EDITOR’S NOTE: If anyone doubts this war is less about Ukraine and more about destroying (or at least impoverishing) Europe, please read this front-page report from the Financial Times: “No More Gas For You!” screams the headline, referring to US oil industry reporting inability to supply Europe – at the same time as all European capitals, including Athens, are taking very tough measures to limit electricity consumption, even at the expense of people’s safety. At the same time, they organize “warming centers” for their citizens – unheard of!
Well, these citizens started reacting already against the globalists. The right-wing coalition won the Swedish elections in a big surprise, and the same will likely happen on Sept. 25 in Italy.
Unlike what you read in the corrupt mainstream media, the only ray of hope comes from Russia. Because Russian leadership understands the sick game of the globalists, they also know that the feelings of the European people against Russia do not match that of their leadership. Example: In Italy, the majority are for continuing normal relations with Russia; in Greece, Putin’s popularity is steadily over 70%, and the puppets of the globalists cannot believe their eyes every time they read the real polls (to which they have access).
The impoverishment of Europe is not in the interest of Russia, and this is one of the reasons they keep the supply lines open through other countries, for example, Turkey and China. China sells to Europe the excess oil it gets from Russia making easy money…
The Greek shipowners are also big winners as the freight cost for oil tankers, LNG carriers, and other ships has skyrocketed. You see, pipelines are cheap methods of carrying oil, while now this oil and gas have to be carried halfway around the world to reach the same European countries, at double or triple the final cost…
==================
US shale bosses inform Europe: ‘There’s no bailout coming’
BY SHEHNAZ ALI
The US shale business has warned it can not rescue Europe with elevated oil and fuel provides this winter amid fears {that a} plunge in Russian exports will ship crude costs hovering again above $100 a barrel.
Even although oil markets have softened in current weeks, the respite might finish when an EU embargo on Russian gross sales comes into full impact later this 12 months. US Treasury secretary Janet Yellen this week warned the embargo “could cause a spike in oil prices”.
However, US shale executives sitting on huge oil and pure fuel reserves that might be used to alleviate a European vitality crunch say they are going to be unable to step up provides shortly sufficient to forestall winter shortages.
“It’s not like the US can pump a bunch more. Our production is what it is,” mentioned Wil VanLoh, head of personal fairness group Quantum Energy Partners, one of many shale patch’s largest buyers.
“There’s no bailout coming,” VanLoh added. “Not on the oil side, not on the gas side.”
Oil and liquefied fuel exports from the US have risen to benefit from increased costs in Europe however are actually close to a most, executives mentioned, warning crude output development will fall in need of authorities forecasts for round 1mn barrels a day this 12 months.
Asked concerning the prospect of a giant manufacturing improve from the US shale business, Scott Sheffield, chief govt of Pioneer Natural Resources, mentioned: “No, I don’t see it coming.”
“We’re not adding [drilling] rigs and I don’t see anyone else adding rigs,” mentioned Sheffield, who runs one of many largest oil producers within the US. Crude costs might rise above $120 a barrel this winter as provides tighten, he added.
The International Energy Agency mentioned on Wednesday that oil gross sales from Russia, the world’s largest petroleum exporter, might fall by virtually 20 per cent when the EU embargo takes full impact. Brent costs rose 1 per cent to $94 a barrel following the report.
Soaring shale manufacturing previously decade made the US the world’s largest oil producer, with pre-pandemic output hitting 13mn b/d, or greater than 10 per cent of world provide. Output development annually throughout the increase years by itself met the general improve in international demand, serving to to maintain a lid on crude costs.
But US output final week had recovered to simply 12.1mn b/d following a giant decline when oil costs fell throughout the pandemic. New issues about shale’s sluggish provide development come as merchants additionally develop anxious concerning the Opec producer group’s capability to boost provide. Last week, the cartel introduced a plan to start trimming its output.
While supermajors Chevron and ExxonMobil, in addition to some personal corporations, are ramping up drilling, the general variety of working rigs has stalled in current weeks and productiveness per properly has plunged.
Ben Dell, chief govt of personal fairness group Kimmeridge Energy, mentioned the shale business’s buyers on Wall Street wouldn’t give their blessing to a giant manufacturing improve, preferring a low-production, high-profit mannequin.
“Investors generally don’t want shale companies to pursue a growth model,” he mentioned. “The capital availability is extremely limited.”
Modest provide will increase from the US within the coming months would “not move things at a world scale”, mentioned Matt Gallagher, head of personal driller Greenlake Energy Ventures. “It can be dangerous if we think that this cheap energy can grow – especially on the oil side – forever.”
The US authorities has fought for months to drive down crude and petrol costs, which hit a document excessive earlier this 12 months and alarmed the Biden administration forward of midterm elections in November.
The White House has known as on shale producers to extend provide, with US vitality secretary Jennifer Granholm describing the nation as being on a “war footing”.
Yellen has mentioned the US is working with G7 allies to carve out potential exemptions to the Russian embargo to keep away from a provide shock.
Source: www.ft.com
