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Local Industry Welcomes Indonesia’s Revised Oil Sharing Deals

September 5, 2017 Tsvetana Paraskova 0

Struggling to attract international investors to revive its declining oil production, Indonesia has tweaked anew the production sharing contracts it introduced at the beginning of this year­—a move that is seen as “positive” for investors, the executive director of the Indonesian Petroleum Association (IPA) told Reuters. In January this year, Indonesia launched the so-called Production Sharing Contract (PSC) scheme based upon the sharing of a “Gross Production Split”. Under the PSC, Indonesia’s government…

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Post Harvey: Crude Climbs As Gasoline Crashes

September 5, 2017 Irina Slav 0

As refineries along the Gulf Coast started returning to normal operations after Hurricane Harvey, WTI prices inched up despite a sluggish trading session yesterday due to Labor Day. At around 9:20 AM CST today, the U.S. benchmark was trading at US$48.65 a barrel, up 2.88 percent. Brent, on the other hand, was up 1.8 percent to US$53.28. The biggest storm in more than five decades to hit the Texas coast took about 20 percent of the country’s refining capacity offline. As of Sunday, the Wall Street Journal noted, citing S&P Platts, around…

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The hidden battle between Ennahda and Nidaa Tounes

There is a lot of talk today in Tunisia about a prospective government reshuffle imposed by the vacancies in key ministries, including education, planning and finance. This article may be published simultaneously with a statement by Prime Minister Youssef Al-Shahed regarding his new government, but my purpose here is to look for the tree hidden in the forest. The two main governing parties disagree on the nature of the reshuffle. The Nidaa Tounes leadership wants it to be radical and include a wide range of ministries. Ennahda objects to this and insists on it being a partial reshuffle. It has called for changes in the other ministries to be postponed until after December’s municipal elections. Nidaa Tounes is not happy […]

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40 Percent Of Americans Now “Prefer Socialism To Capitalism”

September 5, 2017 Tyler Durden 0

Authored by Jeffrey Snider via The American Dream blog,
Americans are increasingly embracing socialism, and this is particularly true for young adults under the age of 30. As you will see below, four out of every ten Americans now prefer socialism to c…

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This Isn’t Happened to Gold in Over a Decade

September 5, 2017 Phoenix Capital Research 0

The next leg up for Gold is officially here.

Gold has broken out of the mother of all triangle patterns established by the long-term bull market trendline established in 2006 and its seven-year descending line from the 2010 peak.

Of course, things won’t be moving in a straight line from here. But the upside target for this formation is well north of $3,000 in the next few years (again, remember this formation took over a decade to form).

We get confirmation of this from the Gold Miners to Gold ratio (GDX: GLD). Think of this as a measure of Gold beta as Gold Miners typically lead the precious metal during major moves.

With that in mind, consider that the Gold Miners to Gold ratio has broken out of a bullish falling wedge pattern running back in 2007. This is MASSIVELY bullish and predicts the ratio moving to 0.45.

Put another way, Gold is going to be moving sharply higher. And Gold Miners are going to be going through the ROOF.

If you’re not taking steps to actively profit from this, it’s time to get a move on.

We just published a Special Investment Report concerning a secret back-door play on Gold that gives you access to 25 million ounces of Gold that the market is currently valuing at just $273 per ounce.

The report is titled The Gold Mountain: How to Buy Gold at $273 Per Ounce

We are giving away just 100 copies for FREE to the public.

As I write this, there are 59 left.

To pick up yours, swing by:

https://www.phoenixcapitalmarketing.com/goldmountain.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

 

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Oman’s petroleum and other liquids production reached record levels in 2016

September 5, 2017 Today in Energy 0

Oman set a new record with annual total oil production in 2016 exceeding 1 million barrels per day (b/d). Oman’s petroleum and other liquids production ranks seventh among the Middle Eastern countries. Oman is the largest oil producer in the Middle East that is not a member of the Organization of the Petroleum Exporting Countries (OPEC).

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Trump Tweets About Weapon Sales After South Korea Suggests Bringing Back US Tactical Nukes

September 5, 2017 Tyler Durden 0

As part of South Korea’s response to the latest escalations out of its northern neighbor, the country’s defense minister on Monday said it was “worth reviewing the redeployment of American tactical nuclear weapons to the Korean Peninsula” to guard against the North, a step that analysts warn would sharply increase the risk of an accidental conflict. On Monday, South Korean Defense Minister Song Young-moo said that he asked his American counterpart, Jim Mattis, during talks at the Pentagon last week that strategic assets such as  U.S. aircraft carriers, nuclear submarines and B-52 bombers be sent to South Korea more regularly.

“I told him that it would be good for strategic assets to be sent regularly to the Korean Peninsula and that some South Korean lawmakers and media are strongly pushing for tactical nuclear weapons [to be redeployed],” Song told a parliamentary hearing on North Korea’s nuclear test, without disclosing Mattis’s response.

A poll that YTN, a cable news channel, commissioned in ­August found that 68 percent of respondents said they supported bringing tactical nuclear weapons back to South Korea.

“The redeployment of tactical nuclear weapons is an alternative worth a full review,” Song said, echoing a position closely associated with conservatives in South Korea but not with progressives like Moon, who was elected president in May after vowing to engage with the North.

South Korean officials have been asking for fighter jets and ballistic missile-equipped submarines to be based on the peninsula, and have long wanted B-1Bs and B-52s to land rather than just fly over — all to give a greater sense of U.S. commitment to South Korea. The United States had about 100 nuclear-armed weapons, including short-range artillery, stationed in South Korea until 1991. Then President George H.W. Bush signed the Presidential Nuclear Initiatives and withdrew all tactical nuclear weapons that had been deployed abroad.

Shortly afterward, the two Koreas signed an agreement committing to making the peninsula free of nuclear weapons — a deal that North Korea violated by developing its own nuclear arms. But Pyongyang has maintained that Seoul has also broken its promise because remaining under the U.S. nuclear umbrella is tantamount, it says, to having such weapons. After the defense minister spoke at the hearing, the South Korean president’s office said that it was not considering redeploying tactical nuclear weapons. “Our government’s firm stance on the nuclear-free peninsula remains unchanged,” said Kim Dong-jo, a spokesman for Moon.

Addressing this, and other issues, President Trump and his South Korean counterpart, Moon Jae-in, spoke on the phone for 40 minutes Monday night, Korean time — some 34 hours after the nuclear test and more than 24 hours after Trump took to Twitter to criticize Moon’s “talk of appeasement.”

As the WaPo reports, the two presidents agreed to remove the limit on allowed payloads for South Korean missiles — something Seoul had been pushing for — as a way to increase deterrence against North Korea, according to a statement from South Korea’s Blue House. They agreed as well to work together to punish North Korea for Sunday’s nuclear test, pledging “to strengthen joint military capabilities,” a White House statement said, and to “maximize pressure on North Korea using all means at their disposal.”

In a later phone call, Trump and German Chancellor Angela Merkel “reaffirmed” the necessity of coordinating a response at the United Nations.

 

At a U.N. Security Council meeting, Haley pressed for the “strongest possible” sanctions against the North. The administration plans to circulate a new sanctions draft this week. Haley did not spell out how she would overcome the objections of veto-wielding permanent members China and Russia.

 

But she cautioned, “War is never something the United States wants. We don’t want it now. But our country’s patience is not unlimited. We will defend our allies and our territory.”

And to underscore just that, moments ago Donald Trump tweeted “I am allowing Japan & South Korea to buy a substantially increased amount of highly sophisticated military”

I am allowing Japan & South Korea to buy a substantially increased amount of highly sophisticated military equipment from the United States.

— Donald J. Trump (@realDonaldTrump) September 5, 2017

Meanwhile, China balked at the possibility of further escalation: “China will never allow chaos and war” in Korea, said Liu Jieyi, the Chinese ambassador to the United Nations. Sanctions alone will not solve the crisis, said Russia’s U.N. ambassador, Vassily Nebenzia. On Tuesday, Putin made it clear that Russia and China will most likely veto another sanctions vote in the UN Security Council.

Furthermore, military experts in the United States are almost universally opposed to the idea of deploying strategic or tactical weapons in South Korea. “The thing that most concerns me about redeployment is that it introduces more room for miscalculation or unintended escalation,” said Catherine Dill of the Center for Nonproliferation Studies in Monterey, Calif.

In that situation, the ability to react more quickly could be a negative factor. From the perspective of the military alliance between the United States and South Korea, having long-range ballistic missiles or strategic bombers is “perfectly sufficient” to continue to deter North Korea, Dill said.

As the North Korean threat has increased this year, the United States has sent F-35 stealth aircraft and other strike fighters on flyovers across the southern half of the peninsula in a not-so-thinly veiled warning to Kim. The U.S. Pacific Command even released photos last week of B-1B Lancers dropping bombs on a range on the southern side of the demilitarized zone that separates the two Koreas.

Still, that has not convinced local politicians, and a growing number of policy­makers in Seoul say that Guam is too far away and that, if the South comes under attack from North Korea, it can’t wait the two-plus hours it would take American bombers to arrive from their base in the Pacific.

“We need these strategic or tactical assets that can destroy North Korea’s nuclear-capable missiles before they can inflict harm on us,” said Chun Yung-woo, a former South Korean national security adviser.  “Right now they can retaliate, but by that time, tens of thousands of people might have been killed,” Chun said. “We need a first layer of offensive weapons stationed closer to North Korea’s nuclear and missile sites.”

Jon Wolfsthal, a nuclear expert who served on President Barack Obama’s National Security Council, said that in the South Korean context, “strategic assets” are all about giving “a tangible sense of reassurance” to the government in Seoul. “The reassurance bucket is bottomless,” Wolfsthal said. “You can pour stuff into it and it’s never going to fill up.”

* * *

Finally, while it remains to be seen if the US will concede to S.Korean demands and dispatch tactical nukes, overnight a top U.S. naval commander said the US will “keep sending formidable defense assets” to the Korean Peninsula in combined deterrence and response to North Korea’s “self-destructive” actions. Adm. Scott Swift, who commands the U.S. Pacific Fleet, stressed that although South Koreans stand closest to the North’s threats, they “do not face this aggressor alone.”

He cited the North’s continued provocations, including “ill-advised” ballistic missile launches and inflammatory warnings of nuclear war, highlighted by its sixth nuclear test Sunday.

Speaking at the International Seapower Symposium here, the admiral described the Kim Jong-un regime’s choice as “irrationally self-destructive actions and behaviors that defy logic and explanation.”

“We will continue to deploy carrier strike groups, expeditionary strike groups, AEGIS ships, the world’s most capable submarine force and advanced aircraft like the F-35, P-8 and MH-60R to be prepared to respond decisively when called,” he stressed. “Today, our platforms have longer reach, are more interconnected and possess greater lethality than what has ever been fielded before.” He added that his fleet has also seamlessly integrated operations with South Korean and Japanese navies for overwhelming ballistic missile defense and anti-submarine warfare.

Swift expressed confidence about the might of his unit in charge of defending the Indo-Asia-Pacific region. “Let our potential adversaries take pause and note that the only naval force more powerful than the U.S. Pacific Fleet is the entirety of the United States Navy,” he said. It is unclear if his words will frighten Kim Jong-Un…

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