Who benefits from high oil prices?

[rupol2000]

You said Germany must buy dollars from the Fed in order to buy oil from Russia.

Where can it get dollars to buy oil? Will it print itself?

 

[rupol2000]

It looks like the majority of the gas trade with EU was conducted in dollars at least until the beginning of 2014. Then, after onset of the Ukrainian ...

We talked about oil.
On gas, there is a link to an official resource, this is more or less reliable, I agree.

PS
Although it also only talks about transition plans
"Nine of ten consumers had agreed to switch to euros, may be later contracts will be switch to roubles, the oil company's head Alexander Dyukov says"

 

[surada]

Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions | OilPrice.com

The largest Russian oil producer and one of the world’s biggest, Rosneft, told customers earlier this month that oil product sales in tender contracts will be priced in euros instead of U.S. dollars

oilprice.com

 

[rupol2000]

Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions | OilPrice.com

The largest Russian oil producer and one of the world’s biggest, Rosneft, told customers earlier this month that oil product sales in tender contracts will be priced in euros instead of U.S. dollars

oilprice.com

Stop spamming there again we are talking about transition plans, not real deals

 

[surada]

Stop spamming there again we are talking about transition plans, not real deals

You're 21 years old and think you know everything.. Be careful.

 

[rupol2000]

you know everything

There are indications that Russia tradе in euros, I think it is gas. Because there are many euro-nominated assets in gold and foreign exchange reserves, and that was before 2014 too. Therefore, I do not insist.

But I do not see real data on trade in euros, even for gas. None of the links that you posted say that trading is in euros, that there was at least one delivery in euros.

 

[surada]

There are indications that Russia tradе in euros, I think it is gas. Because there are many euro-nominated assets in gold and foreign exchange reserves, and that was before 2014 too. Therefore, I do not insist.

But I do not see real data on trade in euros, even for gas. None of the links that you posted say that trading is in euros, that there was at least one delivery in euros.

The other article is from 2003.. If my memory is accurate I think Kuwait sells oil in several currencies.

 

[JohnDB]

Where can it get dollars to buy oil? Will it print itself?

Nope...
During George W's presidency there was an issue about the dollar getting too strong.

So we asked OPEC to switch to the Euro and they did.

Euros are the medium of exchange for crude from the Middle East.
Sure it's translated into dollars for our markets...and the reserve currency for the Euro is the Dollar...

But it's kinda a moot point.

Biden and a few senators are the ones who benefit the most. Most presidents after leaving office go meet with Saudi and other OPEC leaders for a "symposium" where the former president walks away with a speaking fee of several million dollars.

Bush Sr., Clinton, Bush Jr, Al Gore, Obama all went and did the exact same thing the moment they left office...they went to a "symposium" for the OPEC nations....a strictly "off the books" informal "symposium.
The main difference was that Bush Jr's meeting made them keep the spigot wide open for over a decade.

 

[Toddsterpatriot]

Where can it get dollars to buy oil? Will it print itself?

Germany has a large trade surplus with the US.
They don't already have dollars they can use?
Where have you ever seen Germany selling Euros to the Fed?

 

[rupol2000]

So we asked OPEC to switch to the Euro and they did.

Is this classified information that is not published in open financial sources?

 

[pknopp]

That's ridiculous. The price is governed purely by supply and demand.
You know, the same capitalist system republicans voted for?

As OPEC noted it's often governed by irrational exhuberance.

I have no idea what your last statement is referring to.

 

[surada]

Nope...
During George W's presidency there was an issue about the dollar getting too strong.

So we asked OPEC to switch to the Euro and they did.

Euros are the medium of exchange for crude from the Middle East.
Sure it's translated into dollars for our markets...and the reserve currency for the Euro is the Dollar...

But it's kinda a moot point.

Biden and a few senators are the ones who benefit the most. Most presidents after leaving office go meet with Saudi and other OPEC leaders for a "symposium" where the former president walks away with a speaking fee of several million dollars.

Bush Sr., Clinton, Bush Jr, Al Gore, Obama all went and did the exact same thing the moment they left office...they went to a "symposium" for the OPEC nations....a strictly "off the books" informal "symposium.
The main difference was that Bush Jr's meeting made them keep the spigot wide open for over a decade.

The Saudis did that to hurt Iran and only incidentaly hurt Russia,

 

[rupol2000]

Germany has a large trade surplus with the US.
They don't already have dollars they can use?
Where have you ever seen Germany selling Euros to the Fed?

What's the difference, of course, when Germany supplies goods to the United States, it does not enter into a deal with the Fed, but the point is that it has to sell the goods in order to buy the dollar. Just shut up I'm tired of your extreme stupidity

 

[surada]

As OPEC noted it's often governed by irrational exhuberance.

I have no idea what your last statement is referring to.

Irrational exhuberance? The Saudis?

 

[pknopp]

Irrational exhuberance? The Saudis?

They said that when oil went to near $150 a barrel despite there being a glut of oil.

They were correct.

 

[surada]

They said that when oil went to near $150 a barrel despite there being a glut of oil.

They were correct.

There wasn't a glut of oil back then.. The glut came after the ppb went up and US oil invested in rigs, exploration and drilling.

 

[Toddsterpatriot]

What's the difference, of course, when Germany supplies goods to the United States, it does not enter into a deal with the Fed, but the point is that it has to sell the goods in order to buy the dollar. Just shut up I'm tired of your extreme stupidity

Yup, Germany earns plenty of dollars to pay for oil from Russia.

 

[JohnDB]

Is this classified information that is not published in open financial sources?

No...not at all.
American oil (WTI) is sold for dollars...but the USA isn't exactly Europe.

The rest of OPEC uses Euros as a medium of exchange... because otherwise it strengthens the dollar too much making American goods too expensive. The conversion rate might seem automatic by the international banking industry...but the exchange with the Middle East is in Euros.

You might not remember when Bush (basically all of America) was in a trade war with the EU and using currencies as the proxy for this. But Bush Jr knew where the bones were buried in the middle east.

Now the former presidents meeting informally with Saudis and etc....not really a well known and highly publicized event but take it for a fact. Politicians are liars and self serving.

 

[rupol2000]

and the reserve currency for the Euro is the Dollar.

"is" or "was"? Europe refused dollar as reserve currency since the end of Brettonwood system

 

[rupol2000]

Yup, Germany earns plenty of dollars to pay for oil from Russia.

and?