OPEC Cuts Output: US Shot Itself in Both Feet in One Day

Translated by Ollie Richardson & Angelina Siard



Oh, how interestingly it unravels!

In the United States, lunacy won another victory over common sense. Momentary greed won again over strategic thinking and an instinct of self-preservation. US Congress overwhelmingly overruled a presidential veto (for the first time during Obama’s presidency) and approved a law allowing US courts to seize the property of Saudis on allegations of involvement in the September 11th attacks.

If you remember, the Saudis earlier protested against the adoption of this law by threatening to sell their US assets and available in their hands treasuries, and said they would withdraw them from the American markets. The amount of threats was estimated by experts at about $750 billion.

Then the Obama administration, realizing the seriousness of such threats, used his veto on this law. However, the lobby of the greedy lawyers buttering up the families of the victims of the terrorist attack of 11 September was stronger than the presidential veto.

So, the US financial markets again faced the threat of dumping the treasuries and of the withdrawal of investments to the amount of 750 billion with the subsequent withdrawal of money outside US jurisdiction (and that’s understandable, nobody wants the district court of Alabama to have at its disposal such sums that the Saudis justifiably considered their own). This means that the US stock markets are on the brink of a huge turmoil.

Simultaneously, the Saudis in the framework of OPEC agreed to limit the production of oil, as a result of which the price of Brent crude yesterday already jumped from 46.3 to 48.5 dollars per barrel.

It is planned that after the implementation of this agreement, OPEC members will turn to other oil-producing countries with a proposal to limit production, which could lead to further increases in the price of oil.

Thus, the Americans contrived in one day to shoot itself in both feet simultaneously.

Maybe someone still continues to think that they are super-cunning with multi-year plans for behind-the-scenes running of the world, but personally I highly doubt it. Maybe once they were like that (or pretended to be, like an old senile Brzezinski, who posed as a “chess player” and conceptualiser), but in recent years the definition of Mikhail Zadornov is much more suitable for them.

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