Posted on 11/18/2014 11:19:28 AM PST by Oldeconomybuyer
Russia and Venezuela discussed joint action to combat falling oil prices, Russian Energy Minister Alexander Novak said on Tuesday after holding talks with Venezuela's Foreign Minister Rafael Ramírez the day before.
Asked if the two discussed joint moves to counteract the oil price falls, Novak told reporters: "Yes, there is such an initiative. We discussed this theme and now we are working out those proposals on our side."
(Excerpt) Read more at reuters.com ...
Hey. Vlad and Hugo’s butt-boy ...
Why don’t y’all cut production to zero? I’m sure that’ll do the trick for ya.
Oh, just pretend that Canada and Saudis won’t backfill.
>> joint action to combat falling oil prices
I wonder what they think they can do? Hold their oil off the market? Less oil sold equals less revenue for them; anyhow, OPEC + US will just pump more to compensate.
Rush was just talking about the price drop and gave credit to Sarah for “Drill Baby Drill.”
If the price of oil drops much more, that knucklehead Maduro better be looking for a pretty quick exit strategy. Else he’ll be hanging from a light post.
Russia is going to convince their pals the Chicoms to buy up more reserves. Makes sense - oil reserves are a safer investment than lending money to the US economy.
Ah. Good strategem.
Rooskies ain’t stupid.
A lot of people have bet the farm on the price continuing to go up (in other words, they bet on the "Hubbard peak oil" theory).
A lot of those bets were made years ago.
It will be fun to watch those bets come unsprung over the next few years.
The only thing that can make investing in oil reserves a good strategy is if the environnmental wingnuts succeed in slowing US oil production.
As someone else said on FR, Russia is an oil pump with nuclear weapons. If the price of oil drops below $65/bbl, Russia slides back to third-world status, economically.
I was actually saying that with a little tongue in cheek.
I have no idea what the Chinese status/cost for storing reserves is...but they are becoming a major world power, and likely don’t want to be subjugated to the muzzies like the US was in 1973. So an ‘investment’ in oil reserves may have yields other than cash down the road.
Remember to repeat after Vlad the Imploder — falling oil prices are *dangerous* for the *world economy*, and not just because he’s been pushing the entire world toward world war.
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