OPEC, the Organization of the Petroleum Exporting...
OPEC, the Organization of the Petroleum Exporting Countries, was founded in Baghdad, Iraq, in 1960 to coordinate oil policy among major oil exporters. Initially a reaction to Western dominanceof global oil markets, it evolved into a powerful bloc capable of reshaping global energy prices, geopolitics, and development.OPEC works by setting production quotas for each member country. By coordinating supply cuts or increases, the group can tighten or loosen global oil supply, pushing prices up or down.
Today, OPEC has 12 member countries spanning the Middle East, Africa, and South America—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela—and works closely with nonmember oil-producing allies in the wider OPEC+ group.
It's Sunday, Sept. 14. On this day in 1847, US Gen. Winfield Scott captured Mexico City, concluding the military phase of the two-year North American conflict. We took a look at this lesser-known war and its causes, impact, and legacy.
The Mexican-American War was a conflict between 1846 and 1848, sparked by territorial disputes following the US annexation of Texas. The war—America’s first fought mainly on foreign soil—involved around 150,000 troops fighting across present-day Texas, California, New Mexico, and deep into central Mexico (listen to an overview here).
After gaining independence from Spain in 1821, Mexico endured decades of internal upheaval. American settlers poured into Texas under Mexican land grants, eventually outnumbering locals and rebelling to form the Republic of Texas in 1836—which the US annexed in 1845, to Mexico's chagrin.
The Treaty of Guadalupe Hidalgo, signed in 1848, ended the war and transferred over 500,000 square miles of land (55% of Mexico’s total territory) to the United States—including present-day California, Arizona, New Mexico, and more—in exchange for $15M (roughly $600M today).
Increasingly divided Fed expected to settle on quarter-point rate cut this week
Federal Reserve Chair Jerome Powell is likely to muster...
Federal Reserve Chair Jerome Powell is likely to muster a slim majority of his colleagues to support a 25-basis-point cut in interest rates on Wednesday, fueled by growing concern about the health of the economy, experts say. But given the turmoil around the central bank and uncertainty about the direction of inflation and the job market, the bigger question regarding the meeting is what happens next.
Powell is likely to face a level of internal opposition he has never seen before. Some of his colleagues have signaled they want a larger rate cut because of the weaker labor market. Others may opt for no change in rates because of recent gnarly inflation readings. It’s possible both sides will formally dissent.
Oklahoma lost one rig, now with 42 rigs running. The...
Oklahoma lost one rig, now with 42 rigs running. The rig count in the Permian Basin was unchanged this week, the latest count Friday by Baker Hughes shows, with 254 rigs active in the region. A year ago, 306 rigs were active in the region.
Nationally, the combinedoil and gas rig count is up two from last week at 539 rigs. A year ago, 590 rigs were active. The count shows that 416 rigs were drilling for oil,up two from the previous week, and 118 are drilling for natural gas, unchanged from the previous week. The count also shows five miscellaneous rigs, unchanged from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $59.17 per barrel, up 82 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $62.69 per barrel, up 82 cents from the previous week.
Big Tech lifts Nasdaq to record close, while Dow ends 270 points lower
The U.S. stock market closed mixed Friday, with the technology-heavy...
The U.S. stock market closed mixed Friday, with the technology-heavy Nasdaq Composite booking a fresh record high.
The Nasdaq rose 98.03 points, or 0.4%, to end at 22,141.10.
The S&P 500 slipped 3.18 points, or less than 0.1%, to finish at 6,584.29.
The Dow Jones Industrial Average fell 273.78 points, or 0.6%, to close at 45,834.22.
Friday's rally in Big Tech stocks added to the tech sector’s strong rise this week within the S&P 500. All three major equity benchmarks ended the session with weekly gains, with investors anticipating that the Federal Reserve will decide next week to lower interest rates.
The Dow booked a weekly increase of 1%, while the S&P 500 advanced 1.6% and the Nasdaq climbed 2%. The S&P 500 and Nasdaq each finished Friday with back-to-back weekly gains, according to Dow Jones Market Data.
