European Unemployment Unchanged in December

Current Drought in Mexico

December Global Trade

Historical Note on Drought in Climate Models

Another Terrifying Drought Paper

European Industrial Orders Continue Slide

The Significance of the Al-Naimi Price Comment

Recently, Saudi oil minister Ali al-Naimi made some interesting comments to CNN about Saudi spare capacity:

I believe we can easily get up to 11.4, 11.8 (million barrels a day) almost immediately, in a few days, because all we need is to turn valves," Saudi Oil Minister Ali al-Naimi told CNN's John Defterios. "Now to get to the next 700 or so, we probably need about 90 days."

When asked about whether Saudi Arabia could make up for Iran's exports of 2.2 million barrels a day, al-Naimi said the country has a spare capacity "to respond to emergencies worldwide, to respond to our customer demand, and that is really the focus. Our focus is not on who drops out from production, but who wants more."

and oil prices:

"Our wish and hope is we can stabilize this oil price and keep it at a level around $100" for the average barrel of crude, al-Naimi said.

Chinese Property Prices

OPEC: Oil Production Still Rising

European Industrial Production

Regional Misery Distribution

Oil Prices

Current European Drought Map

Prime Age Men Crawling Back to Work

Current US Drought Map

Eurozone Retail Trade Falls Below 2009 Trough

Some relief on Eurozone Industrial Orders