Zig’s Place Chatroom News Tuesday 9-28-21

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Butterfly   The United States announced that it will conduct a second round of strategic negotiations with Russia next Thursday, to resolve outstanding differences that include nuclear weapons, cyberspace, and artificial intelligence.

And the US State Department said in a statement that: Wendy Sherman, Assistant Secretary of State and the second-ranking diplomat in President Joe Biden's administration, will lead a US delegation to talks with Russia in Geneva next Thursday.

"The two sides intend to conduct a serious and careful dialogue that seeks to lay a working basis for arms control and risk reduction measures in the future," she added.

Sherman is scheduled to head a delegation from various agencies for the meeting that follows a meeting held last July in which there was little progress.

The meeting took place after Russian President Vladimir Putin and US President Joe Biden agreed to resume talks.

A senior US State Department official who participated in the first talks said: The United States was pleased with the initial exchange, and hopes that it will be the start of a sustainable and constructive dialogue on arms control and other strategic issues.

He added that: The agenda is not only limited to the control of nuclear weapons, but also extends to the use of space and artificial intelligence, as well as cyber affairs, despite the focus on strategic and nuclear issues more than on ransomware or hacking. https://ninanews.com/Website/News/Details?key=929556

Butterfly   https://ninanews.com/Website/News/Details?key=929628

Alia Nassif calls for a reduction in the dollar exchange rate after the price of a barrel of oil exceeded eighty dollars

Tuesday 28 September 2021 12:39 Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.

And she said in a statement today: "The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country's dependence on oil revenues only," indicating:

"The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power has become unable to cope with the rise in the prices of food commodities and basic materials."

butterfly   Nassif stressed "the need for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people."

Today, Tuesday, the price of Brent crude jumped above $ 80 for the first time in nearly three years, amid expectations of rising demand and concerns about supplies as the world slowly emerged from the epidemic crisis.

Brent crude rose 0.8 percent in Asian morning trading to $80.19, its highest level since October 2018, according to "AFP".    West Texas Intermediate crude also rose 0.9 percent to $ 76.07.

butterfly   https://www.shafaq.com/en/Economy/OPEC-forecasts-oil-demand-rebound-before-post-2035-plateau OPEC forecasts oil demand rebound before post-2035 plateau 2021-09-28 10:09

Shafaq News/ Oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC forecast on Tuesday, adding that the world needs to keep investing in production to avert a crunch despite an energy transition.

This contrasts with views such as an International Energy Agency report in May which said the world should not fund new oil projects if it is to hit net zero emissions.

Oil use will rise by 1.7 million barrels per day in 2023 to 101.6 million bpd, the Organization of the Petroleum Exporting Countries said its 2021 World Oil Outlook, adding to robust growth already predicted for 2021 and 2022, and pushing demand back above the pre-pandemic 2019 rate.

"Energy and oil demand have picked up significantly in 2021 after the massive drop in 2020," OPEC Secretary General Mohammad Barkindo wrote in the foreword to the report. "Continued expansion is forecast for the longer term."

With oil demand recovering, OPEC and its allies such as Russia, a grouping known as OPEC+, are unwinding record supply cuts made last year. But there are signs some OPEC+ producers are unable to pump more due in part to a lack of investment, and that has boosted prices.

OPEC also lowered its estimates for longer-term oil demand, citing changes to consumer behaviour brought about by the pandemic and competition from electric cars. Global demand is expected to plateau after 2035, the report said.

Last year's report said world oil demand would exceed 2019's rate in 2022, not 2023. Now demand is expected to reach 106.6 million bpd in 2030, down 600,000 bpd from last year's figure.

butterfly   Assuming a faster take-up of existing technology, the Accelerated Policy and Technology Scenario, demand could be falling by the 2030s, according to an OPEC chart showing a more pronounced demand drop-off than a similar chart last year.

"Tele/homeworking is becoming a norm for many companies as a result of the pandemic," OPEC said.

"Long-term oil demand growth will be limited by growing penetration of electric vehicles."

Last year OPEC+ agreed record output cuts of 9.7 million bpd, the equivalent of 10% of global supply.

With demand recovering, those barrels are being returned to the market but OPEC said it was essential to step up investment in supplies to avert a future crunch.

Last year upstream oil capital spending dropped by nearly 30% to about $240 billion due to the pandemic.

"It is clear that underinvestment remains one of the great challenges for the oil industry," Barkindo wrote. "Without the necessary investments, there is the potential for further volatility and a future energy shortfall."

OPEC sees the demand for its oil rising in the next few years, but rising supply from the United States and other outside producers means OPEC output in 2026 will likely be 34.1 million bpd, below 2019's level, it said.

The group shifted last year to acknowledging demand would peak one day, after predicting growth for years. This year's 2045 demand forecast was trimmed to 108.2 million bpd, down 900,000 bpd from last year.

Still, OPEC is upbeat about its future prospects, seeing its market share rising in later decades as competition from non-OPEC producers will wane. OPEC expects U.S. tight oil output, another term for shale, to peak around 2030.

"Oil is still expected to retain its number one position in the energy mix," Barkindo wrote.

UNEEK   Common Sense is, of all kinds, the most uncommon -- It implies good judgment, sound discretion, and true and practical wisdom applied to common life -- Tryon Edwards

One pound of learning requires ten pounds of common sense to apply it -- Persian Proverb

Fine sense, and exalted sense, are not half as useful as common sense -- there are forty men of wit to one man of sense -- He that will carry nothing about him but gold, will be every day at a loss for readier change -- Pope

To act with common sense according to the moment, is the best wisdom I know ; and the best philosophy is to do one's duties, take the world as it comes, submit respectfully to one's lot; bless the goodness that has given us so much happiness with it, whatever it is; and despise affectation -- Walpole

Common sense is the knack of seeing things as they are, and doing things as they ought to be done -- C E Stowe

"Knowledge, without common sense," says Lee, is "folly; without method, it is waste; without kindness, it is fanaticism; without religion, it is death" But with common sense, it is wisdom; with method, it is power; with charity, it is beneficence; with religion, it is virtue, and life, and peace -- Farrar

UNEEK   If man can have only one kind of sense, let him have common sense -- If he has that and uncommon sense too, he is not far from genius -- H W Beecher

He was one of those men who possess almost every gift, except the gift of the power to use them --- C Kingsley

The crown of all faculties is common sense -- It is not enough to do the right thing, it must be done at the right time and place -- Talent knows what to do; tact knows when and how to do it -- W Matthews

The figure which a man makes in life, the reception which he meets with in company, the esteem paid him by his acquaintance -- all these depend as much upon his good sense and judgment, as upon any other part of his character -- A man of the best intentions, and fartherest removed from all injustice and violence, would never be able to make himself much regarded, without a moderate share of parts and understanding -- Hume

Common Sense is only a modification of talent -- Genius is an exaltation of it ---The difference is, therefore, in degree, not nature -- Bulwer

If you haven't grace, the Lord can give it to you -- If you haven't learning, I'll help you to get it -- But if you haven't common sense, neither I, nor the Lord can give it to you -- John Brown of Haddington - to his students

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