Archive for 2016

PEAK OIL: OPEC Flips Forecast to Predict Rebound in Rival Supply Next Year.

Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day. The gain is driven by the startup of the Kashagan oil field in Kazakhstan. That means the organization’s total output of 33.24 million barrels a day in August was 757,000 a day higher than the average amount the world will need from OPEC in 2017.

“For 2017, non-OPEC supply growth has also been revised up,” the organization’s Vienna-based research department said in its monthly market report. “This is mostly due to new production from Kashagan next year.”

The report also says that national stockpiles are “poised to diminish in the coming months as a result of surprisingly strong demand in major consuming nations.”

What’s so surprising about using more oil when the price is so low?

MISTER, WE COULD USE A MAN LIKE CHARLES HABSBURG AGAIN: Austrian election re-run comes unstuck in postal ballot setback.

The country’s constitutional court scrapped the result of the first election in May due to irregularities in counting postal ballots.

Interior Minister Wolfgang Sobotka said the re-run, scheduled for Oct. 2, had also been postponed.

“The reason is a defective envelope,” he said, suggesting a return to ballot forms used in previous elections after some postal voters complained the glue on their papers was not working properly.

Asked at a news conference if the double setback might damage Austria’s reputation, Sobotka said: “The laugh is always on the loser.”

The postponement refocuses attention on an election that had already set alarm bells ringing among Austria’s European Union peers.

In May, Norbert Hofer of the anti-migrant Freedom Party (FPO) came within 31,000 votes of a far-right victory that would have resonated widely on a continent where mass migration driven by war and poverty threatens to polarize political debate.

In a twist on the classic E.U. tradition, Austria continue postponing the vote until they’re assured of the desired result in which the scary “far-right” doesn’t win.

JILL ABRAMSON: Hillary Clinton’s best riposte to Trump? Radical transparency.

The drag on her momentum is Clinton’s insistence on holding things close in order to maintain a zone of privacy. This feeds the unfair but persistent belief among a sizable chunk of the electorate that she has something serious to hide. The events of Sunday were a case in point: the candidate appeared to stumble after leaving the 9/11 memorial in New York. The zone of privacy closed around her – press were largely kept in the dark, apart from a short statement and a shout of “I’m feeling great”. Clinton then retreated to Chappaqua with her inner circle.

The time has come to do something daring to try to restore trust. It goes against every fibre of her nature, but Clinton should now become radically transparent.

She should release the transcripts of her Wall Street speeches. She should release a comprehensive list of all of her paid speeches. She should release any records or correspondence that help clarify her role at the Clinton Foundation. She should announce that no member of the Clinton family, including her daughter, Chelsea, will be involved in the foundation while she is president. She should release detailed health records, including the treatments she received following her concussion several years ago. And, now, the full details of her abrupt departure from the 9/11 ceremony. The campaign should never go dark when something happens, even if it’s not serious.

“Appeared to stumble?”

There’s some radical transparency for you.

PEACE IN OUR TIME? Russia-US-brokered Syria cease-fire to start at sunset.

The cease-fire deal, hammered out between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov in Geneva on Saturday, allows the Syrian government to continue to strike at the Islamic State group and al-Qaida-linked militants with the Jabhat Fatah al-Sham group, earlier known as the Nusra Front, until the U.S. and Russia take over the task in one week’s time.

Rebel factions have expressed deep reservations about the deal.

Under the terms of the agreement, the rebels and the Syrian government are expected to stop attacking one another. Along with Assad’s government, his key allies — Russia, Iran and the Lebanese militant group Hezbollah — have also endorsed the deal.

But that scenario is complicated by the fact that Jabhat Fatah al-Sham remains intertwined with several other groups fighting on the ground.

After five years of “red lines” and demands that Assad step down, it’s difficult to see this deal as anything other than a US surrender to Russian and Iranian interests in Syria.