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2023 m. balandžio 3 d., pirmadienis

Kodėl rinkos niekada negali būti tikrai saugios

„Užstatas dažniausiai yra nuobodus reikalas.

 

     Turto vertinimas ir paskolų suteikimas pagal jį yra hipotekos bankininko ir atpirkimo sandorio prekiautojo, kuris sudaro trilijonus dolerių per dieną labai trumpalaikių vyriausybės obligacijų atpirkimo sutartis, rūpestis. Ši veikla ne veltui vadinama finansine santechnika: ji labai svarbi, bet neseksuali. Ir kaip apie paprastą santechniką, apie tai išgirsi tik tada, kai kas nors sugedo.

 

     Dabar vienas iš tų laikų. Kovo 16 d. Šveicarijos nacionalinis bankas skyrė 54 mlrd. dolerių kreditui „Credit Suisse“, kuris buvo užtikrintas banko užstatu, o tai pasirodė esąs nepakankama 167 metų senumo įstaigai išgelbėti. Kovo 19 d. Amerikos federalinis rezervų bankas paskelbė, kad vėl suaktyvins kasdienes dolerio apsikeitimo linijas su Britanija, Kanada, euro zona, Japonija ir Šveicarija. Šių ekonomikų centriniai bankai dabar gali trumpam laikui pasiskolinti dolerių iš Fed fiksuotu valiutos kursu, užtikrindami savo valiutą, ir skolinti juos vietinėms finansų įmonėms.

 

     Įprastu metu turtas, kuriam būdinga nedidelė rizika ir, manoma, mažai tikėtina, kad jo vertė smarkiai svyruos, yra didelės rinkos veiklos pagrindas. Tipiški užstato pavyzdžiai yra vyriausybės obligacijos ir turtas. Žaliavos, įmonių kreditai ir akcijos yra rizikingesnės, bet kartais naudojamos. Abiejų rūšių užstatas yra daugelio finansinių krizių priežastis.

 

     Saugumo suvokimas yra priežastis, kodėl galiausiai atsiranda rizika. Manoma, kad kuo saugesnis turtas, tuo patogiau skolintojas suteikia pagal jį kreditą. Kartais turtas yra saugus, bet skolinimas (ir pinigų panaudojimas) – ne.

 

     Ši įtampa tarp saugumo ir rizikos gali sukelti finansinę paniką. Kitais atvejais problema yra paprastas neteisingas sprendimas. Silicio slėnio banko (svb) veikla iš esmės buvo svertinis statymas už turtą, kurį jo bankininkai manė esant tvirtą: ilgalaikes hipotekos ir iždo obligacijas. Įmonės vadovybė tikėjo, kad ji gali saugiai pasiskolinti pinigų, būtent liekant skolingai indėlininkams banke, užstatant šį patikimą turtą. Spartus turto kainų kritimas galiausiai buvo banko žlugimo priežastis.

 

     Per 2007–2009 m. pasaulinę finansų krizę tikėjimas nepriekaištingu Amerikos hipotekos rinkos saugumu lėmė paskolų su užstatu sprogimą. Dėl sprogimo net nereikėjo faktinių hipoteka užtikrintų vertybinių popierių įsipareigojimų nevykdymo. Vien tik įsipareigojimų neįvykdymo tikimybės pokytis padidino kredito įsipareigojimų nevykdymo apsikeitimo sandorių vertę ir tuos produktus pardavusių įmonių įsipareigojimus, o to pakako nuskandinti institucijas, pardavusias didžiulius kiekius apsikeitimo sandorių. Dešimtojo dešimtmečio pradžioje Japonijoje smukusios žemės kainos, kurios buvo pirmenybė teikiama vietinių bankų užstatui, lėmė lėtą finansinių krizių seriją, kuri truko ilgiau, nei dešimtmetį.

 

     Krizės ne tik atskleidžia, kur užstatas buvo neteisingai įvertintas, kaip saugus. Jos taip pat yra naujovių, kurios keičia užstato veikimą, šaltinis. Reaguodamas į 1866 m. paniką, kurią sukėlė Londono didmeninio banko „Overend, Gurney & Company“ žlugimas, buvęs šio laikraščio redaktorius Walteris Bagehotas išpopuliarino idėją, kad centriniai bankai veiktų, kaip paskutinės instancijos privataus finansų skolintojai prieš patikimą užstatą. Kasdieninės apsikeitimo linijos, kurias neseniai atnaujino FED, buvo įvestos per finansų krizę ir vėl atidarytos ankstyvuoju COVID-19 laikotarpiu.

 

     Fed „banko terminuoto finansavimo programa“, pristatyta po SVB žlugimo, yra pirmoji naujovė užstato politikoje per dabartinį finansinį svyravimą. Programos dosnumas yra naujas ir šokiruojantis. 30 metų trukmės iždo obligacijos, išleistos 2016 m.,vertė rinkoje yra maždaug ketvirtadaliu mažesnė už jos nominalią vertę šiandien, tačiau FED ją įvertina nominaliąja verte, jei institucija ją įkeičia, kaip užstatą. Pirmąją programos savaitę bankai pasiskolino beveik 12 mlrd. dolerių, taip pat rekordinę 153 mlrd. dolerių sumą iš centrinio banko įprasto nuolaidų lango, per kurį bankai dabar gali skolintis be įprasto užstato sumažinimo.

 

     Programa gali pakeisti supratimą apie užstatą, susiformavusį per pastaruosius 150 metų. Jei investuotojai tikisi, kad priemonė taps įprasto kovos su panikos priemone dalimi, kaip tai daro apsikeitimo sandorių linijos, tai ilgalaikės obligacijos turėtų naują ir labai vertingą apsaugos priemonę. Tai reikštų, kad finansų įstaigoms bus naudinga, kai palūkanų normos krenta ir jų obligacijos pakyla; o kai palūkanų normos kyla ir obligacijų vertė krenta, FED ateina į pagalbą. Siekdami pašalinti staigių žlugimo riziką ir padaryti finansų sistemą saugesnę, politikos formuotojai ilgainiui galėjo padaryti priešingai." [1]

 

·  ·  · 1.  "Why markets can never be made truly safe." The Economist, 23 Mar. 2023, p. NA.

Why markets can never be made truly safe.

 

"Collateral is usually a boring affair. 

Valuing assets and extending credit against them is the preoccupation of the mortgage banker and the repo trader, who arranges trillions of dollars a day in repurchase agreements for very short-term government bonds. This activity is called financial plumbing for a reason: it is crucial but unsexy. And like ordinary plumbing, you hear about it only when something has gone wrong.

Now is one of those times. On March 16th the Swiss National Bank extended $54bn to Credit Suisse, backed by the bank's collateral, in a move that turned out to be insufficient to save the 167-year-old institution. On March 19th America's Federal Reserve announced it would reactivate daily dollar swap lines with Britain, Canada, the euro area, Japan and Switzerland. The central banks of these economies can now borrow dollars from the Fed at a fixed exchange rate for short periods, backed by their own currencies, and lend them on to local financial firms.

In normal times assets that are exposed to little risk, and thought unlikely to swing much in value, underpin lots of market activity. Government bonds and property are typical examples of collateral. Commodities, corporate credit and stocks are riskier but also sometimes employed. Both sorts of collateral are at the root of many financial crises.

The perception of safety is the reason why risks eventually emerge. The safer assets are thought to be, the more comfortable a lender is extending credit against them. Sometimes the assets are themselves safe, but the lending they enable (and the use of the money) is not.

This tension between safety and risk can prompt financial panics. At other times, the problem is simple misjudgment. The activities of Silicon Valley Bank (svb) were in essence a leveraged bet on assets its bankers believed to be solid: long-dated mortgage and Treasury bonds. The firm's management believed it could safely borrow money—namely, that owed to depositors in the bank—against these reliable assets. The subsequent rapid drop in price of the assets was ultimately the cause of the bank's downfall.

During the global financial crisis of 2007-09, the belief in the unimpeachable safety of the American mortgage market led to an explosion in collateralised lending. The blow-up did not even require actual defaults in mortgage-backed securities. The mere shift in the probability of default raised the value of credit-default swaps, and the liabilities of firms that sold the products, which was sufficient to sink institutions that had sold enormous volumes of the swaps. In Japan in the early 1990s a collapse in land prices, the preferred collateral of domestic banks, led to a slow-burning series of financial crises that lasted for longer than a decade.

Crises do not only reveal where collateral has been wrongly judged to be safe. They are also the source of innovations that upend how collateral works. In response to the panic of 1866, caused by the collapse of Overend, Gurney & Company, a wholesale bank in London, Walter Bagehot, a former editor of this newspaper, popularised the idea of central banks operating as lenders of last resort to private financial institutions, against sound collateral. The daily swap lines recently reactivated by the Fed were introduced in the financial crisis and reopened in the early period of covid-19.

The Fed's "Bank Term Funding Programme", introduced after the collapse of svb, is the first innovation in collateral policy during the present financial wobble. The programme's generosity is both new and shocking. A 30-year Treasury bond issued in 2016 is worth around a quarter less than its face value in the market today, but is valued at face value by the Fed if an institution pledges it as collateral. In the programme's first week, banks borrowed nearly $12bn, as well as a record $153bn from the central bank's ordinary discount window, at which banks can now borrow without the usual haircut on their collateral.

The programme could change the understanding of collateral that has built up over the past 150 years. If investors expect the facility to become part of the regular panic-fighting toolkit, as swap lines have, then long-maturity bonds would enjoy a new and very valuable backstop. This would mean that financial institutions benefit when interest rates fall and their bonds rise in value; and when rates rise and the bonds slump in value, the Fed comes to the rescue. In an attempt to remove the risk of sudden collapses, and make the financial system safer, policymakers may in the long run have done just the opposite.” [1]

·  ·  · 1.  "Why markets can never be made truly safe." The Economist, 23 Mar. 2023, p. NA.

 

Fusion power is coming back into fashion.

“On January 12th Oxfordshire County Council, in England, gave the go-ahead for a new building near the village of Culham. The applicant, General Fusion, is a Canadian firm, and the edifice will house its Fusion Demonstration Program, a seven-tenths-scale prototype of a commercial nuclear-fusion reactor. The firm picked Culham because it is the site of JET, the Joint European Torus, an experimental fusion reactor opened in 1983 by a consortium of governments. That means there is plenty of local talent to be recruited.

General Fusion is not alone. On February 10th Tokamak Energy, a British firm, announced plans for a quarter-scale prototype, the ST80, also at Culham. And in 2024 they will be joined there by Machine 4, a pre-commercial demonstrator from another British outfit, First Light Fusion.

Meanwhile, across the ocean in Massachusetts, Commonwealth Fusion Systems is already building, in Devens, a town west of Boston, a half-scale prototype called SPARC. On the other side of America, in Everett, Washington, Helion Energy is likewise constructing a prototype called Polaris. And in Foothill Ranch, a suburb of Los Angeles, TAE Technologies is similarly working on a machine it calls Copernicus.

These six firms, and 36 others identified by the Fusion Industries Association (FIA), a trade body for this incipient sector, are hoping to ride the green-energy wave to a carbon-free future. They think they can succeed, where others failed, in taking fusion from the lab to the grid—and do so with machines far smaller and cheaper than the latest intergovernmental behemoth, ITER, now being built in the south of France at a cost estimated by America's energy department to be $65bn. In some cases that optimism is based on the use of technologies and materials not available in the past; in others, on simpler designs.

Many of those on the FIA's rapidly growing list are tiddlers. But General Fusion, Tokamak, Commonwealth, Helion and TAE have all had investments in excess of $250m. TAE, indeed, has received $1.2bn and Commonwealth $2bn. First Light is getting by on about $100m. But it uses a simpler approach than the others ("fewer screws", as Bart Markus, its chairman, puts it), so has less immediate need for cash.

All these firms have similar timetables. They are, or shortly will be, building what they hope are penultimate prototypes. Using these they plan, during the mid-to-late 2020s, to iron out remaining kinks in their processes. The machines after that, all agree, will be proper, if experimental, power stations—mostly rated between 200MW and 400MW—able to supply electricity to the grid. For most firms the aspiration is to have these ready in the early 2030s.

Un peu d'histoire

The idea of harnessing the process that powers the sun goes back almost as far as the discovery, in the 1920s and 1930s, of what that process is—namely the fusion of protons, the nuclei of hydrogen atoms, to form helium nuclei (4He), also known as alpha particles. This reaction yields something less than the sum of its parts, for an alpha particle is lighter than four free protons. But the missing mass has not disappeared; it has merely been transformed. As per Einstein's equation, E=mc2, it has been converted into energy, in the form of heat.

This sounded technologically promising. But it was soon apparent that doing it the way the sun does is a non-starter.

Persuading nuclei to fuse requires heat, pressure or both. The pressure reduces the space between the nuclei, encouraging them to meet. The heat keeps them travelling fast enough that when they do meet, they can overcome their mutual electrostatic repulsion, known as the Coulomb barrier, and thus allow a phenomenon called the strong nuclear force, which works only at short range, to take over. The strong force holds protons and neutrons together to form nuclei, so once the Coulomb barrier is breached, a new and larger nucleus quickly forms.

The temperature at which solar fusion occurs, though high (15.5m°C), is well within engineers' reach. Experimental reactors can manage 100m°C and there are hopes to go higher still. But the pressure (250bn atmospheres) eludes them. Moreover, solar fusion's raw material is recalcitrant. The first step on the journey to helium—fusing two individual protons together to form a heavy isotope of hydrogen called deuterium (a proton and a neutron)—is reckoned to take, on average, 9bn years.

What engineers propose is thus a simulacrum of the solar reaction. The usual approach—that taken by General Fusion, Tokamak Energy, Commonwealth Fusion and First Light, as well as government projects like JET and ITER—is to start with deuterium and fuse it with a yet-heavier (and radioactive) form of hydrogen called tritium (a proton and two neutrons) to form 4He and a neutron. (Fusing deuterium nuclei directly, though sometimes done on test runs, is only a thousandth as efficient.)

Ignition sequence start

The power released emerges as kinetic energy of the reaction products, with 80% ending up in the neutron. The proposal is to capture this as heat by intercepting the neutrons in an absorptive blanket and then use it to raise steam to generate electricity. Reactors will also, the idea goes, be able to make the tritium they need (for tritium does not occur naturally) by including in the blanket some 6Li, an isotope of lithium which reacts with neutrons to generate tritium and an alpha particle. Deuterium is not a problem. One in every 3,200 water molecules contains it.

Not everyone, though, is taking the deuterium-tritium route. Helion and TAE are instead proposing versions of what is known as aneutronic fusion.

Helion's suggestion is to start with 3He (two protons and a neutron), a light isotope of helium which is an intermediate stage in the solar reaction. But instead of fusing two of these, as happens in the sun (yielding 4He and two protons), it fuses them one at a time with deuterium nuclei, to produce 4He and a proton. The 3He would be replenished by tweaking conditions to promote a side reaction that makes it from two deuteriums.

TAE proposes something yet more intriguing. Its fuels are boron (five protons and six neutrons) and ordinary hydrogen, both plentiful. When these fuse, the result breaks into three alpha particles. Indeed, TAE originally stood for Tri-Alpha Energy. The problem is that to work satisfactorily a boron-proton fusion reactor will have to generate not a mere 100m°C but 1bn°C.

Even with deuterium-tritium fusion there are many ways to encourage nuclear get-togethers. The aim is to create conditions that match what is known as the Lawson criterion, after John Lawson, who promulgated it in the 1950s. He realised that achieving power generation means juggling temperature, density and the time for which the reaction can be prolonged. This trinity gives rise to a value called the triple product which, if high enough, results in "ignition", in which the reaction generates enough energy to sustain itself.

The most common reactor design, a tokamak, majors on temperature. It was invented in Russia in 1958, and pushed aside two previous approaches, Z-pinching and stellarators, because it appeared to offer better control over the deuterium-tritium plasma used as fuel. (A plasma is a gas-like fluid in which atomic nuclei and electrons are separated.) Its reaction chamber is a hollow torus which contains the plasma. This torus has a set of toroidal electromagnetic coils wrapped around it, paired poloidal coils above and below it, and a solenoid running through the middle (see panel 1).

A plasma's particles being electrically charged, a tokamak's magnets can, in combination, control their behaviour—containing and heating them to the point at which the nuclei will fuse. The plasma must, though, be kept away from the reaction vessel's wall. If it makes contact it will cool instantly and fusion will cease. Stellarators, though also toroidal, required a more complex (and hard to control) arrangement of magnets. Z-pinching used an electric current through the plasma to generate a self-constraining magnetic field.

A conventional tokamak's torus resembles a doughnut, but Tokamak Energy's design (the interior of the current version is pictured, plasma-filled, above) looks like a cored apple. This was calculated, in the 1980s, to be more efficient than a doughnut. The calculation was done by Alan Sykes, who then worked on JET and who is one of the company's founders.

The efficiency and compactness of Dr Sykes's spherical layout have been greatly enhanced by using high-temperature superconductor tapes for the coils' windings. ("High temperature" means they operate below the boiling point of nitrogen, -196°C, rather than that of liquid helium, -269°C). These offer no resistance to the passage of electricity, and thus consume little power. Such tapes are now available commercially from several suppliers.

Commonwealth Fusion also uses high-temperature superconductors in its magnets. And, though its tokamak will be a conventional doughnut rather than a cored apple, it, too, will be compact.

At least as important as the magnets is the other improvement both firms have brought to tokamaks: plasma control. Tokamak Energy's system, for example, is run from a control room that would not disgrace the set of a James Bond film. The software involved is able to track the plasma's behaviour so rapidly that it can tweak conditions every 100 microseconds, keeping it away from the reactor walls. Come the day a commercial version is built, it will thus be able to operate continuously.

The pressure's on

General Fusion, by contrast, plans to match the Lawson criteria using pressure, as well as temperature, in an approach it calls magnetised target fusion. As Michel Laberge, its boss, explains, the fuel is still a plasma, but the reaction vessel's lining is a rotating cylinder of liquid metal—lithium in the prototype, and a mix of lithium and lead in the putative commercial model.

Once the fuel has been injected into the cavity inside this cylinder, pneumatic pistons will push the metal inward (see panel 2), collapsing the cavity into a small sphere. That compresses and heats the plasma to the point where it starts to fuse. If this system can achieve ignition, the heat generated will be absorbed by the liquid lithium—whence it can be extracted to raise steam. Also, some of the neutrons will convert 6Li in the lining into tritium.

General Fusion, too, relies on sophisticated software to control the pistons and so shape the plasma appropriately. But Dr Laberge believes that doing without electromagnets has simplified the design and removed potential points of failure.

TAE and Helion, meanwhile, both use so-called field-reversed configurations (see panel 3) to confine their plasma. Their reaction chambers resemble hollow barbells, but with a third "weight" in the middle. The ends generate spinning plasma toroids that are then fired at each other by magnetic fields. Their collision triggers fusion. Again, this would not be possible without sophisticated control systems.

Both Helion and TAE plan to generate electricity directly, rather than raising steam to run a generator. Helion will pluck it from the interaction between the magnetic field of the merged plasma toroids and the external field. How TAE intends to do it is undisclosed, though it says several approaches are being considered.

Several members of the FIA list's "tail" of 36 are pushing the edges of the technological envelope in other ways. Some are exploring yet further fuel cycles—reacting deuterium nuclei to generate power, rather than just to test apparatus, for instance, or fusing lithium with protons. Others are sticking to the deuterium-tritium route, but examining different types of reactor.

Zap Energy, in Seattle, for example, is using enhanced plasma control to revive Z-pinching. And several firms, including Princeton Stellarators and Type One Energy Group, both in America, and Renaissance Fusion, in France, are dusting off stellarators—again in the belief that modern computing can deal with their quirks.

But the most immediate competition for tokamaks, field-reversed configurations and General Fusion's hydraulic design is an approach called inertial fusion. In this the fuel starts off in a small capsule and the Coulomb barrier is overcome by applying an external shock.

At the moment, the leader of the inertial-fusion pack is First Light. Its engineers apply the shock in the form of a projectile fired by electromagnetic acceleration (see panel 4). The target is a fuel capsule inside a cube-shaped amplifier. The amplifier boosts the impact's shock wave (to 80km per second, it is hoped, in the case of Machine 4) and refracts it so that it converges on the capsule simultaneously from all directions. This will implode the fuel, achieving an ignition-level triple-product.

First Light's approach is, however, unusual. Most other proponents of inertial fusion plan to deliver the shock with lasers. These include Focused Energy, of Austin, Texas; Marvel Fusion, of Munich; and Xcimer Energy, of Redwood City, California. They are all following a path pioneered by the National Ignition Facility (NIF), an American government project to study the physics of atomic weapons.

Green grow my dollars-o

In December 2022 the NIF caused a flutter by announcing it had reached ignition. But the energy released was less than 1% of that expended, meaning it was nowhere near another sine qua non of commercial fusion, Q>1. Q is the ratio of the energy coming out of a machine to that going in. Different versions of Q have different definitions of "out" and "in". But the one most pertinent to commerce is "plug to plug"—the electricity drawn grid to run the whole caboodle versus the energy delivered to back the grid. Focused, Marvel and Xcimer hope to match that definition of Q>1.

It all, then, sounds very bubbly and exciting. But bubbly—or, rather, a bubble—is precisely what some critics worry it is.

First, many technological challenges remain. Dr Markus's observation about the number of screws is shrewd. In particular, his firm (and also General Fusion) have dealt with the need for complex magnetic plasma-control systems by avoiding them.

Finance is also a consideration. Fusion, like other areas of technology, has benefited from the recent period of cheap money. The end of that may garrotte much of the tail. But the pack leaders have stocked up with cash while the going was good. This should help them to hang on until the moneymen and women can judge them on results, rather than aspirations.

Nor should the arrival date of the early 2030s be seen as set in stone. This is an industry with a record of moving deadlines, and a British government project to build a spherical tokamak called STEP has a more cautious target to be ready in 2040.

Moreover, even if a practical machine does emerge, it will have to find its niche. The story told by the companies is of supplying "baseline" power in support of intermittent sources such as solar and wind—and doing so in a way that avoids the widespread public fear of an otherwise-obvious alternative, nuclear fission. That might work, but it will also have to be cheaper than other alternatives, such as grid-scale energy-storage systems.

For fusion's boosters, though, there is at least one good reason for hope. This is the sheer variety of approaches. It would take only one of these to come good for the field to be transformed from chimera to reality. And if that happened it could itself end up transforming the energy landscape.” [1]

·  ·  ·1.  "Fusion power is coming back into fashion." The Economist, 22 Mar. 2023, p. NA.

 

Saudo Arabijos vadovaujami naftos gamintojai ketina dar labiau sumažinti gavybą ir aktyviai remia Rusijos prezidentą Vladimirą Putiną

   „Grupė stambių naftos gamintojų, vadovaujamų Saudo Arabijos, sekmadienį pareiškė, kad nuo kito mėnesio sumažins daugiau, nei milijoną barelių per dieną, o tai netikėtas žingsnis, sutrikdęs Vašingtoną ir galintis padidinti naftos kainas, nerimaujant dėl pasaulio ekonomikos.

 

     Dėl gavybos mažinimo 2 mln. barelių per dieną sumažinimas, dėl kurio spalį susitarė Saudo Arabijos vadovaujama Naftą eksportuojančių šalių organizacija ir grupė kitų gamintojų, vadovaujamų Rusijos. Bendrai paėmus, per septynis mėnesius produkcijos sumažinimas sudaro apie 3% pasaulio naftos produkcijos, pašalintos iš rinkos.

 

     Šis sprendimas žymi dar vieną momentą, kai Saudo Arabija, kadaise buvusi patikima JAV saugumo partnerė, prieštarauja Vašingtono energetikos politikai, Vakarams susidūrus su Rusija. JAV siekė sumažinti Rusijos – vienos didžiausių naftos ir dujų gamintojų pasaulyje – pajamas, taikydamos sankcijas ir kainų viršutinę ribą, tačiau OPEC+ veiksmai padėjo padidinti naftos kainas 2022 m.

 

     Rusija nominaliai dalyvauja sekmadienio veiksmuose, tačiau jos gavybos sumažinimas – 500 000 barelių per dieną – buvo paskelbtas prieš kelias savaites ir greičiausiai buvo nevalingas, nes sankcijų daroma žala jos ekonomikai didėja. Rusijos pareigūnai sakė pratęsiantys gamybos mažinimą visiems metams. Rusijos vyriausybės pajamos buvo sumažintos, didžiausias šalies eksportas – dujos ir nafta – prarado pagrindinius klientus, o nuo lapkričio rublio kursas dolerio atžvilgiu nukrito daugiau, nei 20 proc.

 

     Gavybos sumažinimas paveiks naftos rinką, kuri buvo plačiai vertinama, kaip tvirtai subalansuota pasiūla ir paklausa, o tai gali lemti kainų kilimą. Jei kainos bus didesnės, tai gali paskatinti infliaciją ir apsunkinti sprendimus centrinių bankų vadovams, kurie yra įstrigę tarp bandymų sutramdyti kylančias kainas ir pakelti suirutėn riedančią bankų sistemą.

 

     Baltieji rūmai gamybos mažinimo šiuo metu nelaiko gera idėja, atsižvelgiant į neapibrėžtumą rinkoje, sakoma Nacionalinio saugumo tarybos sekmadienį paskelbtame pareiškime.

 

     „Mes orientuojamės į kainas Amerikos vartotojams, o ne į barelius, o kainos nuo praėjusių metų gerokai sumažėjo – daugiau nei 1,50 dolerio už galoną, palyginti su didžiausia praėjusią vasarą“, – teigė NSC. „Mes ir toliau dirbsime su visais gamintojais ir vartotojais, siekdami užtikrinti, kad energijos rinkos palaikytų ekonomikos augimą ir sumažintų kainas Amerikos vartotojams“.

 

     Saudo Arabija pareiškė, kad ji priims didžiąją dalį gavybos mažinimo ir įsipareigojo nuo gegužės iki metų pabaigos sumažinti gavybą dar 500 000 barelių per dieną. Skelbimas buvo neįprastas tuo, kad jame nebuvo daug OPEC kartelio ar didesnės grupės su Rusija, vadinamos OPEC+, narių, o tik kelios šalys žadėjo mažesnį gamybos lygį.

 

     Anot žmonių, susipažinusių su sprendimu, dėl jo pirmiausia buvo deramasi tarp Saudo Arabijos ir Rusijos, siekiant išvengti pasaulinio sulėtėjimo ir pakelti kainas, siekiant finansuoti ambicingus Saudo Arabijos vidaus projektus ir papildyti Rusijos atsargas.

 

     Naftos gamintojai apie savo sprendimą paskelbė praėjus mažiau, nei mėnesiui po to, kai bankai žlugo, ir Silicio slėnio bankas, padidinęs nuosmukio baimę. Saudo Arabijos gyventojai buvo vieni didžiausių pralaimėjusių kilusioje krizėje – neseniai įsigytas beveik 10% „Credit Suisse Group AG“ akcijų pluoštas neteko beveik visos vertės po banko akcijų paleidimo.

 

     Naftos kainos mažėjo nuo praėjusių metų pabaigos dėl pasaulinio nuosmukio baimių, o tarptautinis etalonas Brent žaliavinės naftos kaina praėjusį mėnesį artėjo prie 70 dolerių už barelį.

 

     Kainos pastarosiomis dienomis pakilo iki beveik 80 dolerių už barelį po tiekimo sutrikimų Irake, tačiau kai kurios OPEC šalys mano, kad naftos paklausa smunka dėl nuosmukio. Kaina po pranešimo pakilo virš 85 dolerių už barelį, o vėliau šiek tiek nukrito.

 

     Saudo Arabijos valstybinė spaudos tarnyba sekmadienį gavybos mažinimą pavadino „atsargumo priemone, kuria siekiama palaikyti naftos rinkos stabilumą“.

 

     Toks sprendimas nustebino analitikus, kurie atidžiai stebi OPEC ir Saudo Arabijos veiksmus.

 

     „Atsižvelgiant į prevencinį OPEC sprendimų pobūdį, OPEC neabejotinai žino apie paklausos tendencijas ir atsargas, kurių mes dar turime iki galo išsiaiškinti bendrame pasiūlos ir paklausos balanse“, – sakė JPMorgan Chase & Co pasaulinės energetikos strategijos vadovas Christyanas Malekas.

 

     Danijos Saxo Bank naftos analitikas Ole Hansenas teigė, kad sprendimas vėl sumažinti gavybą atspindi susirūpinimą dėl JAV ekonomikos, kurioje, kaip tikimasi, palūkanų normos augs.

 

     Saudo Arabijos gyventojai, tikriausiai, jaučiasi patogiau, mažindami produkciją, kad padidintų kainas, nes JAV naftos gamyba nebėra tokia vikri, kaip anksčiau, sakė jis.

 

     Prie Saudo Arabijos ir Rusijos prisijungė OPEC narės Irakas, Jungtiniai Arabų Emyratai, Kuveitas ir Alžyras. Už OPEC ribų Omanas ir Kazachstanas susitarė sumažinti gavybą.

 

     Įpėdinis princas Mohammedas bin Salmanas, faktinis šalies valdovas, planuoja panaudoti savo šalies gaunamas pajamas iš naftos pertvarkyti jos ekonomiką, pertvarkyti jos kraštovaizdį  ir apversti jos konservatyvią kultūrą. Kai praėjusiais metais kainos pasiekė 100 dolerių už barelį, karalystė paspartino savo vadinamųjų gigaprojektų, įskaitant naują miestą dykumoje, Raudonosios jūros kurortus ir nuo nulio kuriamą turizmo pramonę, planus.

 

     Karalystės energetikos ministras princas Abdulazizas bin Salmanas – sosto įpėdinio princo pusbrolis – pareiškė, kad šalis dabar labiau susitelkusi į ateitį ir princo Mohammedo projektų įgyvendinimą. Jis buvo vienas iš pareigūnų, vykdančių vadinamąją Saudo Arabijos pirmąją ekonominę politiką, stiprinančių galias OPEC ir praėjusiais metais pažadėjęs greitai veikti, jei pamatys, kad rinka pasisuks neteisinga linkme.

 

     Princas Abdulazizas nerimavo, kad prekybininkai ir rizikos draudimo fondai trumpina naftą, o tai reiškia, kad jie laikėsi pozicijų, lažindamiesi, kad naftos kainos kris, ir, pasak žmonių, susipažinusių su šiuo klausimu, atrodė, kad jis nusprendė kovoti.

 

     Spalį paskelbti Rijado mažinimai padidino įtampą su Bideno administracija, praėjus keliems mėnesiams po prezidento kelionės į Saudo Arabiją pagerinti santykių. Tuo metu Baltieji rūmai apkaltino OPEC+ aktyviai remiant Rusijos prezidentą Vladimirą Putiną. [1]

 

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1.  Saudi-Led Oil Producers Set for More Output Cuts, Actively Supporting President Vladimir Putin of Russia
Faucon, Benoit; Said, Summer.  Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 03 Apr 2023: A.1.