Joe Biden’s battle for re-election as president of the United States now faces a surprise new threat – the surging price of petrol.
Saudi Arabia and the rest of the OPEC+ cartel have been desperately trying to prop up oil prices over the past 18 months. But they have paid a heavy price.
Analysts at Westpac believe oil prices could rise more still as the airstrikes against the Yemeni rebel group continue.
Traders wonder if OPEC+ will deliver enough of the cutbacks to rein in the looming surplus.
The Saudi Arabia-led OPEC+ cartel hatched a plan to tighten its grip over the world’s oil prices. It has backfired spectacularly.
The end of the negotiations came suddenly,a day after the talks were to have ended and after two marathon nights of tough discussions between rival voting blocs.
There had been hope that the final agreement would include language that specifically addressed the key cause of emissions and climate change – the burning of fossil fuels.
The oil producers’ meeting has been postponed to next week amid reports that members of the cartel are divided on how to respond to a slump in oil prices and the conflict in Gaza.
World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China’s economy shifts towards cleaner energy,the agency said.
About a quarter of the value of all US government bonds has been wiped out as interest rates have risen and foreign investors have fled.
A break in the close correlation between oil prices and the greenback has set off alarm bells.