LyrArc Article Gist
Western nations including Europe, Canada, Japan and South Korea, are members of the International Enerrgy Agency, which has 1.5 billion barrels in reserve. The IEA will release oil from its reserves to support president Biden's plan to release 180 million barrels over the next 6 months. OPEC that includes Russia plans to increase production by only about 432,000 barrels a day.  During the Trump administration Saudi Arabia and Russia were at odds on production levels leading to Russia increasing production to higher levels than OPEC would allow. This led to a temporary collapse of oil prices to levels as low as $30. To help the US oil fracking industry which could not operate at these low prices president Trump brought the two sides together into what is now OPEC+. The Biden administration has ties with both Iran and Saudis, and aims to revive the Iran nuclear deal, withdrew support for Saudi air strikes on Yemeni Iran backed Huthi rebels. In this geopolitical situation Saudis are reluctant to respond to US calls to increase production as they have done in the past. With climate change and the COP26 agenda in Glasgow there is a plan to shift away from fossil fuels such as coal and oil that are supplied by OPEC and Australia. This means that a shift away from Russian or Saudi oil is also a shift towards renewable energy such as wind and solar which is needed to combat climate change. The Ukraine war and efforts to wean Europe away from Russia sourced energy will accelerate the changes needed to tackle climate change, even though the US fracking industry will step in to increase production at oil prices at $100+ in 2022. After 2023-2024 the push for conservation and renewable energy from today's crisis and Glasgow COP26 commitments, sharp slowdown in China and renewable focused India is likely to bring down oil prices to reasonable levels for a transition period to renewable energy. ...

LyrArc Article Gist
Hashem Rafsanjani's increasing popularity as he runs for president in the 2013 elections in Iran. This reflects the high discontent of the urban middle class and the lack of alternatives in Iran. He owns Iran's second largest airline and has large business interests. At the same time he has close links to the religious leaders running the country. Economic sanctions have hurt the Iranian economy and the negotiations on nuclear development with the international community have reached an impasse, creating an opening for someone seen as a pragmatic leader who can also help businesses recover.

LyrArc Article Gist
  John Foster Dulles view of Asia as stated in Foreign Affairs was very different from the decolonization happening in Asia and may ultimately brought the US into expansion of the Vietnam War without the necessary caution and the overthrow of elected governments in Iran. Donald Rumsfeld's view of the Middle East brought the US into the Sunni-Shia conflicts of the twentieth century. Two faculty members at South Korean Universities make a case for South Korea going nuclear in Foreign Affairs. Foreign Affairs reaches a small group of people who follow foreign affairs who carry on debates on issues that can lead to foreign wars. A wider debate than this is needed on vital issues that affect the 400 million people in the US and Canada and the 500 million in European Union and Britain. Articles in Foreign Affairs can tilt the direction of American policy leading to involvement in conflicts overseas which are not in the US interest instead of educating the population on international affairs which is something very different. George Washington and the founding fathers cautioned against such tendencies.     ...

LyrArc Article Gist
India has reduced imports of oil from Iran from 12% in 2011 to about 9% by the end of April, 2012. A senior state department official from the U.S., Carlos Pascual, will be in India in mid May 2012 to assess the energy situation and see what specific energy facilities in India need to do. Some of the refineries in India are designed to handle only the kind of heavy oil Iran supplies. For the U.S. the issue is keeping up the pressure on Iran during the talks in Istanbul, Turkey, on Iran's nuclear program. For India it has the vital trade and economic relationship with the U.S. balanced against cultural ties to the region and the need for oil supplies.

LyrArc Article Gist
The Trump administration says waivers for China, India, Japan, South Korea and Turkey to import Iranian oil that expire in May will not be renewed. The decision is to have zero exemptions. Earlier Taiwan, Greece and Italy, also on the list, decided to find other sources of imported oil. Iranian oil exports are estimate to be below 1 million barrels a day compared to 2.5 million barrels a day before president Trump abandoned the Obama administration negotiated Iranian nuclear deal and reimposed oil sanctions. 

Saudis and UAE say they will keep the oil market in balance, and president Trump is also relying on U.S. shale oil supplies. The move faces resistance from China which says the U.S. has no jurisdiction to interfere. India haces issues with the U.S. for importing from not only Iran, but also Venezuela, Turkey and Iran are neighbors, India and Iran are neighbors, both with cultural ties to Iran, making the situation difficult for both countries.

LyrArc Article Gist
Ishaan Tharoor provides a brief history of Russia's intervention in Syria and its role in the Middle East since 1950. This does not mention the Dulles period under Eisenhower in U.S. politics when the U.S. engaged in the Cold War withdrew support for building the Aswan High Dam, thinking that the Soviet Union would not come up with support. The Soviet Union under Krushchev provided $1.2 billion at 2% interest in 1958 for building the Aswan High Dam- constructed from 1960-1970- which helped increase irrigation and crops in the Nile river region and reduced the damage from droughts and floods. Soon after the dam was built it provided about 50% of Egypt's electricity. This was the high point of Soviet Union's economic engagement, latter support was defined by military arms supplies and led to the Six Day War, and the economic stagnation of the economy under Nasser's successors from the military. The Soviet Union was actively engaged in Iran with a Russian and British zone in the country in 1907, soon after the flowering of an effort to write a democratic constitution 1900-1907 for Iran with the help of British intellectuals, similar to the failed effort of the Arab Spring today. In neighboring Afghanistan the Soviet Union fought a long war under Brezhnev, contributing to the unravelling of the economic structure of the Soviet Union before the fall of the Berlin Wall. The British were primarily focussed on protecting oil interests in Iran in the period 1900-1950, yet contacts with British civil society led to the first grasp of democratic constitution and processes in Iran during this period. The American intervention funnelling arms support to the Saddam regime in Iraq in a war Iraq initiated against Iran 1980-1988, marks a low point in American intervention similiar to the Russian intervention in Iran-Iraq-Syria today. It may also define some of the problems of today because of the length of that war, the entrenching of military in the government in Iran, suspicions of the U.S., and the possible sense of a need for nuclear weapons to prevent attacks on Iran, as Pakistan has done in its conflict with India, though this is rarely brought up in discussions. The American arms support intervention, led to a series of cascading conflicts since 1980 with the invasion of Kuwait by the Saddam regime in 1990, the destruction of Shia in the marshlands of Iraq after a flawed peace agreement, and the follow up to that conflict with George Bush's invasion of Iraq on grounds of WMD development in 2003 for the 2003-2011 Second Gulf War including the Surge. The arms support of the Saddam regime in the war it initiated against Iran, was policy designed under President Reagan 1980-1988 following the hostage crisis and the Islamic revolution in Iran in 1979. The cascading crises with Iran and Iraq may not have led to this level of conflict and disruption, refugees and deaths in the Middle East, if American policymakers had heeded George Washington's advice during his presidency, that your enemy's enemy is not your friend when it comes to framing policy- for this reason Washington as president did not see it in the national interest to get involved in conflicts between Britain and France beginning in 1793, France having aided the American side against the British in the War of Independence. In the Proclamation of Neutrality, Philadelphia, April 22, 1993, he says: "Whereas it appears a state of war exists between Austria, Prussia, Sardinia, Great Britain and the United Netherlands, on the one part, and France on the other; and the duty and interest of the United States require, that they should with sincerity and good faith adopt and pursue a conduct friendly and impartial towards the belligerent powers.." And in a letter to Patrick Henry offering him the position of Secretary of State from Mount Vernon, October 9, 1795, Washington says: "My ardent desire is, and my aim has been, to comply strictly with all our engagements, foreign and domestic; but to keep the U States free from political connexions with every other Country. To see that they may be independent of all, and under the influence of none. In a word I want an American character, that the powers of Europe may be convinced we act for ourselves and not for others, this in my opinion is the only way to be respected abroad and happy at home and not by becoming the partizans of Great Britain or France, create dissensions, disturb the public tranquillity, and destroy perhaps for ever the cement which binds the Union." At a time of passionate political debate, it is time to step back and reflect on lessons that can be learned from the founding fathers about the way they tackled the important issues of their time....

LyrArc Article Gist
Sabotage of two tankers in the Persian Gulf and reports of activity of Iranian proxy forces in Iraq and Syria have led to an American response with the dispatch of a aircraft carrier and other forces to the region.  This report in the NYT says Defense Secretary Shanahan has prepared plans for deployment of American forces in the region with one plan calling for 120,000 troops to be dispatched to the region. As president Trump is against American involvement in land wars in distant places, the force is designed as a precaution in case of an Iranian attack through proxy forces in Syria or Iraq and not for a land operation. National Security Adviser Bolton has taken a strong position on Iran since the days of the Bush administration. The U.S. withdrawal from the Iran nuclear deal, the sanctions on Iranian oil, are part of a new policy of the Trump administration. The European Union countries have followed a policy of preserving the nuclear deal of 2015, even though the U.S. is pressuring EU countries. The oil sanction have led to a sharp drop in oil exports and is hurting the Iranian economy. President Rouhani of Iran says Iran may withdraw from parts of the Iran nuclear deal and the Iranian response is leading to heightened tensions in the region.  It was only recently that the Democratic party Obama administration pursued the Iranian nuclear deal with opposition from Republicans in Congress and skepticism of Israel. The election of president Trump who says the deal was a bad one has reversed U.S. policy leading to a complete change in policy and a possible confrontation with Iran. U.S. policy can veer back and forth depending on the party or president in power who completely different perceptions of the region. Obama had sharp difference with Israel and Saudi Arabia, and a different perception of Iran. Trump and Bolton see Iran as a threat to the U.S. After Iran shipped most of its nuclear fuel out of the country in 2016 in exchange for lifting of economic sanctions under president Obama's nuclear deal it would take over a year for new uranium enrichment facilities to produce the materials for a nuclear bomb, according to this report in the NYT. When the Obama administration negotiated with Iran the window had shrunk to a few months.   ...

LyrArc Article Gist
Greg Ip points out that the stronger dollar in 2018 is creating serious problems for Argentina, and will have an effect on Turkey, Indonesia and other developing countries. Dollarization hurts because it increases debt as debt servicing becomes costlier with dollar denominated debt and imports denominated in dollars become costlier. The dollar has increased in importance in the global economy. This is why the economic growth has suffered in developing countries in 2018. It is also why president Trump believes he can cut off Iran from the U.S. banking system to increase chance of new negotiations to fix flaws in the Iran nuclear deal, says Ip.   Argentina has seen internal problems compounded by the rising dollar causing the peso to drop by 17% so far in 2018. 88% of Argentina's imports are denominated in dollars. A rising dollar means it costs more in pesos for imports. Argentina's different levels of government have $98 billion in dollar denominated debt, and private sector has an additional $68 billion, the total being a third of its GDP. A decline in the peso means this is harder to pay off. About 40% of world trade, according to Harvard economist Gita Gopinath, is invoiced in U.S. dollars, four times U.S. share of world trade, and developing countries together owe $2 trillion in dollar denominated debt according to BIS. This makes it harder for developing countries such as Indonesia, Turkey, India, Argentina, Brazil, as they now face rising oil prices in combination with a rising dollar. In Argentina a poor crop for soyabeans and other agricultural exports in 2018 creates additional woes.   ...

LyrArc Article Gist
Mohammed bin Salman, 31 years old, is made the successor to his father King Salman. Prince Nayef, 57, the crown prince is removed from this position. Nayef was Interior Minister. After the current king assumed office in Jan. 2015, he promoted his son to the position of defence minister, overseeing the state oil company and overseeing economic affairs. He put together a plan Saudi Vision 2030, and the kingdom has taken a larger role in international affairs under his leadership as the U.S. under the Obama administration moved away from the Saudi policies in Bahrain, Egypt, and Yemen. Under Salman the Saudi kingdom has moved to confront Iran in Syria and Yemen supporting opposite sides in the conflict, and with Saudi aircraft bombing targets in Yemen.  Recap- for more depth see groups and links and search. In international affairs the Saudis grew restive as the Obama administration failed to setup a no fly zone in Syria to protect its Sunni population. Following the chemical weapons attacks in Syria the lack of a U.S. response led to the Saudis turning down a Security Council seat.  Early confrontation occurred in Bahrain with a Shiite population and Sunni government. The Saudis then intervened to support Sissi in Egypt against the Muslim Brotherhood government as the liberals drifted away from the Brotherhood. With Iranian and Russian support for the Syrian government in Damascus against rebels, the Saudis began to use oil policy leading to an effort to let oil prices fall by loosening production limits, believing it would hurt their rivals even more. This hurt Iran, Russia and Saudis, each in a different way. Some of the roots of the Russian involvement in Syria are also related to this. Russia responded to the oil price drop by relying less on exports, and letting devaluations help the Russian economy become more self sufficient. Iran by working to get a deal with the Obama administration on nuclear development to get out of the sanctions regime that hurt Iran's economy. The Saudis cut some subsidies and Prince Salman led the effort for an initial public offering for Saudi state oil company Aramco. As time progressed the Arab Spring with protests in Tunisia, Egypt, and even before that in Iran for greater freedom, morphed into a sectarian struggle between Shiites and Sunnis. The roots of Islamic State are in the unrest in Mosul, Iraq's largest city, with the Shiite government of a pro-Shiite prime minister, leading to the fall of the city to the militants. He was replaced by the current prime minister Abadi to accomodate U.S. insistence on keeping out sectarian sentiment. This is why the problem is so intractable. Desire for freedom plays a role, but religion also plays a role, not only that but there are two versions of Islam in the region.  Remember Gandhi's admonition- "an eye for an eye that makes the whole world blind," as India struggled to set up a democracy in the South Asian region, after the British left.         ...

LyrArc Article Gist
Iran's nuclear program a key isue in elections for leadership of the ruling Kadima party with Transportation minister Mofaz and Foreign Minister Livni top contenders both talking tough about Iran to win votes.

LyrArc Article Gist
The Turkish example is proving how difficult it is to get effective international sanctions against the development of nuclear weapons without the cooperation of the international community. A recent surge in gold exports from Turkey to Iran, or to Iran through the U.A.E., is the result of Turkey using a loophole in sanctions against Iran to pay for natural gas and oil imports from Iran with Turkish lira. The lira is is then converted to gold to be sent to Iran. Under sanctions Iran is frozen out of the international SWIFT banking transactions system. Turkey imports 51% of its oil and 18% of its natural gas from Iran.Turkey's deputy prime minister tells a parliamentary budget commttee- "in essence gold exports to Iran end up like payments for our natural gas purchases. Turkey is depositing the payment for the gas we purchase from Iran to Iran's account in Turkey. I don't know exactly how they then transfer it." Turkish state run bank, Turkiye Halk Bankasi AS, is in charge of processing payments. Halkbank raised 4.5 billion lira ($2.5 billion)in Nov. 2012 in a secondary share sale of a 2.8% stake, according to the Istanbul Stock Exchange. Turkey's gold exports to Iran in the first 9 months of 2012 increased from $54 millon in 2011 to $6.4 billion. This is helping Turkey's problems with its high current account deficit from an unsustainable 10% at the end of 2011 to 7% 0f GDP. This helped Turkey with short term external financing needs by getting Turkey its first investment grade credit rating in twenty years. Two way trade with Iran for the first 9 months is at $18.8 billion, up from $16 billion in 2011, the $16 billion was an increase of 50% over 2010....

LyrArc Article Gist
In his foreign policy address following the northeast state primaries Donald Trump outlines a policy with less foreign engagement in trouble spots, and greater reliance on partners in Europe and Asia contributing to joint defense. It also includes building up the military and nuclear arsenal. It criticizes the Bush administration for intervention in Iraq that benefitted Iran, and the Obama administration for policies that led to the rise of Islamic State. Because Trump is not for supporting foreign engagements in trouble spots the difference in Trump's policies is not announcing or signalling in advance what U.S. response would be, instead keeping it unpredictable. It is not clear how much this would work given that any president would inherit the situation before him, and also the complexity of the situation would not change, such as the need to have Iranian cooperation and Saudi cooperation to tackle Islamic State. The Bush administration started with a similiar intention to focus on domestic policy, till the 9/11 surprise attack steered it away towards nationbuilding overseas. The pendulum swung in the latter years of the Bush adminstration to the Iraq intervention, Abu Ghraib and Guantanamo, followed by a swing in the other direction to allowing Libya and Syria disntegrate leading to millions of refugees. Complexity, surprises, and swings of popular opinion, are unlikely to go away, even as caution is exercized and military capabilities enhanced....

LyrArc Article Gist
Prof. Mohammad Ayoob of Michigan State University looks at the tit for tat military responses of India and Pakistan and tries to interpret the mixed signals of the Pakistan military and civilian president Imran Khan. He says Imran Khan had the difficult task of being in line with the top generals of the Pakistan military and at the same time responding to international pressures to de-escalate the crisis. Imran Khan asked India not to take the confrontation further or Pakistan would have to retaliate, and at the same time emphasized de-escalation as the goal with pressure from Saudi Arabia, the U.S. and China. The nuclear doctrines of the two countries which differ from the manner in which the U.S. and Soviets operated during the Cold War, also make escalation dangerous. Prof. Mohammad points out that the military in Pakistan plays a different role in the state since it was created in 1947. With military control of nuclear weapons any danger of losing control of the state and its position in the state since 1947 could lead to reckless strategies, says Prof. Mohammad. Mr. Imran Khan had to speak in different terms to different audiences in a kind of double speak in this situation. Mr. Khan spoke in terms of development and the need for Pakistan to fund the needed infrastructure always at the back of the mind in the current situation at the outset of the crisis. Much of this was lost in the ensuing hours of the crisis. Yet this remains the dominant need in South Asia as Mr. Imran Khan faces the challenge of meeting his promises for development as much as Mr. Modi faces the challenges of development to catchup with Asian neighbors South Korea and China who have shown how this can be done. A longer memory does show China and South Korea falling behind in the fifties and sixties before making great progress in the last 3 decades by pursuing peaceful cooperation with earlier adversary Japan,  and in the case of China the U.S.  Anyone familiar with the role played by the U.S. in China's civil war, and the Japanese invasions of Korea and China, during four decades of conflict,  followed by the cooperation offered by Japan and the U.S. to first South Korea and then China can see that progress is possible and lays the foundation for development. A recent article in The Guardian reports that China now lays more concrete every 2 years than the U.S. did for the entire twentieth century. None of this would be possible had Chinese leaders in their wisdom and passion for development not pursued development first and foremost, setting aside historic wounds. ...

LyrArc Article Gist
Mike Pompeo is a four term Congressman from Kansas, who was educated at West Point and Harvard Law School, and served for 1 year as CIA Director under president Trump. He now becomes the new Secretary of State for the U.S. after winning Senate nomination 57 to 42. He comes to a State Department that lost top diplomats and suffered from a downsizing effort that has left it demoralized during the period former Exxon CEO Mr. Tillerson headed the department. Pompeo has to meet several challenges including restoring morale in the State Department, better relations with the UN Representative Nikki Haley, setting the best course on the Iran nuclear deal which he now supports, negotiations with North Korea where he was sent as an emissary recently. In doing this he has built trust with president Trump with his intelligence briefings as CIA Director, and his military background brings him closer to Gen. Mattis at the Defense Department. Also a challenge is setting a path for the strained relations with Russia. His first visit is to Brussels and NATO headquarters for discussions with European allies. ...

LyrArc Article Gist
In response to bellicose speeches by Republican presidential candidates Mitt Romney and Rick Santorum at the American Israel Public Affairs Committee conference on March 6, 2012, President Obama stated at a press conference: "This is not a game..The one thing we have not done is we have not launched a war.. If some of these folks think we should launch a war, let them say so, and explain to the American people." The U.S. president, advisors and intelligence officials believe that Iran has yet to acquire a nuclear weapon, that there is time for sanctions to work and make the Iranian government give up any weapons programs it is working on. Their view as stated by the U.S. President is that this time cannot be measured in two days or two months. Recent elections in Iran show divisions in the government between the Ayatollah Khamanei and premier Ahmadinejad, with the elections favoring candidates supporting Khamanei. There is also the dynamic of changing relations in the Middle East- between Iran and other countries such as Iraq, Turkey, Saudi Arabia, India- which have strong ties to the U.S., and Iran's relations with China and other countries which have close economic ties to the U.S. In addition in a country with a demographic skewed heavily towards younger people and a third of the people under 15, the democracy protests in 2011 about a flawed election in 2009 are supported largely by university and college students. That election may actually have been stolen by Ahmadinejad from Mr. Moussavi, who in an election eve television debate accused Ahmadinejad of "adventurism, illusionism, exhibitionism, extremism, and superficiality," (Nazila Fathi, NYT 6/4/2009). These factors are likely to be behind the Obama administration's sense of a "window of opportunity," to use Mr. Obama's words. Recent polls by the University of Maryland's Prof. Telhami show only 19% of Israelis favored a military strike without U.S. backing in Feb. 2012, and Israeli public opinion experts see Obama's position as reflecting a sound judgement. Research by Citigroup shows that at a price for Brent crude of $120 with an escalation in Iran, it would take 9% of the world's GDP to support the higher energy costs, hitting Europe especially hard (Liam Denning, WSJ 1/6/2012)....

LyrArc Article Gist
The move by Houthi rebels- belonging to an offshoot of Shiite Islam- from the north of Yemen to Sanaa and then to Taiz and Aden in the south of Yemen draws a Saudi response. Yemen borders Saudi Arabia in the south. The Saudis launch airstrikes on Houthi targets in Yemen. The Persian Gulf states, Turkey, Egypt, Jordan, Morocco and Pakistan support the Saudis, creating the potential for a wider sectarian conflict in the region. The withdrawal of U.S. influence in the region under the Obama administration leads to the collapse of the Arab Spring, the Saudis pursuing an independent foreign policy, the rise of Islamic State militants, Turkey following its own policy, emboldening Iran in extending its influence in the Middle East, and creating a situation of wider sectarian Sunni-Shiite conflict throughout the Middle East. It creates a situation in which the U.S. is involved on the Iranian side in support of the government in Baghdad supported by Iran against Islamic State militants, and at the same time on the side of the Sunni coalition in Yemen as the U.S. withdraws from drone bases in Yemen. At the same time the Obama administration finds itself distancing itself from Israel as it negotiates alongside France and Britain with Iran on a nuclear agreement....

LyrArc Article Gist
Chuck Hagel on the need to bring in more countries to handle difficult situations such as the one the US faces in Iraq and Afghanistan. He says thats why the world now has a G20 and not a G8. No country can face these situations alone especially when there is a mutual interest of many countries in these situations. He calls it a 20th century reaction to 21st century realities. He says the 2 wars cost more than a trillion dollars. One sees a new respect for international institutions such as the UN, World Bank, IMF, and GATT renamed WTO, even with Republicans. Chuck Hagel's point makes a lot of sense and is generally accepted in people's understanding of the situation from the Defence Department to the Administration, and among respected politicians. It is putting it onto practice that is the hard part. As Hagel puts it, it is important to remember what Lyndon Johnson told Senatior Russell, that he knew the Vietnam war could not be won, and yet he did not want to pull out and be the first American President to lose a war. This is a contradiction because if it can't be won its going to be lost under the next President or the one after that, in this case Gerald Ford. Hagel says it not ours to win and lose. Here he points to the interconnectedness and shared interests of all nations. Every great threat to the U.S., whether it is economic, terrorism, nuclear weapons proliferation, health pandemics, environmental degradation, energy or water and food shortages, is also a threat to global partners ansd rivals. So its wrong to view engagements in Iraq and Afghanistan through the lens that says its about winning or losing. And he asks win what? Too many cultural, ethnic and religious dynamics are involved for any one nation to control. Hagel concludes by saying that the US, the Defense Department, the Obama administration, must get this right, as it affects the global architecture for the next generation. Fresh thinking is needed. Single issue engagement is obsolete in the 21st century in dealing with global partners or rivals, or countries with aspects of both....

LyrArc Article Gist
The Washington Post editorial board warns against repeating the mistake made by president Obama of an hasty withdrawal from trouble spots in the Middle East. Many of the negative events in 2014-2017 were a result of a lack of action where needed or hasty withdrawal leading to the refugee crisis in both Syria and the European Union, and an increase in terrorism, This also led to the rise of extreme politics in many countries, and outside interventions that have worsened the situation.

LyrArc Article Gist
Theresa May, the new British prime minister, announces her choice for cabinet positions- Liam Fox is new minister for International Trade, David Hammond is the new Chancellor of the Exchequer replacing Osborne. Hammond was Foreign Secretary under Cameron and helped negotiate the Iran nuclear accords. David Davis, a former minister for Europe, is in charge of a new ministry created to arrange Britain's exit from the EU. Boris Johnson replaces Hammond as Foreign Secretary. Johnson was Mayor of London and was a key figure in the Leave campaign. Michael Gove is out. David Davis and Johnson were in the Leave campaign and are now given responsibility for working on Brexit, a move that puts to rest any doubts about steps to be taken for Brexit, and is an effort to reunite the Conservative Party. With Osborne out, a principal architect of the austerity budgets of the 6 years of Cameron's government is now replaced by Hammond, who will now reflect the desire of Theresa May to come up with policies that "benefit everyone" and fight "burning injustice" to use May's first words as she assumed office at 10 Downing Street.  ...

LyrArc Article Gist
Growing need for commodity metals, iron ore, copper, and crude oil as Japan grows at 2-3% a year. Japan's economy is not growing as fast as China's, but it is twice the size of China, and it is the 3rd largest consumer of oil. It has no energy sources within Japan. About 13 nuclear plants are under development. It is highly energy efficient and developing alternative fuels. Japan has an aging population so the longer term trend is for a decline in energy consumption.