The Organization of Petroleum Exporting Countries (OPEC) and allied producers led by Russia have failed to reach an agreement on deeper output cuts.
Russia did not back an OPEC call to reduce production by an additional 1.5 million barrels a day to tackle falling prices as economic activities are effected by the coronavirus outbreak.
Moscow was instead in favor of extending the existing cuts of 2.1 million barrels a day which expire at the end of March. OPEC said that was not enough to balance the market. So, for now producers can technically pump as much as they want.
Iran’s Oil Minister Bijan Zanganeh said the sides needed more time to cool down before a final decision can be made.
OPEC ministers want to remove a total of about 3.6 million barrels a day from the market or 3.6 percent of global supply until the end of 2020. Russia says it’s still too early to make forecasts but OPEC Secretary General Mohamed Barkindo said producers cannot claim to be ignorant of the fact that demand is falling and that economic and market conditions are deteriorating globally.
OPEC’s Secretary General says Russia is fully committed to its alliance with the organization and that he’s still confident that despite the disagreements, Moscow will come back on track.
Source: Press TV
https://www.presstv.com/Detail/2020/03/07/620298/OPEC-allies-fail-agree-deeper-output-cuts
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https://www.youtube.com/watch?v=jv4vjzGrtno
By: Kevin Barrett
A number of interesting developments here in the United States and in China suggest that there is something very strange going on regarding the coronavirus and the US government.
We are now hearing from the Chinese government itself, as well as from Chinese social media, which is normally restricted, but in this case, it's actually seems that people are being encouraged to post the same kinds of questions that we just heard from the Ministry of Foreign Affairs spokesman Geng Shuang, who suggested that the United States military brought coronavirus to China.
Here in the United States, the National Security Council, under direct orders from the White House has sealed the top emergency meetings on this topic and classified them. Only people with top secret clearances have been allowed to participate, which rules out most of the medical experts who should have been there.
So putting these two facts together, first, that the rumors on Chinese social media that were already very widespread a month ago or more, and now have gotten the official stamp of approval that the coronavirus outbreak was an act of biological warfare by the United States, it seems to be becoming the official position of the Chinese government.
And that is quite concerning, because if indeed, the US government or its allies or out of control rogue agencies within it did in fact whether deliberately as is the most likely possibility, or accidentally or some combination thereof, perhaps a clumsy effort by someone outside of the normal chain of command, whatever the truth is about this, this could set off an escalation that could easily lead to World War Three.
It's already shut down US-China trade and created the kind of decoupling of the US and Chinese economies that would be a necessary prelude to a US imperial attack on China designed to prevent China from rising to number one world power status.
The fact that the Chinese ports in Italy are also apparently targets, that Italy is being punished for becoming part of the Belt and Road Initiative, and the fact that Iran has apparently been targeted with its top leaders targeted for perhaps and especially virulent strain of coronavirus. All of this does suggest a bio-warfare component or at least that possibility.
And the fact that Trump's people have classified their meetings that there is a complete lack of transparency here on this topic is very, very worrisome.
Additionally, Americans are beginning to panic about this. The US public health system is one of the worst in the developed world if not the absolute worst; people are unable to get coronavirus tests. And there are long lines in the stores. Items have been sold out here in Madison, Wisconsin.
The biggest store in Madison yesterday was crowded with lin
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https://www.youtube.com/watch?v=JMAlaK7P1Jg
At one supermarket in the suburbs of Paris, shelves were nearly empty, with pasta, toilet paper, and vegetables quickly selling out.
The COVID-19 disease, caused by the new coronavirus, which emerged in the Chinese city of Wuhan in December, is currently affecting 162 countries and territories across the globe. It has so far infected more than 174,000 people and killed more than 6,680 others.
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https://www.youtube.com/watch?v=E2Q3IgV7bVM