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In a panicked move on Wednesday, the IEA (International Energy Agency) recommended releasing 400M barrels of oil.
This move by the head of the IAEA, Director General Rafael Mariano Grossi, could send panic across the nations that dabble in oil production.
While the action aims to stabilize rising fuel costs, it also signals urgency in the global market. Such panic may have ripple effects across the world’s stock markets. Whenever leaders panic, their panic sends fear among the people they lead.
The increase would double the 2022 record amount of 182 million barrels released earlier during Russia’s invasion of Ukraine. — Reuters. Since February, oil prices have risen by as much as 40%.
The prices have been fluctuating since then.
Soaring oil prices usually send stocks soaring until the markets can sort themselves out.
Because of the Iran war and the subsequent closing of the Strait of Hormuz, President Trump allowed Russia to resume selling oil to India.
Russian President Vladimir Putin is laughing all the way to the bank, as he replenishes his stockpile.
Other nations would consider the IEA’s recommendation.
Meanwhile, Iran continues to target commercial ships across the Persian Gulf. Dubai airport and oil facilities have also come under attack from the besieged Persian nation of approximately 93 million people.
The United Kingdom Maritime Trade Operations center said, “The vessel had been hit just north of Oman in the strait.”
“Think globally, act locally.”
It is crucial to be forward-thinking but not a forward person. “Be kind to everyone you meet because each carries his heavy burden…” Plato.
Embrace the three Constants: change, justice, and rightness.
The thought police are busy at work trying to suppress free speech. If allowed their march to madness, they will arrest your very thoughts.
Free Speech is thy Lord.’
