
Business Dec 3, 2021
Surprise output hike by OPEC+ follows U.S.-Saudi diplomacy drive
The production boost comes even as the new COVID-19 variant threatens demand, after Washington and Riyadh reached a detente on oil prices.
For Javier Blas's latest contributions to The Japan Times, see below:
The production boost comes even as the new COVID-19 variant threatens demand, after Washington and Riyadh reached a detente on oil prices.
Despite the darkening outlook of the oil market, the panel forecast an oversupply of 1.9 million barrels a day in the first quarter, down from previous estimates.
Bowing to U.S. pressure and opening the taps would keep Saudi Arabia’s closest ally onside, at the expense of the hard-won crude price recovery that has swelled the kingdom’s coffers.
Investment in green energy lags what’s needed to keep the planet from warming significantly, while fossil fuel spending also fails to cater for currently growing demand.
Across the world, fossil fuels are making a remarkable comeback as a supercharged recovery from the pandemic boosts demand.
The grounding highlighted the fragility of a global network of markets and economies that takes for granted the flow of goods through it.
If there was one message that echoed through the mountains ringing Davos a year ago, it was that the business world could ignore tweets from U.S. leader Donald Trump. Once in office Trump would act more like a conventional American president and his torrent of ...