US$380 Barrel Of Oil? Joe Biden's Senile Ukraine Policy Causing Massive Suffering Around The World. Oil, Food, Medicine Prices Sky Rocketing

  JP Morgan has predicted that oil prices could hit US$380 per barrel.

 

 

• If G7 introduce marginal prices for Russian oil, lead to reduction in supply
• JPMorgan SAYS oil prices may rise to US$380 per barrel
• Russia’s “strong financial position” 
• reduce daily crude production by 5 million barrels 
• results could be disastrous according to JPMorgan.
• reduction by 3 million barrels will raise oil prices to US$ 190. 
• decrease by 5 million barrels, will lead to rise in oil prices to US$ 380.
• Russia may reduce exports. 
• destiny of the world oil market is on the side of Russia

My Comments:  I dont think US$380 oil will happen. I hope not. Today's oil is around US$108 per barrel.  But even if oil hits US$200 per barrel, we are all really screwed.

By the way our domestic petrol price ie RON95 at RM2.05 per litre is way, way below the market price. The real market price is around RM10 - RM12 a litre. 

This means the Malayian taxpayer is subsidising between RM8 - RM10 per liter of RON95. This means the Governments oil revenues are going to take a huge wallop this year.

This whole stupidity is caused by the UK and the US. The UK, US and Europe imposed sanctions against Russia which just happens to be the second largest oil and gas exporting country in the world. As well as being a top food exporter in the whole world. 

They have imposed sanctions against Russia over the Ukraine war. Countries have fought wars before but it does not mean that the rest of the world should be denied buying essential products from the warring countries. 

Russia is not suffering at all. The Russian rouble has strengthened and Russia is still able to sell oil and gas especially to China, India and other countries.

In the USA some food prices have gone up 20% - 30%. Gas prices have gone up from US3.50 per gallon to US5.00 per gallon since end February 2022. A jump of 43% in four months. They are going to die.

The G7, G8, G20 and all the other crap are going to have meeting after meeting to "discuss" this. This is a waste of time. There are already riots and protests in Europe against the skyrocketing prices. British rail servics have been hit by strikes which are now spreading to Europe. Airlines and airports in Europe are also being hit by strikes. The nightmare is developing around Europe. The US is not spared because consumer prices are going through the roof.

 

Mr Putin told President Jokowi that Russia has absolutely no restrictions or bans on the exports of anything from Russia or from the Ukraine. 

It is the West that has cancelled shipping services, freight insurance etc from Russia and Ukraine. This crisis has been manufactured by the UK and the US.

So who is going to blink first ? Will it be the West or Russia? The West will have to blink first. The US (and UK) will likely abandon Europe - just like they abandoned Afghanistan, Iraq, the Bay of Pigs etc etc. 

In the meantime the ordinary public all over the world is going to suffer. Russia is one of the world's largest exporters of fertilisers. All this is not available now. So the yields of farms all over the world  are going to decrease.

Our Government cannot go on burning taxpayers money to subsidise RON95 at RM2.05 per liter. I dont know if our RON95 will hit RM8 or RM10 per liter (I hope not) but can our economy stomach RON95 at RM2.50 per liter or RM3.00 per liter?

The world economy is indeed inching closer to a full scale recession. But this is a manufactured situation. Joe Biden is senile and does not know what he is saying or doing. 

The situation can be reversed very easily. The US has to be put in its proper place.

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.