RE:What does Russia selling $47/b to China and India meanWow....great post!!
Lots to absorb.
I think there are some other implications of all this that I don't see people talking about is the implications for exchange rates and the status of the US dollar as world's currency. One of the aspects of the current sanctions on Russia is that banks are restricted from clearing money going to Russia. This has forced India to make deals with the Russia and to use roubles and rupees for their transactions instead of US dollars and euros. The same goes for China not using US dollars or euros.
This could have the effect of destabilizing the international payments system and potentially causing the US dollar to fall and weaken its status as the world's reserve currency. When you combine this with yet another Debt Ceiling debate coming up early next year in the US, it just adds another dimension to uncertainty for the markets and something else for Powell and the gang to chew on. Lower demand for US dollars as these countries stop using US dollars will result in higher inflation rates which in turn means higher interest rates.
On the environmental side, the zealots continue to be out in full force. A recent example, while not really significant per se for oil supply and demand, but the other day the Los Angeles City Council voted to force all existing oil wells in the city to stop production and to ban the drilling of any new wells. To me this insanity will make things worse as time goes on.
I share your view with all the balls in the air right now that discretion is better than valor.