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World Leaders Demand "Central Bank Of Oil"; IMF Warns Price Drop Is Permanent; OPEC Expects "Rebound To Normal Soon"
Because nothing says 'stability' like a Central Bank in charge of things, the smartest richest men in the world have proclaimed in Davos this week that "we need a central bank of oil, like the central bank in financial world." As long as they are not Swiss, of course. Oil has been volatile today amid these calls for stability after Saudi Aramco comments on cutting projects (supply) sent prices higher, and was then talked back by the CEO bringing prices lower. Oman - the largest non-OPEC Middle East oil producer - blasted that "we have created volatility," noting it was having a "really difficult time," and that's "bad for business," demanding OPEC slow production. But it was The IMF that sparked the greatest concerns as it warned oil producers to treat this oil price drop as permanent noting that they expect these economies to lose $300 billion. only to be contradicted by OPEC's al-Badri who noted "oil prices will rebound back to normal soon."
The rally this morning began with Saudi Aramco comments:
- *ARAMCO MAY SLOW DOWN SOME PROJECTS TO KEEP FINANCES ROBUST: CEO
So less supply - buy... But then..
- *SAUDI ARAMCO COMMITTED AS EVER TO LONG-TERM OIL STRATEGY: CEO
- *SAUDI ARABIA TO MAINTAIN CURRENT CRUDE-OUTPUT CAPACITY: ARAMCO
So back to square one.
Then Davos pipes in... demanding a central bank's stability in the oil markets...
We need a central bank of oil, like the central bank in financial world - Claudio Descalzi, Eni #futureinvest #wef15 http://t.co/chhRWYvemc
— World Economic Forum (@Davos) January 21, 2015
And then Oman exclaimed...As Bloomberg reports,
Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling.
Oman is having a “really difficult time” because of low oil prices, Oman’s Oil Minister Mohammed Al-Rumhy said at a conference in Kuwait City.
“I really fail to understand how market share became more important than revenue,” Al-Rumhy said. “We have created volatility, and volatility is one of those words that’s bad for business.”
The 2015 budget of Oman, where oil and natural gas account for 79 percent of government revenue, is based on an average crude price of $85 a barrel, Finance Minister Darwish Al Balushi said in November.
Followed by The IMF's warnings...
- Lower oil price will take $300 billion from economies in the Middle East and Central Asia this year - IMF
- OIL EXPORTERS SHOULD TREAT PRICE DROP AS LARGELY PERMANENT: IMF
And Then the ECB news hit...
- ECB SAID TO PROPOSE QE OF 50 BILLION EUROS A MONTH THROUGH 2016
And then OPEC's Al-Badri chimed in... from Davos
OPEC Secretary-General Abdullah al-Badri said oil prices would soon recover after falling more than 50 percent since June.
"The price will rebound and we will go back to normal very soon," said Al-Badri, addressing the World Economic Forum in Davos, Switzerland.
* * *
"Stability"
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The central banks need to check to see if any ex-N.E. Pats are working for them.
NFL finds Patriots used underinflated footballs
Or maybe the inflation policy is just fine.. there is just a little dis-inflation happening.
Can anybody explain to me what a "central bank of oil" even means? If so, you're smarter than me.
This is CODE for something else. NWO? Cementing Dollar hegemony? Breaking dollar hegemony? I get that this means "bankers want their skim on oil directly now". Believe me, I get it. But what form would that even take? What would it look like?
I'm just a bundle of questions today, I guess.
Its just a code for more control. NWO lingo.
Saudi Arabia IS the central bank of oil. It is protected by the world's largest military, just like Ft. Knox (when it mattered). Saudi Arabia is the largest issuer of the world's reserver currency, oil. I am amazed that this is not already understood. It controls supply, and economic conditions are affected greatly by this.
Why does anyone think the US .mil built the largest base in the world in Iraq? To be close enough to guard the bank.
paper oil. What could possibly go wrong?
Oh yes, give the same cabal of criminals a central bank of oil. I'm sure we can trust them to distribute it evenly.
All your oil are belong to us.
LOW PRICES ARE BAD...INFLATED PRICES ARE GOOD!!!!
Unaffordable prices = government dependence = VERY GOOD!!!!
My guess (on the meaning of Central Bank of Oil):
It would require some storage of oil, and then would have the power to set prices. If some country tried to go rogue on pricing, they would catch whatever form of hell possible from the establishment.
Obviously, the concept is basically moronic because any "good" Central Bank can print money, that is, create it out of thin air. Oil cannot be created out of thin air, so the central bank analogy is ultimately false and just used as propaganda.
So what is the real purpose? Simple. Centralized control as usual. This is a NWO move plain and simple.
Now ask the next question. What other recent move was enormously disruptive to global markets? Answer: the de-peg by the SNB. So by logical extension, the argument for a central bank of oil (GCBO) is an argument for ONE central bank of money. Which, of course, requires one world currency.
Are we decoded?
"We need a central bank of gold, like the central bank in financial world"
hogwash
what a stupid idea
hugs,
john maynard
Go ahead, might as well say it:
"It's the new normal".
Mayb they actually can print oil;-}
My oh my, this volatility sure is skeery! I wish there was a gov agency to protect me and make me safe from changing gas prices.
I know, let's have the gov buy all the oil and gas as a middle man -- doling it out to whom ever they decide needs it most. Then they could set the price and add more taxes for that service, of course.
Exactly, the key word here is Central, which by the way is not the same thing as global. We’ve had global markets in oil for 50 years.
They never miss an opportunity to consolidate control in the name of safety, freedom, the economy, the children, whatever excuse they can sell to the sheeple most easily. That’s the bankster way, even when it has nothing to do with banking.
Euphamism for US empire controlling the worlds oil.
And thus the Reserve Currency that's linked to it. Duh!
Of course... don't be surprised if this were to come about, and then suddenly the SDR raises it's ugly head.
I just love all this talk of the "SDR" Another FIAT Currency controlled by the Cabal
they want to create an oil-FED, all oil companies must make a fusion...
Means world oil prices controlled by a secret group of oligarchs.
Can't have brown people getting in the way of their fractional reserve banking gig can they?
I nominate Sir Evelyn de Rothschild to run it. They're good with money right?
Just like Central Banks needed marriage to government (legal tender and tax paid in legal tender) for their banking to work, Central banks need to be married to oil production so as to balance the credit supply versus the oil supply.
(Ex. During times of credit implosion like now, oil supply is held back to keep things in balance, just as govermernment can increase taxes to let pressure out of a credit bubble)
pods
That was my first thought, pods. But we don't control the oil. And the whole Rothschilds/NWO thing just don't play anywhere near as good outside the western world as it does inside it. If we could have signed a few treaties, made some banking alliances, instituted a daily "London Oil Fix" group of Illuminati..... I mean, don't you think we would have done it DECADES AGO?
"We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order."
- David Rockefeller
"We are not going to achieve a new world order without paying for it in blood as well as in words and money." Arthur Schlesinger, Jr., in Foreign Affairs (July/August 1995)
It seems to me like it's setting up to be a 1984 world were we are always at war with Eurasia.
All we need is the right major crisis...
Methinks they got themselves a wrong major crisis.
The jury is still out.
Well we have influence with Saudi's, and at this point who knows if the Rothschild's are power players anymore anyways.
I think that a loose alliance was there due to the USD being used for oil trade. But all hell broke loose due to QE and dollars flying all around the world. Then, as coincidence, oil dropped like a stone shortly after QE stops.
Probably more to do with simple math than any illuminati is my guess.
But they might be making a play on the US due to the problem of oil being priced and traded for in dollars, when we printed up a gabillion of them. Everyone suffered but the US, and maybe this move would castrate the US?
Lots of interesting angles to ferret out with this one for sure.
Short lesson is that printing currency and buying bonds fucks up everything.
pods
I guess I stirred the pot here with my question. Lot of good guesses, maybe some bad ones. I dunno.
One thing I'll lay real cash money on is that "Central bank of oil" idea is not going away any time soon. Not the last time we'll hear about that.
Prepare to hear about pricing being depended on how 'rich' a nation is.
'Energy Fairness' = charging 'wealthy' societies more for oil than 'developing' societies.
Another gouging of the middle classes of the 'developed nations' in the name of 'challenging Climate Change' along with the Carbon Credits, VAT, etc...
If the petrodollar breaks then the emporor has no clothes........you protect that belief by making sure any naysayers pay the price for trying.
"Means world oil prices controlled by a secret group of oligarchs." -- pods
I respectfully request that I be considered for a seat on that Board. I'm thinking, while 'saving the world', a guy could probably make a buck or two.
You'll have strong competition from Biden's kid and probably Hilary's as well. But hey, go for it.
for all practical purposes we've had a central bank of oil ever since nixon took us off the gold standard.
that's why the called it the petro dollar.
Like I said before, the fed will be monetizing shale debt making them owners of oil fields in exchange for paper promises. It will diversify their assets when the dollar is added to the SDR world reserve currency.
SDR world reserve currency? as long as the US Congress is still blocking any IMF reform?
I have trouble imagining the other G20 nations agreeing to an SDR world reserve currency scheme without IMF reforms. for all purposes, it would be something like USD "light", and still quite under the control of the US Treasury/FED. as a reminder, China and Russia want a rebalancing of the shares, and all IMF partners minus the US want an increase of the IMF capital stock
If someone can imagine such a scenario, please explain how
TSHTF. Crisis necessitates compromise (its cheaper to buy an existing reserve currency than to build one from scratch, unless they manage to postpone the inevitable another decade or so and the BRICS have actually had a chance to build a functioning alternative) and the compromise will be that the US is forced to give up its IMF veto and chunk of its quota.
Perhaps, but you can bet your sweet ass that DEBTS and TRADE DEFICITS will sure as fuck matter.
The monetary system has been disconnected from reality to benefit a chosen few, everyone sees this but countries that actually produce shit of real value are fucking over it motherfucker. it's the global picture that matters, so, you have approimately 350 million Americans (out of 7+ billion), the question is, how many of them are actually laboring to provide something of real fucking value.
Seems to me that the fuckers on Wall Street and the finacnial sector really need to re-assess their own value and compensation, just as urgently as all the fucking SNAP babies.
Even more incoherent than usual. Sad. Cut the pills in half before it's too late.
The USD is already in the SDR Doc.
Plan B seems to be to take it out, as the congresscritters will not accept
reform of the voting structure.
Which means WOAR.
I thought we had a central bank for oil - the US Fed and the petrodollar system.
If anything, this seems to be a call from other nations for replacing it.
Well, in the petro dollar world, the US exported dollars and countries exported oil. The Fed is at the center of that web.
It might mean that if oil is low and staying low, this system might start to have trouble - thus the need for a new "central bank of oil". Wouldn't the world love a bank that issued a currency backed by oil instead of promises (asset backed currency)? Since everyone actually needs oil, this would allow oil producing countries to manage their finances more ... creatively. Ownership might be based on production shares rather than stock shares.
Regardless, I don't think it could be good for the petro-dollar. I doubt the control freaks in Washington would go along with anything that doesn't put them at the center of the solar system.
Or they could just be asshats who read ZH and are getting blow jobs from 10k/night hookers, snorting coke, drinking bollingers, and laughing their asses off watching us conspiracy theorize here on ZH ...
I always wonder what the big fish use for handles on ZH ... you KNOW these guys have an account here so they can shake the ant farm every once and a while!
Your pick.
Regards,
Cooter
Code for "all your oil are belong to us." Of course stability would come by way of dismantling of the US-led worldwide E&P efforts home an broad, so we'd be completely dependent on NOCs controlled by communists and AQ-sympathizing despots; oh, and the total annihilation of Israel.
My .02, since the other person who proffers a similar perspective doesn't appear to be here today (from the wayyyyyy back ZH comment machine in 2011)
If their interests diverge and it comes comes down to roughnecks vs bankers- my money is on the oilmen, and they would be one of the few groups with the clout and strength to depose the bankers, but it wouldn't be pretty and the politics would make for some very queer bedfellows in the public arena.
I was thinking along similar lines. NWO cut-out the middlemen and bring everything in-house. Under BIS, they have their own World Bank Group, IMF, UN Military Police force, UNICEF, WWF for nature, World Trade Organisation, Organisation for Economic Development and Co-operation, International Criminal Court, International Seabed Authority...
Are all those Banks and Central Banks required?
How about one International Energy Council to cover the lot?
At this rate the NWO will only have themslves to fall-out with. Looks like they are using population control on themselves.
Time for some reverse psychology.
Goldsack would love to play pump and dump with oil too but the US has told them hands off, our agenda says this puppy will be in freefall until the eagle has landed (ie your petrodollar hegemony).
The World needs another Central Planning Organization like the World needs another Tiajuana Bordello full of little itty bitty bugs.
This time it will be different. No chance a Central Bank of Oil could be corrupt
Regarding the NFL football low pressure, consider that all of the footballs may have had regulation pressure at the start of the game. Then, when the opposing team was on offense attempts may have been made to get a fully inflated ball into play, which would be more slippery and hard to both catch and throw. Then, when the Patriots were on offense, attempts may have been made to get a lower inflated football into the game. One ball cleaner with a "pin" could have selectively tried to give the Patriots more riding time on offense with lower inflated balls, then their opponents, and that would lead to unfair advantage. At the beginning of the game, maybe just a few balls were affected, but by the end of the game, as swap outs occurred where the Patriots would be on offense, more of underinflated balls could have been introduced. Even punting could be affected, as balls that are harder will punt farther than balls that are underinflated.
Weren't the Patriots accused years ago of having lip readers to steal plays?
They should move to Washington DC with this track record.
pods
@BuddyEffed ~ It's clear that you know nothing about football. Before each game, each team gives a number of balls to the officiating crew for approval. During the game, each team uses the balls that were approved on [it's own] offensive series. While this doesn't negate the possibility that balls may have been deflated after opening kickoff, what's important is that each team only uses IT'S OWN balls on offense, period. If balls have to be shuffled in for plays, they come from the side that possesses the ball.
This isn't a new issue. There has been lobbying in the past by players such as Peyton Manning, to allow for flexibility in the degree of how much [or little] inflation a 'game ball' might have. QB's with smaller hands, or weaker grip pressures tend to like more deflated balls. QB's with strong, or large hands tend to prefer more inflated balls.
Many of the 'selected' balls for a game are well worn [as in, a ball that a QB has used in practice for many weeks]... There is only one 'universal ball' that is used in a game [which is one that is used for kicking & special teams plays].
This is a nothingburger.
PS ~ Certain teams 'hate' when their players toss balls into the stands after touchdowns. Cam Newton ALWAYS gives a game ball to a Panther wearing fan in the stands after a TD. So Carolina starts to get f###ed if he happens to score many TD's. Russell Wilson has very large hands and likes inflated footballs. Aaron Rodgers too. After the Jermaine Kearse TD catch in overtime to win the NFC Championship, Kearse tossed the ball into the stands [where the person who caught the ball just turned down $20,000 for it]. There were no inflation issues with that one because Russell Wilson doesn't care.
Perhaps Tom Brady has smaller hands [despite being 6'5"]. Small hands usually mean smaller dicks [or so the legend has it]. Maybe Giselle should have hooked up with Russell W. instead.
You suck plenty of dicks so you should know about hand size. Oh sorry, I forgot you only suck goat dicks.
PS - who gives a shit about football?
Regarding NFL games:
In a short time the games will be spectated by only those sheep with the highest security clearances. The stadiums will be max security.
The games will be shown in camp to remind the bad sheep where free thinking will get you.
(HINT: this is not a football discussion site)
^^^ Chimes in to lecture everyone that "this is not a football discussion site", while starting his comment with "Regarding NFL games:"
ALL TIME CLASSIC!
Wordsworth, please board the blue shuttled labeled "D" for your transport to camp
Oil prices back to normal. What is normal? How far back in time do we go to discover normal?
Yes whipsaws, wipe them all out.
A clusterfuck. I am Jack's lack of surprise.
Central bank of oil would be great. Then maybe they can create more out of nothing.
Paper burns too, I just wouldn't want to go back to a steam powered car unless I could use Al Gore as my source.
we need a Central Bank Of Bovine Methane Emissions.
Oh wait ... we already have the IMF.
Why does this nonsense about the oil price drop being permanent keep getting thrown around? It's all a load of garbage. This is an unmistakable signal of global deflation, so in that sense, it's a real price move (probably the first one we've seen in a while). However, it cannot be "permanent". There are just too many people demanding energy in their daily lives for it to be permanent. In fact with all the turmoil going on in the oil-exporting countries of the world, it's likely to snap back even higher than $100 a barrel at some point in the next few years.
You're assuming that everyone that demands oil can fund it. Developed world oil consumption is pretty flat and emerging market growth has been fed by unsustainable credit expansion. The system is such a fucking mess no body could predict where demand should be.
While we have high-cost production being mothballed, we also have people stockpiling, national Strategic Petroleum Reserves all up. Eventually they'll reach capacity and another buyer will leave the market.
Yes, America's consumption alone is "flat" at 17-18 million barrels per day.
2000 3100774
2001 3142660
2002 3229459
2003 3261237
2004 3332579
2005 3343131
2006 3377174
2007 3389269
2008 3290057
2009 3283730
2010 3282319
2011 3194754
2012 3177687
2013 3227689
Source EIA: http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mgfupus1&f=a
Looking at the link, it's been flat in the US since 1998. However, that gasoline supplied indicates a much smaller per-day consumption.
Just taking 2013... 3,227,689,000 and dividing by twelve gives us 269,057,416 barrels per month, and about 8,383,607 barrels a day. Which given that the SPRI has 691 million in it, we've got roughly 82 days if the U.S. ever decided to go "off grid" from the global economy.
Yes, still plenty of demand! Exactly my point. Moreover, do you think that gasoline and transportation fuels are the only thing we use oil for? LOL!! good luck with that.
I'm sure lots of US consumption is for the manufacture of goods and chemicals(!)
Aren't you going to "peak oil" us?
Winston, Im just pointing out the west has plateauing oil consumption. We have relatively low population growth, which is being offset by increased efficiencies in the engines that burn them. The A380 uses 25% less fuel than the A350. The BMW 3 series built in 1998 got 35mpg, the diesel sold today will give you 61mpg.
In emerging markets, South America is falling to pieces and in Asia, China is rapidly running out of steam with a government even more dishonest than the US and Europe.
Peak oil is a production concept, I'm talking about consumption.
Yes, and consumption is still very significant, exactly my point. Moreover, the oil hasn't gotten any easier to get in terms of energy (calories) invested. By the way, we had diesel engines in the 70's that got better than 50 MPG.
So fucking what?
China is not running out of steam. They are prudently controlling their growth at a reasonable rate. They are trying to avoid bubbles, while the west is creating them.
Yeah but the entire developed world's growth over the last 40 years or so has been fueled by credit expansion. Not like the US made it this far by hard work.
I wholly agree this is one gigantic clusterfuck or epic proportions. Like what would the developed cost be for shale if interest rates were somewhere where the market would put them?
The whole world is trying to fix a fucked up Etch-a-Sketch by wildy twisting the knobs in hopes of fixing what they fucked up already.
Time to shake it.
pods
Far east Asians work hard, no shit, but they're building ghost cities and cheap crap that American and Europeans buy on their credit cards. The influx of 2bn workers to the capitalist economy masked the credit creation that normally would have been exposed by inflation and given rise to an interest rate hike.
You make a good point. Perhaps what we're seeing is the removal of the direct impact on the cheap-credit-expansion on EM fuel consumption. In fact the real move down in oil price coincides with the tapering and ending of US QE... so perhaps that's it. All we're seeing is the first step in energy consumption drop from the removal of cheap money.
Bingo. For all the "deflation talk", America alone is still consuming damn near 18 million barrels per day. Any "glut" will find a buyer pretty quickly.
"18 million barrels per day"
You pull that out of your ass???
Link?
Here's a link from EIA.
http://www.eia.gov/tools/faqs/faq.cfm?id=33&t=6
In 2013, the United States consumed a total of 6.89 billion barrels of petroleum products, an average of 18.89 million barrels per day.1 This total includes about 0.32 billion barrels of biofuels.
1 Petroleum supplied approximately represents consumption of petroleum products. It measures the disappearance of these products from primary sources, for example, refineries, natural gas processing plants, blending plants, pipelines, and bulk terminals.
Last updated: May 13, 2014
Only if his ass happens to be located on the EIA website:
"In 2013, the United States consumed a total of 6.89 billion barrels of petroleum products, an average of 18.89 million barrels per day.1 This total includes about 0.32 billion barrels of biofuels."
link:
http://www.eia.gov/tools/faqs/faq.cfm?id=33&t=6
Pretty much another fucking moron, thanks for self identifying, it is appreciated.
Since your logic contradicts itself, thank YOU for self identifying -- although many of your previous comments already qualified you.
Saying demand is stable at 17-18 million is inconsistent with saying a glut will find buyers quickly. We will have to see if the supply goes into formerly priced out uses, or just goes into storage. It cannot be assumed.
Yeah, we should make oil prices as stable as Zimbabwe's currency. Fucking retards.
Idiot communists are everywhere.
Idiot commenters are everywhere.
Yes, you, if you think we need bankers setting oil prices and oil supply quotas in Soviet style, or that Communism is a remotely successful system. I read the communist Manifesto the other day again. I laughed at how moronic it was. Marx literally knew nothing about economics. NOTHING. But the economicly ignorant cult he was creating did announce in its manifesto that woman should be communal property. So it wasn't all bad, if you are looking for a cult to join.
Who to believe....who to believe??
Trust whatever Obama says.
In the long term, the marginal revenue from oil extraction will have to be greater than the marginal cost. Too bad, in twenty years, it will mean only a trickle of production.
The ECB has launched a QE programme smaller than the Bank of Englands, for an economy nearly 6x bigger. What is the fucking point?
There is literally nothing of any great value for the ECB to buy. Are they willing to put the virtual bankrupt sovereign debt (you name them) on their books? I don't think so ...
Yes, that is EXACTLY what they will do... indirectly. Their QE will be to member CBs who will use it to buy the local sov debt and zombie bank debt.
duplicate
Yeah, just what we need more central planning to make manipulation that much easier.
Not only manipulate the oil markets, but continue to help stymie developments in alternative energy.
opec members are blaming each other instead of the maggot speculators. how funny.
Will the OCB (Oil Central Bank) have a special printer that prints oil?
If you can print gold, why not oil?
Why not set up the Central Bank of Manipulation of Everything. Bernanke is available.
Now, these fuckers want to connect global monetary policy to reality? Interesting, I wonder why?
Permanent oil prices? Who writes this shit? Oil will skyrocket right after Obama starts the next big war. I'm getting in soon.
Perhaps as soon as winter no longer nips at Europes toes and Vlad won't be able to freeze them into submission. Russia certainly cannot afford to do so in the present price climate.
All the so-called "brains" at Davos couldn't fill a thimble!
Won't it be interesting when those tankers being filled to capacity sitting "idle" in some remote harbor(s) around the globe start spontaneously blowing up because "security" wasn't tight enough?... Sounds like a job for ISIS/ISIL!
Still think shutting down the internet and blaming it on someone else is a great idea for spot #1...
But if you had to pick #2 this would be a great excuse for starting a war as well!
very dark /sarc
From the warped brain of John McCain!...
He only wishes he had the thought processes to come up with an ide like this one...
Just think of the possibilities and the insurance if any vessels were to get damaged???...
Got Larry Silverstein thumb prints all over it!!!
So when 90% of all shale oil is not profitable prices will go lower? These are the smartest people in the world? The only way oil stays down forever is if half the worlds population takes a dirt nap.
Shale may have only been viable due to a commodity/oil price spike caused by QE. It may never have been justified on demand grounds, merely the traded price of oil crossed the break even point on a oil majors spreadsheet, while a Wall Street/City flush with liquidity chased the growth in price... until it didn't.
...or if somone has invented/found a different/new source of energy?
Sure, it makes perfect sense if you're part of the ruling elite; no need for a "market", let us smooth out the supply and demand for oil. After all, look what a good job we have done with money!. Total clusterfuck.
www.traderzoo.mobi
That's a relief. I thought that perhaps the low oil price was quasi-permanent.
But the IMF has an extremely strong track record of being totally wrong when it makes forecasts, so it is probably wrong in this case too.
Note that during the "seven sisters era" (let's say up to 1950 1960) the Texas Railroad commisssion was in effect the body acting as price regulator by delivering production rights (in the US or even only Texas, but then top producer by far) :
http://en.wikipedia.org/wiki/Railroad_Commission_of_Texas
"Established by the Texas Legislature in 1891, it is the state's oldest regulatory agency and began as part of the Efficiency Movement of the Progressive Era. From the 1930s to the 1960s it largely set world oil prices, but was displaced by OPEC (Organization of Petroleum Exporting Countries) after 1973."
And in fact OPEC principles were also partly defined from the RRC ones.
But whatever the regulation, the fact is that we are now in the "peak oil era", and that volatility (though high price destroying demand, low price destoying supply) has been seen as the result by quite a few people for quite some time already, as in :
http://www.manicore.com/documentation/petrole/prix_futur_graph3.jpg
From below page :
http://www.manicore.com/documentation/petrole/prix_futur.html
I hate to go all simplification here but I am thinking that poor people can't afford fuel at any price, middle class people make choices to use less so that they can spend on other things, there are only so many rich people, and then there is all this green initiative stuff going on. I am thinking the demand side is on a down slope whilst the supply side is at best level and may be increasing.
Come on children, low demand and high supply does what to pricing?
"I hate to go all simplification here" > and stop. "but I am thinking" > hit reverse.
Oil is more complex than supply and demand.
Lower oil price will take $300 billion from economies in the Middle East and Central Asia this year - IMF
And government's of the West are seeking to add taxes to transfer that $300B from their citizens to their coffers.
Taking a look at WTI oil monthly shows how unnormal prices have gotten over the last 10 years.
http://bullandbearmash.com/chart/wti-oil-monthly-continues-tanking-forec...
This article is just another fine example of big fat goobament trying to control the lives of individuals by engineering endless inflation - debt enslavement.
The once popular morphodite Bono, attended Davos a few years ago and solved many of the World's problems then. Where is he now when he is really needed?
Probably letting Angelina Jolie or William & Kate take over
They mean a New OPEC with compulsory membership and complete control over oil production.
It is BS. The only way to get oil prices up is to increase Demand which is down at the inelastic part of the Demand Curve where price cuts simply reduce revenue.
Pretty stunning reversal by al-Badri who was slamming oil prices just last week.
What we need is de-centralization,sound money,limited government,and free enterprise. Oh and bankrupt entities need to be treated as such. The transition might be painful,but I think our future would be a lot brighter. Ponder that Davos douchebags.
That comment about starting a International Oil Committee scared the shit outta that towel-headed dude. The towel-headed dude figured he better up the profit dial on his and his brothers' oil so they can reap as much as possible in what short window of time they have left at the helm of the biggest cash cow in the history of mankind.
Now we definitely know who's whos bitch.
My initial suggestion.
Central bank of Oil = OPEC expanded
But you couldn't call it OPEC as this has been denounced in the West as a cartel.
If you call it the "Central bank of Oil" it can still be cartel but you can pretend that it isn't.
Oil is far too important to leave at the the mercy of the numpties of Wall Street.
The key word here is Central, which by the way is not the same thing as global. We’ve had global markets in oil for 50 years.
They never miss an opportunity to consolidate control and power under the oligarchs in the name of safety, freedom, the economy, the children, whatever excuse they can sell to the sheeple most easily. That’s the bankster way, even when it has nothing to do with banking.
Permanently, and yes this time its different.
Markets smooth prices, not make them more volatile. If you see prices plunging and skyrocketing you better believe there's a government printing money or regulating something to death.
Low oil prices forever, because as we all know the middle east is a very stable place, there could never ever be a major war over there. People that say permanently are the same people, that when in an argument with their significant other probably use words like Always and Never.
There is no Central bank of Onions. There is no future's market in onions. We have plenty of onions at fair prices.
Hang these rats.
So many dumb ideas floated by so many banksters....
Oil will rebound very soon...wrong
This is the new normal price for oil...wrong
QE will help Euro-weenies....wrong again
Oh geez, now I get it. How was I so blind?
Oil czar time.
If oil went back to normal prices, that means $20 a barrel based on historical prices.
Sorry if I say too fucking bad if you based your budget on $85 a barrel oil. What is the average cost to pull oil out of the ground in the middle east $9?
This entire news series needs a good kick in the balls. It sounds like a rambling idiots spouting lunacy. For everyone's benefit, someone just needs to stop it all.
We've already tried putting Government in charge of oil production - its called "Venezuela" -
Fiat Currency is the biggest Con of all time!
And the SDR will be the Fiat that allothers will be pegged too. The largest Fiat Con of all!
Wait a minute, I thought OPEC was the "central bank" of oil
We don't need banks or Central Banks.
We can create our own currency.
https://s3.amazonaws.com/khudes/Twitter1.21.15.pdf
https://s3.amazonaws.com/khudes/BILATERAL.pdf
https://s3.amazonaws.com/khudes/breakthrough.pdf
https://s3.amazonaws.com/khudes/mboard3.pdf
http://professorfekete.com/articles/AEFMonEcon101Lecture2.pdf