OPEC+ Members Endorse Output Cut after US Coercion Accusation
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month...
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
The kingdom’s defense minister and King Salman’s son, Prince Khalid bin Salman, said the Oct. 5 decision to reduce output by 2 million bbl/d—taken despite oil markets being tight—was unanimous and based on economic factors.
His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.
Mississippi River Water Levels are Lowest in 30 Years
Water levels on the Mississippi are approaching their ...
Water levels on the Mississippi are approaching their lowest levels in 30 years, creating traffic jams, jacking up shipping prices, and threatening jobs that depend on this critical trade route.
Why is it so dry? The simple answer is always the correct one: There’s been no rain. Vicksburg, Mississippi, which is located on the river, has received less than one inch of rain since Sep. 1.
Meager water levels make transportation on the river much trickier—or downright impossible. Last Friday, more than 2,000 barges were backed up along the Mississippi because certain points were closed.
Why it matters: The Mississippi River is the lubricant of the American commercial engine. The river’s basin accounts for 92% of US agricultural exports, and 78% of global exports of soybeans and feed grains, per the Guardian. When the river was closed at least three times during the Great Plains drought of 2012, the US economy suffered $35 billion in losses.
Wall Street is debating whether the massive upside reversal on Thursday was real or a head-fake. From...
Wall Street is debating whether the massive upside reversal on Thursday was real or a head-fake. From intraday lows to highs, the Dow Jones Industrial Average saw a 1,500-point swing. For the S&P 500, Thursday marked the fifth largest intraday reversal from a low. And for the Nasdaq, it was the fourth largest.
U.S. drillers add oil and gas rigs for fourth time in five weeks
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five...
U.S. energy firms this week added oil and natural gas rigs for the fourth time in five weeks as production growth slows despite relatively high oil prices.
The total oil and gas rig count, an early indicator of future output, rose seven to 769 in the week to Oct. 14, returning to its highest since March 2020 after slipping for the past couple of months.
U.S. oil rigs rose eight to 610 this week, their highest since March 2020, while gas rigs fell one to 157, their lowest since July.
