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It is now established that the US dollar’s status as a global reserve currency is eroding. When corporate western media begins to attack the multipolar world’s de-dollarization narrative in earnest, you know the panic in Washington has fully set in.
We now have an embarrassment of ‘wars’ of which paradoxically, Ukraine is perhaps of lesser strategic import – though it does retain significant symbolic content. A ‘flag’ around which narratives are spun and support rallied.
Yes, there are no less than five overlapping and interlinked ‘wars’ underway – and they need to be clearly differentiated to be well understood.
These last weeks have witnessed several epochal shifts: The Samarkand Summit; the OPEC+ decision to reduce the oil production of member nations by a (headline) two million barrels per day as of next month; and President Erdogan’s explicit declaration that “Russia and Turkey are together; working together”.
Bedrock U.S. allies, Saudi Arabia, Turkey, UAE, India, South Africa, Egypt and groupings such as OPEC+ are taking a major step toward autonomy, and toward the coalescence of non–Western nations into a coherent bloc – acting to its own interests and doing politics ‘its own way’.
The head of Russian oil company Lukoil said that Russia should withdraw from the OPEC/non-OPEC production cuts if oil prices stay at $70 per barrel for six months.
OPEC met on Friday to consider the possibility of extending the production cuts beyond March 2018.
The meeting of the oil-producing countries energy ministers is held in Vienna.
On November 30th, OPEC members will meet in Vienna to discuss the details of the agreement reached in early autumn on reducing oil production.
Contrary to the predictions of analysts, OPEC members agreed at a meeting in Algeria to produce approximately 700,000 less barrels per day. Given this decision, the price of Brent crude oil has increased by almost 6%.
©2024
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