Technology, Economics, And Governance News Roundup | October 21-28
Rachel Moltz
Sun, 10/30/2022 – 14:53
Industrial Policy & International Security
U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought. | The New York Times
Earlier this month, oil-producing countries agreed to cut production by two million barrels per day contradicting an assumed agreement between the US and Saudi Arabia to do the opposite. Before President Biden visited Saudi Arabia over the summer, the country fulfilled part of a deal with the US and accelerated a production increase of 400,000 barrels per day to June. Yet, in September, OPEC Plus reversed some of their production increases. Prince Mohammed bin Slaman assured Americans there would be no more cuts. Some US officials believe Saudi Arabia’s pivot could be the result of Russian influence but Saudi Arabia claims a neutral position on the war in Ukraine. Prices could surge in December after the European embargo goes into effect, especially if the OPEC Plus meeting in the same month does not yield an increase to supply.
American businesses must stand with their European counterparts | The Financial Times
President and Chief Executive of the US Chamber of Commerce, Suzanne Clark, argues …read more
Source:: Hoover Institution