Saudi Arabia will prolong its unilateral oil production cut...
Saudi Arabia will prolong its unilateral oil production cut by one month, keeping a lid on supply amid persisting fears over the global economy. Its OPEC+ ally Russia also announced fresh curbs on exports.
The kingdom will maintain the 1 million barrel-a-day reduction — launched this month on top of existing curbs agreed with OPEC+ — into August and could extend it further, according to a statement published by state-run Saudi Press Agency. The country will pump about 9 million barrels a day, the lowest in several years, sacrificing sales volumes for what has so far been a minimal reward in terms of higher prices.
Wimbledon begins today:Novak Djokovic is the clear favorite in the men’s draw, but look out for Taylor Fritz (No. 9 in the world) and Frances Tiafoe (No. 10). It’s the first time since 2012 that two American men are ranked in the Top 10 entering Wimbledon.
July Fourth is tomorrow.If you haven’t bought supplies for your cookout yet, you’ll find that sirloin steak and processed cheese for your burger are more expensive than last July Fourth, but chicken and eggs are cheaper, according to Wells Fargo’s Chief Agricultural Economist Michael Swanson. Plus, filling up your gas tank will cost you about $1.30 less per gallon than a year ago, per AAA.
As its operations mostly returned to normal this weekend, United...
As its operations mostly returned to normal this weekend, United Airlines said it’s sending 30,000 frequent flyer miles to its customers most affected by last week’s travel chaos, when nearly 20% of United’s flights were canceled. And in a grievance that will sound familiar to people living in the NYC area, United CEO Scott Kirby blamed problems at Newark Liberty International Airport, a major United hub, for the widespread disruptions. Kirby said the airline will have to change or reduce its operations at Newark to minimize the risk of this happening again.
As smoky skies blanket the East Coast and the West enters another...
As smoky skies blanket the East Coast and the West enters another wildfire season, many US cities are beginning to acknowledge that pounding the air with pyrotechnics in the middle of the summer is maybe not the best idea.
Expanding a trend that began in earnest last year, a number of cities—particularly in the West—are scrapping their July Fourth fireworks displays in favor of drone shows.
Salt Lake City will hold its first drone show for Independence Day to be “conscientious of both our air quality and the potential for wildfires,” Mayor Erin Mendenhall said.
Boulder, CO, is doing the same, citing “increased fire danger fueled by climate change.”
In California, Lake Tahoeand La Jolla are also opting for drone shows.
US drillers cut oil and gas rigs for ninth week in a row
U.S. energy firms this week cut the number...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a ninth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by 8 to 674 in the week to June 30, the lowest since April 2022.
Baker Hughes said that puts the total rig count down 76 rigs, or 10%, below this time last year.
U.S. oil rigsfell by one to 545 this week, their lowest since April 2022, while gas rigs fell 6 to 124, their lowest since February 2022.
