The OPEC Oil Deal Sells Fake News for Real Money

The OPEC Oil Deal Sells Fake News for Real Money – Bloomberg View – Bloomberg News reported recently that Russia as a country made $6 billion just by talking to OPEC about cutting its oil output: News about the negotiations drove up the price. Now, Russia has agreed to a cut by 300,000 barrels per day by January “if technically possible.” It looks like a lot — a quarter of the total cut OPEC members have agreed among themselves — but then Russia’s output increased by 520,000 barrels a day between the end of August and the end of October, reaching an absolute record level. Russia has been making money on the increasing price while growing production — the best of both worlds thanks to some deft news manipulation and nothing else. Now, even if Russia cuts output by about 2.7 percent of the current level, as it has promised, it will still reap a profit if the price of crude holds at the current level — about 7 percent higher on Thursday morning than three days before.

Source: The OPEC Oil Deal Sells Fake News for Real Money

Advertisements
Shiraz Socialist

Because there have to be some lefties with a social life

Melbourne Antifascists

Touch One, Touch All

DISACCORDS

An anarchist news blotter following events in Oceania & South East Asia

Maruti Suzuki Workers Union

Inquilab Zindabad! Mazdoor Ekta Zindabad!

The Syrian Intifada

a-shab yurid iskat an-nizam

In Moscow's Shadows

Analysis and Assessment of Russian Crime and Security

thekooriwoman

Gomeroi. This is MY truth.

Secular Pakistan

No Talibanisation, 'Honour' Killings, Blasphemy Vendetta

Transform Society

A site that educates & inspires souls

Ahona

Mariam Zohra D

My Name is Jamie. My Life in Prison

Letters shared with Sonni Quick

Free Haifa

Reading, Writing and Freedom Arithmetics

A Black Writer in Berlin

The official blog of Phil Lewis, award-winning novelist, essayist, poet, critic, artist and composer

Why You Mad Son Entertainment

join the revolution of the mind

bedlamfury

Thoughts, Random Senses

Ramblings...

Conquering Kids and cancer

The Rojava Report

News from the Revolution in Rojava and Wider Kurdistan

rob's revolting

The colonies are self-destructing - it's a scorched earth policy, a war of attrition, so the survivors are left with NOTHING!