RUTHFULLY YOURS

https://www.telegraph.co.uk/business/2019/01/25

The oil alliance of Opec and Russia has abandoned efforts to drive US shale out of the global energy market, accepting the hard reality of America’s irrepressible frackers for years to come.

“To really fight shale we’d need oil below $40 a barrel,” said Kirill Dmitriev, head of Russia’s wealth fund.

“That is not good for the Russian economy and it is not good for the Saudi economy. It is not practical, and we are not going to try to fight it,” he told the World Economic Forum in Davos.

A string of Opec members would risk incipient insolvency if there were another oil price war along the lines of 2014-2016. Saudi Arabia’s ruling dynasty would struggle to maintain its cradle-to-grave welfare model needed to head off political dissent.

Mr Dmitriev, a key architect of Russia’s oil strategy, said his country was working tightly with the Opec cartel and was now pursuing prices of $60 to $70, deemed the optimal range needed to ensure long-term stability.

Brent crude has crept up into the bottom of this range after a dramatic sell-off in October and November on global recession fears and a soft US line on Iranian sanctions. The Opec-Russia deal last month to trim output by 800,000 barrels a day (b/d) has restored balance to the market.

Germany’s once-in-a-century experiment Energiewende will enter its hot and decisive phase next weekend. Germany is serious about being the only industrial country in the world to simultaneously abandon nuclear energy and coal-fired power.

The 31 members of the government commission “Growth, Structural Change, Employment” will decide on the final plan on Friday evening. It will not be a good plan. It is expensive, risky and will hardly benefit climate protection.

There are plans for a new political intervention in the energy market that is more serious and riskier than the decision to phase out nuclear power. According to the plan, five to ten large power stations are to be shut down by 2022. According to the plan, by 2030 half of the coal-fired power plants which currently provide around 50 percent of Germany’s electricity requirements, will have been shut down.

Power plant operators will receive billions of euros in compensation, the affected federal states and districts more billions as adjustment aid, the coal miners billions as transitional money. And because this massive state intervention in the market increases the price of electricity for everyone, Germany’s energy-intensive industry is also demanding subsidies of between 14 and 54 billion euros by 2030 so that it can survive international competition. All in all, it will cost many billions of euros. However, is all of that tax money well spent?

https://www.gatestoneinstitute.org/13598/new-year-old-turkey

The joke goes: One day a political prisoner asks his guard if he could borrow from the prison library a certain work of fiction written by a certain author. The guard answers: We don’t have that book in our library. But if you want, I can bring you its author. He is here.”

HSBC Turkey’s Chief Executive Officer, Selim Kervancı, is being investigated by the prosecutor’s office over a video he retweeted during the Gezi protests five years ago. Kervancı is being charged with insulting Erdoğan for retweeting a video clip from the 2004 German movie “Downfall,” set during Adolf Hitler’s last days and depicting the collapse of Nazi Germany.

Recently, Erdoğan claimed that the Turkish businessman and philanthropist Osman Kavala, currently detained and awaiting trial, was working for “the famous Hungarian Jew George Soros.” By adding the “famous Hungarian Jew” to his conspiracy theories, Erdoğan apparently wanted to demonize Kavala and remind the judges that the suspect has a Jewish connection.

Democratic anomaly became the new Turkish normal several years ago. The anomaly, sometimes, offers entertaining moments, too. Take, for instance, Parliament Speaker Binali Yıldırım, President Recep Tayyip Erdoğan’s most important political confidant (and former prime minister), who became the joke of the day when he declared: “Animals, too, are living beings”. Someone teased him on social media: “He is right. And I am adding: Plants, too, are living beings.” A few days later Yıldırım, under fire from the opposition because he refuses to resign as parliament speaker although he would run for mayor of Istanbul in nationwide local elections on March 31 (they cite the constitution which bans the impartial parliament speaker from engaging in any political activity), amused a whole nation when he said: “Elections are not political activity”. Not all Turkish anomalies are as entertaining as this one.

https://www.gatestoneinstitute.org/13578/christian-persecution-november

After it was announced that Asia Bibi — a Christian women who had spent nearly a decade on death row for allegedly “blaspheming” against Islam — had been acquitted, Muslims rioted throughout early November; in one march, more than 11,000 Muslims demanded her instant and public hanging. A leading Muslim party announced that the judges who had acquitted her deserved death. The lawyer who represented her fled the nation due to many death threats. — Pakistan.

While under arrest, he asked police to allow him to “kill the infidels… otherwise you will become infidels like them.” Authorities later said the man had mental problems and was under the influence of drugs. The Christians replied that the media always present such Muslims who attack churches and Christians as suffering from mental illnesses. — Egypt.

“[A]t least 350 Christian owned properties have illegally been seized. The government has stopped only 50 of these properties from being sold… Iraqi Christians have long complained about the disproportionate targeting of their properties for illegal seizures. These seizures often occur in waves which follow violent incidents of persecution.” — Iraq.

“[T]he government… protect the aggressors and leave the victims mercilessly helpless… The devastation in terms of massacre of lives and destruction of property is unimaginable.” — Rev. Dacholom Datiri, President of the Church of Christ in Nigeria.