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Samson: America exports oil in unprecedented quantities in its history

2018/12/7 13:43

For the first time in nearly 75 years, America exported more oil than it imported from November 26 to December 2, according to the Bloomberg business news agency.

“The daily difference between US exports and imports of fuel last week was 211,000 barrels for exports, for the first time since 1949, when Harry Truman was president,” the agency quoted data from the US Energy Information Administration (EIA) as saying.  As recently as 1973, the US administration imposed a ban on exporting hydrocarbons abroad because of the energy crisis triggered by the OPEC ban Fuel to the United States, because of its absolute support for Israel in the October 1973 war with the Arab states.

According to the agency, the peak of net oil imports to the United States was recorded in 2005, and amounted to 12.5 million barrels per day. “We have become a dominant force in the world energy market, and changes are still not enough to trigger a giant revolution,” analyst Michael Lynch told the agency. “But it will be enough to force OPEC to think long through its members’ negotiations to cut production.  The publication of the statistical data coincided with the meeting in Vienna, where the OPEC countries are trying to agree to extend the production cut agreement to support prices.

Under the terms of this agreement, which has proved effective in the dynamics of raising oil prices, total production should be reduced by a minimum of one million bpd to keep prices at a higher level.  However, the negotiations concluded on December 6 did not reach any agreement, pending the meeting scheduled today between the members of the Organization and a number of producing countries from outside.   LINK

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Don961:  US household wealth rises to $ 109 trillion by the end of September

06 December 2018 09:34 PM

Direct : Net household wealth in the United States more than two trillion dollars rose in the third quarter of this year to record a new record level of support rising stock prices of companies.

Federal Reserve data showed Thursday that net wealth for US households and non-profit institutions rose to 109.039 trillion dollars at the end of September, compared with 106.969 billion dollars at the end of the previous quarter.

US stocks gained in the third quarter, but then fell as investors worried about a slowdown in global economic growth, the US-China trade war and fears of higher interest rates from the Fed.

Data showed US household debt rose at an annual rate of 3.4%, with consumer credit rising by 5.4%.

While federal government debt rose 6.8% in the third quarter of 2018 compared to 6.9% in the previous quarter.

While state and local government debt fell 1.4%, while trade debt grew 3.9% in the third quarter.

The data also showed that corporate cash holdings rose to $ 1.62 trillion in the third quarter of this year.   link