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Geopolitics

U.S Dollar Wars – Rosneft Oil Asks Traders to Pay in Euros for Crude

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Russia’s oil giant Rosneft tendered a sell of a cargo of crude, asking would-be buyers to pay in euros for the consignment, just weeks after doing the same for refined fuels. – https://www.bloomberg.com

Russian President: We see attempts of using the dollar as the political error. I believe this is one more major mistake, because the dollar enjoyed a lot of confidence globally. This was actually the only universal global currency. The United States started using dollar settlements as a tool in the political struggle for some purpose, imposing restrictions on dollar use and cutting the branch they are sitting on but they will fall with a crash soon,” Putin said.

Crude oil is quoted in U.S. dollars (USD). So, each uptick and downtick in the dollar or in the price of the commodity generates an immediate realignment between the greenback and numerous forex crosses.

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Aramco

Half of Saudi Arabia’s oil industry got taken offline by 1 drone

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Yemen’s Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, Taking out more than half the Dictatorships output, in a move expected to send oil prices soaring and increase tensions in the Middle East.

After drone attacks shut oil output in Saudi Arabia, the world’s largest crude exporter, a Department of Energy spokeswoman said the Trump administration is prepared to tap U.S. emergency oil reserves if necessary.

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Geopolitics

Can Trump Order Companies to Move out of China?

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President Trump is using the International Emergency Economic Powers Act (IEEPA), Title II of Pub.L. 95–223, 91 Stat. 1626, enacted October 28, 1977  to force companies out of China.

  • The IEEPA was drafted to permit presidential emergency declarations only in response to threats originating outside the United States.
  • Past presidents have invoked IEEPA to safeguard U.S. national security interests by freezing or “blocking” assets of belligerent foreign governments, or certain foreign nationals abroad.

How will this affect Crude oil Prices? China’s announcement of new tariffs on another $75 billion of U.S. goods, including oil, brought back  Brent crude rally that was above the $60 level and kicked it back down below.

 

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