Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike
The de-facto leaders of Saudi Arabia and the United Arab Emirates have...
The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and it allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.
According to the Wall Street Journal, citing both Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.
Last week, OPEC+, which includes Russia, declined to increase oil production despite western entreaties.
Relations between the US and Saudi Arabia have chilled during the Biden administration over American policy in the Gulf region.
Bloomberg's review of federal drilling permits shows that half of the unused onshore permits are for acreage in New Mexico's Lea and Eddy counties, part of the Permian Basin that is responsible for most of U.S. oil production, and EOG held the most permits there, followed by Devon and Occidental Petroleum(NYSE:OXY).
Oil surges as U.S. bans Russian crude, Britain to phase out purchases
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil...
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year-end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude.
Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Russian oil and gas exports were already being shunned before the ban as traders sought to avoid running afoul of future sanctions.
U.S. President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives. read more
Brent crude futures settled at $127.98 a barrel, 3.9% higher, while U.S. crude futures settled at $123.70 a barrel, a 3.6% increase.
Coca-Cola joins McDonald's and Starbucks in suspending business in Russia
Coca-Cola Co. ...
Coca-Cola Co. KO, -3.96% said Tuesday it was suspending its business in Russia following the lead of several companies that have suspended activity because of the invasion of Ukraine. “Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine,” Coca-Cola said in a statement. “We will continue to monitor and assess the situation as circumstances evolve.” On Tuesday, PepsiCo Inc. PEP, -2.82% said it was exploring options for its business in Russia. Coca-Cola shares were down 3.5% heading into the close, while Pepsi shares were down 2.3%. ~From MarketWatch
