureaucratic issues were behind the denial of diplomatic clearance to USCGC Oliver Henry (WPC-1140). 

“Unfortunately, by the time the approval was communicated on the evening of 20th August 2022, the Ship’s captain had decided to leave our waters.” Sogavare said in statement.  

Read more .... 

Solomon Islands Has Announced A Temporary Moratorium On All Foreign Naval Port Visits  

Solomon Islands to ban navy ships from ports until new process in place -- Reuters  

Solomon Islands to ban foreign navy ships following China pact -- DW  

Solomon Islands PM admits he has BANNED visits from US warships after the Pacific nation signed a 'security pact' with China -- Daily Mail  

Solomon Islands halts naval visits after US, UK ships denied entry -- BBC  

Solomons slap ‘moratorium’ on naval vessel visits; PM says USCG ship was OKd for entry, but… -- Breaking Defense  

Solomon Islands to ban all foreign navy ships from ports pending new approval process -- CNN  

Solomon Islands suspends all naval visits: US embassy -- Al Jazeera

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Gazprom Cuts French Natural Gas Supplies Over A Contract Dispute

Europe is already on notice that Gazprom will shut off the Nord Stream 1 gas pipeline to Germany from August 31 to September 2 for maintenance. (file photo)  

Politico: Gazprom cuts gas deliveries to France’s Engie 

The company did not specify the reason for the dispute, but did say it ‘had already secured the volumes necessary to meet its commitment towards its customers.’ 

French utility Engie announced that Russian energy giant Gazprom will reduce gas deliveries as of today over a contract disagreement. 

The company did not specify the reason for the dispute, but did say it “had already secured the volumes necessary to meet its commitment towards its customers and its own requirements,” adding that measures were in place to reduce the potential “financial and physical impacts” of the disruption.

Emmanuelle Wargon, the head of France's energy regulatory commission, said today that the agency is “not too worried” about the supply squeeze, saying French gas reserves are now 91 percent full and should be entirely filled by the end of September or the beginning of October.  

Read more .... 

WNU Editor: Energy prices are already sky-high in France. This interruption will only push prices higher.

Gazprom Cuts French Natural Gas Supplies Over A Contract Dispute  

Gazprom cuts gas supplies to France as winter energy crisis looms -- Reuters 

Russia's Gazprom Further Cuts Gas Deliveries To France -- AFP  

Gazprom To Further Reduce Gas Deliveries To France's Engie -- RFE  

Gazprom To Slash NatGas Deliveries To France's Top Utility As Squeeze Worsens -- Zero Hedge  

Russia's Gazprom is cutting gas supply to a top French utility after France's leader warns of rationing -- Market Insider  

Engie: Gazprom to Slash Gas Deliveries Over Contract Disagreements -- UK Investing

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Poll: 40% Of Americans Think Civil War Likely Within A Decade

The Guardian: More than 40% of Americans think civil war likely within a decade 

More than half of ‘strong Republicans’ think such a conflict is at least somewhat likely, poll finds 

More than two-fifths of Americans believe civil war is at least somewhat likely in the next 10 years, according to a new survey – a figure that increases to more than half among self-identified “strong Republicans”. 

Amid heated rhetoric from supporters of Donald Trump, the findings, in research by YouGov and the Economist, follow similar results in other polls. 

On Sunday night, the South Carolina senator Lindsey Graham predicted “riots in the streets” if Trump is indicted over his retention of classified documents after leaving the White House, materials recovered by the FBI at Trump’s home this month.  

Read more ....  

WNU Editor: This type of hateful rhetoric only inflames the situation .... President Biden Says MAGA Republicans Are 'Semi-Fascist'. 

The YouGov poll is here .... Two in five Americans say a civil war is at least somewhat likely in the next decade (YouGov America).

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Pentagon Raises Concerns That The Ukraine War Is Depleting U.S. Ammunition Stockpiles

Ukrainian service members fire a shell from a M777 Howitzer at a front line, as Russia's attack on Ukraine continues, in Kharkiv Region, Ukraine July 21, 2022. REUTERS/Gleb Garanich  

Business Insider: US has given so much weaponry to Ukraine that defense officials say one of its munitions stockpiles is getting 'uncomfortably low': report 

* Since Russia invaded Ukraine, the US has sent lots of weaponry to the eastern European nation. 

* Among those are M777 Howitzers and the 155mm ammunition for the weapons. 

* But this has depleted the US's own stockpiles of the munitions, The Wall Street Journal reported. 

The US has provided Ukraine with so much weaponry to fend off Russia's unprovoked invasion that Pentagon stockpiles for some munitions are "uncomfortably low," defense officials told The Wall Street Journal. 

Lower levels of 155mm ammunition, which can be fired from US-made M777 Howitzers, have some officials especially concerned, the Journal reported on Monday. 

An unnamed defense official told the Journal that the level of 155mm ammunition in US stockpiles hasn't reached critical levels, but it's "uncomfortably low" and "is not at the level we would like to go into combat."  

Read more ....  

Update: Pentagon Stockpiles "Uncomfortably Low" Amid Ukraine Transfers, Officials Admit (Zero Hedge)  

WNU Editor: I am sure these U.S. stockpiles are going to be quickly replenished. But the U.S. is not the only country facing shortages in arms .... Germany 'walking A Fine Line' In Supplying Arms To Ukraine Amid Own Deficit: FM Baerbock (Republic World).

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