Restore credibility on strategic pillars

Amid a glut and market share consideration, OPEC’s 12 members pumped 30.56 million barrels a day in November as China’s thirst for crude increased. China’s energy reserve is estimated at 50 million barrels and there is indication that stockpiling is an active consideration in the light of deepened discounts on shipments to Asia from Saudi Arabia, Iraq and Kuwait, adding speculation to China’s construction of additional storage facilities to 100 million barrels in 2015.

With a keen eye on expenditure, Canada’s full recovery is about two years away, due to a reduction of exports, and Bank of Canada governor Stephen Poloz is keeping his eyes on two percent inflation, while financial chiefs are examining the impact on reduced oil and gas revenue, notably the consequences for the economic advantage and disadvantage of consumers, manufacturing and traders. 

In Europe, however, Greece may continue to keep its footprints on the world, if another crisis is not averted; meanwhile, the US economy is expected to grow at three percent in the next two years. US oil production is showing greater production output from 850,000 barrels per day in 2012, to one million barrels per day in 2013 and is expected to reach 1.1 million barrels per day by the end of 2014.

Mindful of tightening by the US Federal Reserve and new regulations to take hold, FATCA as enacted by the USA to target non-compliance by US taxpayers using foreign accounts requires foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.

The United Nations is now replacing the Millennium Development Goals, which expire in 2015, with the Sustainable Development Goals. Perhaps there could be some lessons on decision making and priorities that Saint Lucia, even as, a full member of the Bolivarian Alliance for the Peoples of the Americas (ALBA), can learn to make better, farsighted choices and not be limited by unconscious biases, to become a regional actor, responding to reactionary incentives.

The World Bank has just issued a report called “Mind, Society and Behavior” listing many policies that have already been tried and points the way to many more – on how the insights of behavioral economics can be applied to global development and global health. 

The real story here is the perspective on the offensive strategy and measures to counter the new rules of engagement and the game changing policy needed to get Saint Lucia the incentives needed to improve the way forward. 


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