This bloke goes alright. I admit I don’t know.
Can someone please tell me if the straight of Hormuz has 20% of the worlds oil, why cant the other countries with thr 80% just pump up production by a few percent each to make up for it. ? Im i missing something here?
Riddle me this. Israel has an undeclared and unmonitored nuclear regime but is adamant others must abide by conventions it doesn’t abide by.
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Pls.
Profits are more important than world stability.
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Israel believes lots of global norms and laws don’t apply to them, this has been the case forever.
But the US is the same.
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I’m telling Jillian Segal on you!
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Without being an expert on oil production I imagine they are already operating at maximum capacity.
Or maybe it’s more like, imagine if 20% of all the sheep farmed in Australia disappeared, it wouldn’t be like the other farmers could just increase production to make up the difference, not in any useful timeframe anyway
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Well, someone’s dead so not surprising something isn’t great.
Why apologist? For what?
There just isn’t the spare capacity to nudge production up. What would need to have happened for that to be possible is a massive over investment in oil production that left everything 20% under utilised. Something very wrong would have needed to happen in the investment cycle to end up like that.
I’m sure producers are squeezing everything they can out of their assets to make bank right now, but there’s only so much they can manage. They were already incentivised to maximise production before this happened.
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There is some capacity but it is about cost. For example Gulf of Mexico offshore rigs produce about 2 million barrels per day and have the capacity to double that, but it costs more to produce than ME crude. There are new rigs in GOM coming on line and new discoveries regularly, but they are deep water and expensive. Same applies to Russian oil production which is down over 2 million barrels a day due to war, sanctions and lack of investment, they still produce over 8 million each day.
That said as about 20 million barrels went through Hormuz daily it is still a bit short.
One of my former partners in Houston said to me a few days ago that the effect of shutting Hormuz will reshape oil use and plans to increase production in South America and Alaska on starting. He also said that once Iran war settles World will use less oil and find more alternatives, and Middle East oil will become much cheaper.
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Their excuse is Iran has stated they want to destroy Israel. That’s one of the reasons Trump recent posts are so bad on a diplomatic level. Trump is crazy or stupid or both.
still I think the world should be able to find a way to do with 20% less until trump is a lame duck president and possible impeachment after November
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Didn’t he say a day ago that the USA would be clipping the ticket as well?
Deranged.
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Iran right now…
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Quelle surprise
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“LEGITIMATE MISUNDERSTANDING”
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