China’s National Health Commission confirmed Wednesday that the coronavirus had infected 5,974 people, with 132 deaths and 103 cured.
Financial markets have been spooked by the spread of a deadly pneumonia-like virus, with energy market participants trying to assess the potential economic fallout.
“I have to say this delicately, but OPEC, I think, is starting to realize that even though they cut back, try to balance output and stabilize prices, they have less influence,” John Driscoll, chief strategist at JTD Energy Securities, told CNBC.
If OPEC cuts back, they might lose market share and that gap could be filled by a non-OPEC producer.GO READ THE WHOLE THING.
After Iran took out half of Saudi Arabia's oil fields, back in October 2019, I wrote the following:
One of the biggest pieces of news recently - and this has been ignored - is that Iran took out half of Saudi Arabia's oil-producing capacity, albeit temporarily.
I can see why people are not thinking of this as big news. Everyone knows it is only temporary.
So why is it big news?
Because Iran and Saudi Arabia are two primary founding nations of OPEC -
Back to my list of top oil-producing nations, Iran, Iraq and Saudi Arabia are the largest ME producers of oil. And that is AFTER years and years of us attempting to sanction Iran out of existence.
So, what we could not sanction away, we have Fracked all to hell.
OPEC IS ALL BUT DEAD.
That is huge news.
In the future, what will be looked back as more significant, the end of the USSR, or the fall of OPEC?
It is my contention that it is very likely the fall of OPEC will be larger, because it cuts off much of the power of the world's net exporters of Islamic radical theology and Jihad.
And THAT is another reason no one is talking about this.
Because it happened under Trump's watch.
And frankly, those who are smart enough to see it aren't going to credit Trump.
It is one of the few things I have not heard Trump brag about. I don't think it's because he doesn't know. I think it's because he has a coup de grace coming of some sort. and so it is strategic to keep his mouth shut right now.
It could have something to do with Saudi Arabia and Israel.
Then again, maybe he doesn't realize it.
I wrote that three months back. I said that the death of OPEC "cuts off much of the power of the world's net exporters of Islamic radical theology and Jihad."
Note that just this past week, Saudi Arabia announced it will no longer be funding Mosques overseas.