Connect with us

News

Biden has a big oil problem. Here’s what you need to know about the recent OPEC+ decision. | CNN Politics

Published

on

Biden has a big oil problem. Here’s what you need to know about the recent OPEC+ decision. | CNN Politics

A model of this story appeared in CNN’s What Issues publication. To get it in your inbox, join free right here.


Washington
CNN
 — 

With simply weeks to go till the November midterms, 4 letters are haunting President Joe Biden and the Democrats: OPEC.

Final week, the Group of Petroleum Exporting Nations (OPEC) and its allies, led by Saudi Arabia and Russia, mentioned that it’ll slash oil manufacturing by 2 million barrels per day, the most important reduce because the begin of the pandemic, in a transfer that threatens to push gasoline costs larger simply weeks earlier than US midterm elections.

The group introduced the manufacturing reduce following its first assembly in individual since March 2020. The discount is equal to about 2% of world oil demand.

Advertisement

The Biden administration criticized the choice in a press release, calling it “shortsighted” and saying that it’s dangerous to some international locations already fighting elevated vitality costs essentially the most.

The manufacturing cuts will begin in November. OPEC+, which mixes OPEC international locations and allies similar to Russia, will meet once more in December.

For one perspective on the OPEC+ choice and to higher perceive the way it impacts everybody, we turned to Hossein Askari, who teaches worldwide enterprise at The George Washington College.

Our dialog, performed over the telephone and calmly edited for move and brevity, is beneath.

WHAT MATTERS: Are you able to stroll us by means of this latest OPEC choice? What’s taking place precisely?

Advertisement

ASKARI: So when the battle in Ukraine began, sorry to inform your viewers, however the US was not very nicely ready in what it was going to do. It sanctioned Russia for this and for that. And so the worth of oil began going up. And on the similar time, the US really put sanctions on Russian oil, not on gasoline, on oil. And so there was much less Russian oil within the Western markets.

Russia really began promoting its oil an increasing number of to China and to India and slicing its costs to these international locations. So they might purchase Russian oil, however there was a scarcity of oil.

Another excuse why the scarcity had developed was America principally sanctions like a mad cowboy, if I’ll say that. It has sanctioned Venezuela for a few years.

However Saudi Arabia, with the brand new efficient ruler who’s generally known as MBS, he has cozied as much as Putin. And so when President Biden went and noticed him a couple of months again and type of requested him to extend oil manufacturing – I’m sorry to say this, I’ve to throw on this little bit of politics – I feel America actually shamed itself by doing that.

In fact, MBS didn’t reply positively. However now he, the truth is, has gone excessive. He has agreed inside OPEC – and naturally he’s the primary spokesman in OPEC with Russia – that they are going to in the reduction of.

Advertisement

WHAT MATTERS: What does the OPEC choice imply for the common American?

ASKARI: From the place we are actually, crude oil costs by the tip of the 12 months, my guess, most, they’ll go up by $5 a barrel. Now, lots of people assume they’re gonna go up greater than that. I don’t imagine that, as a result of I feel the world economic system goes to develop much less and I feel that we’re going to see some Venezuelan oil come in the marketplace, and I feel we might even see some offers made so some extra Iranian oil might come in the marketplace.

For gasoline, I feel Individuals can see perhaps costs going up from the place they’re at the moment, if nothing else occurs, by about one other 30 to 50 cents a gallon.

Nevertheless, there’s additionally one other drawback for Individuals that’s house heating oil, and that may additionally go up. So for the common American, they’re going to pay, it doesn’t matter what, one thing extra per gallon of gasoline on the pump. And I feel there’s going to be extra of an impression, really, on the gasoline oil that they warmth their homes with. So it’s gonna placed on the squeeze on the common American. There’s no two methods about it.

WHAT MATTERS: What ought to the US do now?

Advertisement

ASKARI: I feel the US ought to be a lot, a lot more durable with Saudi Arabia as a result of we’ve got bent over backward to accommodate them in each means. And we’ve got regarded the opposite means with what they’ve finished. And now it’s the time to be powerful. They’ve been powerful with us. I feel the President of the US ought to be powerful with Saudi Arabia.

WHAT MATTERS: What else can the US do by way of serving to with oil costs within the quick time period?

ASKARI: I feel undoubtedly this administration has very unhealthy rapport with US oil corporations and vitality corporations. I feel that there ought to be extra behind-the scenes cooperation with the oil corporations and the administration as a result of you actually need them now to cooperate.

I do know lots of people don’t imagine in fracking, however perhaps it’s time to do some extra fracking. Possibly it’s time to extend output. They will improve output elsewhere too. I feel that will be extraordinarily, extraordinarily useful.

And I feel the US oil corporations – and I’m not a backer of oil corporations, please don’t misunderstand – however I feel they really feel that the administration principally simply needs to drive them out enterprise.

Advertisement

WHAT MATTERS: The rest you’d like so as to add?

ASKARI: Some folks assume that OPEC selections are purely financial. Some folks assume purely political. It has at all times been each, particularly for Saudi Arabia.

It’s actually Saudi Arabia and the United Arab Emirates driving OPEC’s choice. I feel Individuals ought to perceive it’s not the opposite members, it’s not Nigeria or Iran. I really feel Individuals ought to perceive who’re our associates and who are usually not our associates.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

News

Finland probes Russian shadow fleet oil tanker after cable-cutting incident

Published

on

Finland probes Russian shadow fleet oil tanker after cable-cutting incident

Unlock the Editor’s Digest for free

Finnish authorities are investigating an oil tanker that is part of Russia’s shadow fleet over whether it cut an electricity cable between Finland and Estonia.

The Eagle S was stopped by Finnish authorities after the Estlink 2 subsea electricity cable in the Gulf of Finland was disconnected on Wednesday. The tanker, which is registered in the Cook Islands and is carrying oil from Russia to Egypt according to ship tracking data, was seen passing over the cable at the time of the incident.

The aged tanker is part of Russia’s shadow fleet and is the focus of Finland’s investigation, according to people familiar with the probe. The Eagle S is also under investigation over whether it cut three communications cables in the Gulf of Finland, the people added.

Advertisement

The shadow fleet is a group of old and often poorly maintained ships used by Russia to circumvent international sanctions on its oil exports.

The Christmas Day incident appears to be the latest in a series of pipelines and cables being targeted in the Baltic Sea by foreign vessels, sparking fears of deliberate attacks on critical infrastructure between Nato countries.

“We must be able to prevent the risks posed by ships belonging to the Russian shadow fleet,” said Finland’s President Alexander Stubb in a post on X after a meeting with security chiefs on Thursday.

Last year a Chinese container ship, the Newnew Polar Bear, cut a gas pipeline between Finland and Estonia but was not stopped by authorities as it was in international waters.

A Chinese bulk carrier, the Yi Peng 3, last month passed over two data cables between Finland and Germany and Sweden and Lithuania about the times they were severed. It stopped for a month in international waters between Denmark and Sweden.

Advertisement

Chinese investigators finally boarded the ship last week, with Swedish, Danish, German and Finnish representatives present as observers. But Sweden’s foreign minister criticised Beijing for not allowing the lead Swedish investigator to board or to inspect the vessel, which has now left the region.

The Eagle S case is different as the ship voluntarily stopped inside Finnish waters, according to people familiar with the investigation, leaving no question as to jurisdiction. Ownership of the Eagle S is murky but it appears to be the only vessel owned by a Dubai company. Attempts to reach the owner on Thursday were unsuccessful. 

Authorities have not determined the cause of the disconnection of the Estlink 2 cable. Estonia has also said it will not affect its electricity supply. The cable is used to export electricity from Finland, which recently brought its latest nuclear power plant online, to Estonia.

Finnish Prime Minister Petteri Orpo said the country’s electricity supply would not be affected.

Finnish authorities are keeping an open mind on the latest incident, not least because dozens of poorly maintained vessels in the shadow fleet sail in the Baltic Sea.

Advertisement

Environmental campaigners have issued repeated warnings about the dangers in the region and elsewhere of the dilapidated vessels.

In the Mediterranean, a Russian cargo ship under US sanctions for working with the Russian military sank between Spain and Algeria on Tuesday.

Continue Reading

News

Popeye, Tintin and more will enter the public domain in the new year

Published

on

Popeye, Tintin and more will enter the public domain in the new year

An enlarged cartoon of Tintin pictured on display at Paris’ Pompidou Cultural Center in 2006. The Belgian cub reporter is among the characters and works entering the public domain in 2025.

Jacques Brinon/AP


hide caption

toggle caption

Advertisement

Jacques Brinon/AP

Jan. 1 marks the dawn of a new era for Popeye and Tintin. It’s the day the nonagenarian cartoon characters officially enter the U.S. public domain along with a treasure trove of other iconic works.

The copyrights of thousands of films, songs and books expire in 2025, making them instantly available for people to use, share and adapt. The list includes classics like Virginia Woolf’s book A Room of One’s Own, the Fats Waller song “Ain’t Misbehavin’” and the Marx Brothers’ first feature film, The Cocoanuts.

The main thing they have in common is their age — under U.S. copyright law, their terms all expire after 95 years. All of the works entering the public domain next year are from 1929, except for sound recordings, which (because they are covered by a different law) come from 1924.

Advertisement

“Copyright’s awesome … but the fact that rights eventually expire, that’s a good thing, too, because that’s the wellspring for creativity,” says Jennifer Jenkins, the director of Duke’s Center for the Study of the Public Domain, which spends months poring over records to compile the most famous examples.

Once in the public domain, these works become fodder for remakes, spinoffs and other adaptations.

That explains the recent wave of horror films starring Mickey Mouse and Winnie the Pooh, characters that entered the public domain in 2024 and 2023 respectively. The trend seems poised to continue: Jenkins says there are already three Popeye slasher flicks in the works.

“They’re capitalizing on the incongruity of this comic book character in a different genre and they get a lot of buzz,” she adds. “[But] when I sit back and look at the universe of remakes of public domain characters or works … the things that we still talk about that stand the test of time don’t tend to be these buzzworthy, kind of ew, grossed-out features.”

More enduring examples include West Side Story drawn from Shakespeare’s Romeo & Juliet, screen adaptations of Jane Austen’s Emma, Percival Everett’s 2024 book James (a retelling of Huckleberry Finn) and Wicked, the musical-turned-movie prequel to L. Frank Baum’s Wizard of Oz. 

Advertisement

But these artifacts don’t only become fodder for big-name directors and authors — they’re available for anyone who wants to use them, from artists to high school orchestra directors.

Jenkins says she gets “adorable emails” from people who are drawing their own little Winnie the Pooh cartoons, and parents whose kids are talented musicians, eager to finally be able to perform certain compositions publicly and post them online.

In other words, the impact of public domain works extends far beyond the box office and Billboard charts.

“I’m excited about those things that not everybody’s going to notice — people really re-discovering some of these older works and engaging with them and appreciating them and making them their own,” she adds.

Advertisement

Here’s a look at some of the works that are just days away from the public domain:

Characters

A Popeye balloon flies over the 33rd Macy's Thanksgiving Day Parade in Times Square.

A helium-filled Popeye balloon participates in the 33rd Macy’s Thanksgiving Day Parade in New York in 1959, three decades after his comic strip debut.

AP/AP


hide caption

toggle caption

Advertisement

AP/AP

Tintin the brave cub reporter — and his dog, Snowy — will enter the public domain in the U.S. well before they will in the European Union, where they are copyrighted until 2054. That’s because EU copyright terms extend 70 years past creators’ deaths, and Belgian cartoonist Hergé died in 1983.

Closer to home there’s E.C. Segar’s Popeye, who made his debut in a January 1929 Thimble Theatre cartoon strip. He sports his signature pipe, sailor outfit, anchor tattoo and sense of humor, responding when asked if he’s a sailor: “Ja think I’m a cowboy?”

Advertisement

He could have a whole new set of adventures starting in 2025. But there’s a catch: Popeye didn’t start deriving his strength from spinach until 1932.

As Jenkins explains, many cartoon characters develop over time and have been in copyrighted works year after year, meaning certain aspects of them may come into the public domain in different years. So only the original 1929 versions of Popeye and Tintin are fair game, at least for now.

“Definitely the Popeye from 1929 and everything that he says, all of his characteristics, his personality, his sarcasm … that’s public domain,” she says. “The spinach, if you want to be on the safe side, you might want to wait.”

Films

A promotional card for Clara Bow's movie "The Wild Party."

The Wild Party, Clara Bow’s first talkie, was released in 1929, making it public domain in 2025.

LMPC via Getty Images

Advertisement


hide caption

toggle caption

LMPC via Getty Images

Advertisement

Similarly, the original Steamboat Willie version of Mickey Mouse arrived in the public domain with much fanfare in 2024. In 2025, a dozen more Mickey animations will follow suit — including The Karnival Kid, in which he speaks for the first time.

“His very first words are ‘Hot dogs! Hot dogs!’ — so I guess that’s kind of cute,” Jenkins says. “And then he didn’t wear the white gloves in 1928, but next year, in 2025, we get the version of Mickey Mouse with the signature white gloves in the public domain.”

Sound is a big theme across the films making their public domain debut next year, since 1929 marked the end of the silent film era and the dawn of the sound film age.

The list includes the first sound films from major directors like Alfred Hitchcock (Blackmail), John Ford (The Black Watch) and Cecil B. DeMille (Dynamite), as well as Clara Bow’s first talkie, The Wild Party, and The Broadway Melody, the first sound film to win an Academy Award for Best Picture.

Other notables include Walt Disney’s The Skeleton Dance (the first of the Silly Symphony shorts); King Vidor’s Hallelujah, the first major studio film with an all-Black cast; and Alan Crosland’s On With the Show, the first all-talking, all-color, feature-length film.

Advertisement

Books

This combination of photos show authors Ernest Hemingway in 1950, left, William Faulkner in 1950, center, and John Steinbeck in 1962.

From left: Ernest Hemingway in 1950, William Faulkner in 1950, and John Steinbeck in 1962.

AP/AP


hide caption

toggle caption

AP/AP

Advertisement

Among the many literary works entering the public domain next year are two of the most acclaimed books about World War I: Ernest Hemingway’s A Farewell to Arms, and the first English translation of Erich Maria Remarque’s All Quiet on the Western Front — both authors served in the war themselves.

The list includes several detective mysteries: Red Harvest and The Maltese Falcon by Dashiell Hammett, Ellery Queen’s The Roman Hat Mystery, and Seven Dials Mystery by Agatha Christie.

There are also some literary debuts, including John Steinbeck’s first novel, Cup of Gold, and Richard Hughes’ first novel A High Wind in Jamaica.

Musical compositions

George Gershwin writes sheet music while sitting at a piano.

George Gershwin’s “An American in Paris” is among the musical compositions entering the public domain in 2025.

PALM/RSCH /Redferns

Advertisement


hide caption

toggle caption

PALM/RSCH /Redferns

Advertisement

The latest crop of compositions spans the era’s jazz standards, show tunes, pop music and more.

They include: Arthur Freed’s Singin’ in the Rain (which was featured in the film The Hollywood Revue of 1929, also entering public domain), George Gershwin’s An American in Paris, Maurice Ravel’s Bolero, Jack Yellen’s Happy Days Are Here Again (the campaign song for FDR’s 1932 presidential run), Cole Porter’s What Is This Thing Called Love? and Tiptoe Through the Tulips (the Joseph Burke version, not the 1968 Tiny Tim one).

“But if you felt like singing like Tiny Tim for some reason, and you could, you can record your own version of Tiptoe Through the Tulips next year because that song’s going to be public domain,” Jenkins says.

The Center for the Study of Public Domain specifies that musical compositions refer to “the music and lyrics that you might see on a piece of sheet music, not the recordings of those songs.” Those are covered by a separate copyright.

Sound recordings

Marian Anderson poses for a photo outside.

Marian Anderson became the first Black singer to perform at the Metropolitan Opera House in New York in 1955. One of her early recordings from 1924 will enter the public domain next year.

London Express/Hulton Archive/Getty Images

Advertisement


hide caption

toggle caption

London Express/Hulton Archive/Getty Images

Advertisement

Under the 2018 Music Modernization Act, sound recordings are protected by copyright for 100 years. It’s the particular recordings that eventually enter the public domain, not the song’s music or lyrics or later recordings from those artists.

These are some of the 1924 performances that will become available for legal reuse in January: Marian Anderson’s “Nobody Knows the Trouble I’ve Seen,” George Gershwin’s “Rhapsody in Blue,” Jelly Roll Morton’s “Shreveport Stomp,” “Deep Blue Sea Blues” by Clara Smith, and “Everybody Loves My Baby (But My Baby Don’t Love Nobody But Me)” recorded by Louis Armstrong and Clarence Williams’ Blue Five.

Continue Reading

News

Dozens feared dead as Azerbaijan Airlines plane crashes in Kazakhstan

Published

on

Dozens feared dead as Azerbaijan Airlines plane crashes in Kazakhstan

Unlock the Editor’s Digest for free

An Azerbaijan Airlines plane carrying 62 passengers and five crew has crashed while making an emergency landing at a Kazakhstan airport, with 29 survivors, including two children, taken to hospital.

Videos on local media showed a large explosion after the aircraft crashed into an empty field. Images from the scene showed passengers climbing out of the tail of the fuselage aided by emergency workers.

Those aboard were from Azerbaijan, Russia, Kazakhstan and Kyrgyzstan, Russian state Ria news agency reported, citing Kazakhstan’s transport ministry.

Advertisement

Local media outlets reported that nine of those taken to hospital were in serious condition and that search and rescue operations were under way.

The plane, an Embraer 190, was travelling to Grozny in the southern Russian republic of Chechnya from Azerbaijan’s capital Baku, but was diverted to Aktau after flying into heavy fog.

Early media reports suggested that the plane hit a flock of birds, which affected control of the aircraft.

“After a collision with birds, due to an emergency situation on board the aircraft, its commander decided to go to an alternate airfield and Aktau was chosen,” Ria reported, citing Russia’s aviation agency Rosaviatsia. Local media also shared unconfirmed reports of an explosion of an oxygen canister onboard, leading many passengers to lose consciousness.

Baku has sent an official delegation to Kazakhstan to investigate the incident, Azerbaijan’s APA news agency said. The country’s president, Ilham Aliyev, left an informal summit of the Commonwealth of Independent States in Russia to return to Baku. He expressed his condolences to the those affected by the crash.

Advertisement

Kremlin spokesperson Dmitry Peskov said Russian President Vladimir Putin had also extended his condolences to Azerbaijan’s leader.

Chechnya’s leader Ramzan Kadyrov expressed his condolences to the relatives of the deceased on social media. “We pray to the Almighty for [the survivors’] recovery.”

Photos on social media showed relatives gathering in Grozny airport to wait for news of their loved ones.

One man at Grozny airport said he had just received a video in which he could see his nephew had survived the crash. “Of course I am very happy,” he told a Ria news reporter.

Advertisement
Continue Reading

Trending