There is still no end in sight for China’s dependence on oil despite its global leadership in EVs. 
Sobering Thoughts on the Red Sea
Ships Diverted from the Red Sea
Maersk’s Response
US Patrol Area Gets Wider
Related to the previous Tweet, India’s Modi Talks to Saudi Crown Prince After Oil Vessel Attack
Indian Prime Minister Narendra Modi discussed the situation in the Middle East, including recent attacks on shipping in the Red Sea, with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
The call between the two leaders comes days after a cargo vessel, the MV Chem Pluto, was hit by an alleged drone strike near India’s west coast. In response, India deployed three warships to the Arabian Sea, according to a government statement.
In related news, There Were Zero Takers for Offers to Pay for Oil in Indian Rupees
Why Would Any Oil Exporter Want Rupees?
Unsurprisingly, none did.
Q: Why would any exporter want a BRICS currency?
A: Other than sanction avoidance, none would.Yet, the hype goes on and on including talk of a gold-backed yuan and a gold-baked BRICs currency.
Finally, thanks to Javier Blas for an excellent roundup on oil.
Nobody wants Solar, Wind,& EV’s, BUT they love their Gasoline Baby!!!
– Headline Today: Global gasoline consumption hit a record 26.9 million barrels per day (bpd) this year, exceeding the 2019 peak…
Yep, even all those Taxpayers Dollars, given away for buying this crap, didn’t move the needle. Not buying into it, or participating and buying into it, doesn’t change the fact that we are ALL Paying for it through Inflation!
This is not Capitalism at all, but forced consumption through Taxpayer Money Offers, and Manufacturing Dictating through the Unions via the Government.
Saudis wanted to crush the Houthies, but suicidal woke politicians and Biden prefered criticize and snub them for human rights considerations (no problem with iranian goverment opressing women and attacking US troops, sponsoring militias, etc.)
Fossil fuel use continues to grow worldwide.
Chinese oil demand keeps surprising to the upside as shown.
People thought worldwide gasoline demand peaked in 2019. Nope. 2023 surpassed it. And 2024 will surpass 2023.
In spite of a push for renewables, many European countries are signing 30 year contracts for LNG.
Spain just followed Germany in deciding to phase out its nuclear plants by 2035. Meanwhile it imported a record amount of Russian LNG in 2023.
The world is unable to shake it’s addiction to fossil fuels.
“Yet, the hype goes on and on including talk of a gold-backed yuan and a gold-baked BRICs currency.”
At some point, this will turn from hype to reality. This statement seems to suggest it’s always going to be hype. Timing? I have no idea, but it will happen, possibly sooner than a lot of people, like Mish, seem to think it will.
USNavy girls can’t drive across the Pacific Ocean without hitting a deer. The world is wise to DEI.
Until the US stops trying to protect other nations’ ships, Houthi attacks will continue. Other nations need to step up to protect their own interests against terrorists. My wallet can’t afford to protect everyone.
World police has the responsibility.
China, Inc. has only been around for about 30 years, so they deserve it.
World police has the responsibility.
Maybe the last month’s worth of China’s subfreezing days will get their attention. Global warming and the coal/oil burning associated with it doesnt necessarily mean your country becomes an inferno. It just means temperatures and the effects become less “average.”