Serious money coming in!
Discussion
Saudi Aramco have just announced record profits of close to £40bn in just 3 months, that is absolutely mind boggling! Equates to £5,000 every second of every day, if that was turnover it would be hugely impressive, hard to imagine having that kind of money coming in constantly.
https://www.bbc.co.uk/news/business-62539480
https://www.bbc.co.uk/news/business-62539480
Supernova190188 said:
Saudi Aramco have just announced record profits of close to £40bn in just 3 months, that is absolutely mind boggling! Equates to £5,000 every second of every day, if that was turnover it would be hugely impressive, hard to imagine having that kind of money coming in constantly.
https://www.bbc.co.uk/news/business-62539480
Not to mention doubling russian oil imports up to June cheap fuel for home to free up crude for export .....sanctions only hurting us?https://www.bbc.co.uk/news/business-62539480
Does beg the question what they plan to do with it, just leave it in an account with all the rest ? Or is it used, in part to fund Islam across the globe, building mosques etc ?
Sooner we can be rid of fossil fuels the better, wonder if this is them seeing the writing is on the wall and making hay while the sun shines ? Same with Putin, demographics timebomb, Oil and Gas will take a back seat, he is getting old so was now or never ?
Or, just a complete clusterf
k where they are the beneficiaries, even more than normal ?
Sooner we can be rid of fossil fuels the better, wonder if this is them seeing the writing is on the wall and making hay while the sun shines ? Same with Putin, demographics timebomb, Oil and Gas will take a back seat, he is getting old so was now or never ?
Or, just a complete clusterf
k where they are the beneficiaries, even more than normal ?J4CKO said:
Does beg the question what they plan to do with it, just leave it in an account with all the rest ? Or is it used, in part to fund Islam across the globe, building mosques etc ?
Broadly speaking, they use it to buy up the rest of the world.https://en.wikipedia.org/wiki/Public_Investment_Fu...
Supernova190188 said:
Saudi Aramco have just announced record profits of close to £40bn in just 3 months, that is absolutely mind boggling! Equates to £5,000 every second of every day, if that was turnover it would be hugely impressive, hard to imagine having that kind of money coming in constantly.
https://www.bbc.co.uk/news/business-62539480
Peanuts matehttps://www.bbc.co.uk/news/business-62539480
Amazon: $837,330.25 revenue per minute in 2021?s first quarter
Apple: $691,234.57 per minute
Ooops those figures probably aren't profit
Yes Aramco profits are disgusting
Polly Grigora said:
Supernova190188 said:
Saudi Aramco have just announced record profits of close to £40bn in just 3 months, that is absolutely mind boggling! Equates to £5,000 every second of every day, if that was turnover it would be hugely impressive, hard to imagine having that kind of money coming in constantly.
https://www.bbc.co.uk/news/business-62539480
Peanuts matehttps://www.bbc.co.uk/news/business-62539480
Amazon: $837,330.25 revenue per minute in 2021?s first quarter
Apple: $691,234.57 per minute
Ooops those figures probably aren't profit
Yes Aramco profits are disgusting
GroundEffect said:
Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.Over the last 40 years, we've gone from broad energy independence to becoming wholly dependent upon foreign-owned assets and foreign energy sources. Never mind ecology; it is imperative we re-build our energy self-sufficiency and security.
skwdenyer said:
Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.Over the last 40 years, we've gone from broad energy independence to becoming wholly dependent upon foreign-owned assets and foreign energy sources. Never mind ecology; it is imperative we re-build our energy self-sufficiency and security.
Not increasing output in the face of Ukraine was also a real message to The West and sanctions against Russia.
Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.I am all for companies being prosperous but this is now going to kill more people than Putin ever has.
Hopefully, despite that some good will come out of it and folk will, where they can make alternative arrangements for power and reduce usage, that can only be a good thing long term and maybe a little bit of pain to focus us on energy usage is a good thing but a four fold increase in a year is beyond the pale.
But as long as energy companies, and I dont mean the ones we pay our Gas and Electric bills to are doing ok, that will give everyone a warm and fuzzy feeling.
Saudi Aramco have made 48 thousand million dollars in three months, thats just one company, how many of them are there ?
World is all old men wanting more power and more money for no apparent reason.
Hungrymc said:
100%. OPEC are a live demonstration of the free market being a myth. Behaviour that would be highly illegal in many territories that they sell to, but they the power to do as they wish and profit highly from it.
I think you have that the wrong way around; OPEC are free to produce or not produce and the price is a consequence of that. Applying regulation to the market is the opposite of market freedom.It's not entirely the case that OPEC strangle supply to increase the price, though that may be what's happening at the moment. OPEC also manage supply because they want a stable price so that they can invest in their supply chain and capacity with a level of certainty.
The other angle to consider is that OPEC actually want the price low because when its high idiot politicians are encouraged to tell people that wind is cheaper and the market economics push investment into technologies that may ultimately kill demand for the stuff OPEC sell dramatically.
What is going on is free-market economics; Western Governments regulate the energy market in terms of tax, what can be produced, where it can be produced for political reasons. The overall result is we import energy so the Government can avoid difficult decisions on building nuclear or fracking and generally pretend our energy is cleaner than it is. This approach is what hands power over the market dynamics to Russia and OPEC and it is entirely normal and expected that the market responds as it has.
It isn't a question of market failure, it's a political failure. And its politicians that are pushing the idea that it's a failure of capitalism to deflect the blame.
Hungrymc said:
skwdenyer said:
Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.Over the last 40 years, we've gone from broad energy independence to becoming wholly dependent upon foreign-owned assets and foreign energy sources. Never mind ecology; it is imperative we re-build our energy self-sufficiency and security.
Not increasing output in the face of Ukraine was also a real message to The West and sanctions against Russia.
OPEC (and BP, Shell, and all the other western Energy companies) are making huge profits because we've put sanctions on Russia (as well as Iran and Venezuela. If you cut supply and demand stays the same then price rises and supernormal profits get made.
J4CKO said:
Countdown said:
Polly Grigora said:
Yes Aramco profits are disgusting
Why are they "disgusting"? The price of oil has gone through the roof and all energy companies are making a fortune. This is how the free market works.I am all for companies being prosperous but this is now going to kill more people than Putin ever has.
Hopefully, despite that some good will come out of it and folk will, where they can make alternative arrangements for power and reduce usage, that can only be a good thing long term and maybe a little bit of pain to focus us on energy usage is a good thing but a four fold increase in a year is beyond the pale.
But as long as energy companies, and I dont mean the ones we pay our Gas and Electric bills to are doing ok, that will give everyone a warm and fuzzy feeling.
Saudi Aramco have made 48 thousand million dollars in three months, thats just one company, how many of them are there ?
World is all old men wanting more power and more money for no apparent reason.
Have always argued that essential services should be break even, this obviously means not privatised
All fuels, post office, water and obviously prostitution
deckster said:
Broadly speaking, they use it to buy up the rest of the world.
https://en.wikipedia.org/wiki/Public_Investment_Fu...
To be fair, Britain's sovereign wealth fund, created with the billions we received from selling off our stakes in the likes of BP also invests in... Oh hold onhttps://en.wikipedia.org/wiki/Public_Investment_Fu...
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