On Sunday, OPEC + announced voluntary cuts in oil production that will amount to 1.657 million barrels per day (bpd). Saudi Arabia, Russia, Algeria, Gabon, Iraq, Kuwait, the UAE, Oman, and Kazakhstan are all planning on production cutbacks starting in May and are planned for the remainder of 2023. The announcement came as a surprise the day before OPEC members were scheduled to meet in Vienna.
Yesterday’s announcement comes on top of a previous production cutback of 2 million bpd in October 2022. At the time, Saudi Arabia explained the reason for the 2 million bpd cut as a response to stabilize oil prices against a weaker global economy and increasing interest rates in western countries that had implications for economic growth and...
A federal appeals court paused a USITC ruling against President Trump’s use of Section 122 to impose 10-percent global tariffs. A bipartisan group of 80 House members asked USTR to investigate specialty crop imports from Mexico for unfair trade practices. India notified the WT...
