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Washington sees OPEC+ oil production cuts as a political ‘blow against Biden,’ says Dan Yergin

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Washington sees OPEC+ oil production cuts as a political ‘blow against Biden,’ says Dan Yergin


Washington sees OPEC+’s determination to slash oil manufacturing by greater than 2 million barrels a day as political interference and a “blow” towards U.S. President Joe Biden, stated Dan Yergin, vice chair of S&P World.

On Wednesday, the group of among the world’s strongest oil producers agreed to impose deep output cuts to shore up crude costs regardless of calls from the U.S. to pump extra to assist the worldwide economic system.

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“That is seen as, initially, a blow towards Biden who got here to Saudi Arabia. Secondly, it is seen as by some means political interfering within the U.S. election, though the lower would not go into impact till November.”

The choice, which was made at OPEC and OPEC+’s first in-person assembly in Vienna since 2020, would mark the largest lower because the pandemic started.

Biden visited the Saudi authorities in July in a bid to ramp up oil manufacturing and management hovering vitality costs.

Oil costs rose to a three-week excessive on Wednesday after the announcement following three days of rallying. The West Texas Intermediate climbed 1.4% to $87.76 per barrel, whereas the Brent crude rose 1.7% to $93.37 a barrel in early commerce.

Oil as a weapon

“The OPEC+ would possibly discover itself towards the West with weaponized oil,” stated Vishnu Varathan, head of economics and technique at Mizuho Financial institution, in a word.

He wrote that the oil provide cuts are “seen partly as a protestation of Russian oil value caps” and confirms the group’s “bare want for value buoyancy, not simply help.”

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Representatives of OPEC member international locations attend a press convention after the forty fifth Joint Ministerial Monitoring Committee and the thirty third OPEC and non-OPEC Ministerial Assembly in Vienna, Austria, on Oct. 5, 2022. “There appears to be a mini battle between [Strategic Petroleum Reserve] releases within the White Home and what is going on on with OPEC+,” stated Invoice Perkins, CEO of Skylar Capital Administration.

Vladimir Simicek | AFP | Getty Pictures

A manufacturing lower of round one million barrels a day would have led to cost positive factors with out compromising on quantity, however the bigger discount exhibits the group’s “disregard for the financial woes of, and geo-political alignment with, international companions,” Varathan added.

Yergin, likewise, stated the settlement is seen “not in financial phrases” however as being extra political in nature. 

The choice additionally comes because the EU reached an settlement on capping Russian oil costs as a part of a brand new sanctions bundle.

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“The Russians have signaled on this case and different instances that they will do every little thing they will to frustrate a value cap on oil,” Yergin stated.

‘Harmful recreation’

“There appears to be a mini battle between [Strategic Petroleum Reserve] releases within the White Home and what is going on on with OPEC+,” stated Invoice Perkins, CEO of Skylar Capital Administration.

“Ultimately, OPEC+ goes to win that battle, the SPR will ultimately run out of meals it may withdraw. In order that’s a harmful recreation that we’re taking part in there,” he stated.

OPEC+ is 'cutting into a tightening market,' says hedge fund

A couple of weeks in the past, the U.S. Vitality Division introduced it will promote as much as 10 million barrels of oil from the SPR for supply in November.

Perkins added that the purpose that the group desires to make is that value indicators from the markets aren’t sufficient to “induce the funding or the provision response” that it wants.

World oil costs skyrocketed to greater than $120 per barrel after the Russian-Ukraine struggle broke out, however have tapered to barely above $80 per barrel within the week earlier than OPEC+’s determination to slash manufacturing.

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Nonetheless, when requested if the alliance’s determination would encourage extra funding in crude oil manufacturing and infrastructure, Perkins struck a cautious word.

“It is a good wager, but it surely’s a scary world proper now,” he stated.

“Folks would possibly really feel a little bit bit extra courageous to courageous the macro financial headwinds … That being stated, if there is a large recession, vitality demand is among the first issues to go.”



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Grizzly bears will be reintroduced to Washington state after years of debate

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Grizzly bears will be reintroduced to Washington state after years of debate


Grizzly bears are returning to the North Cascades in Washington State, which has not had a grizzly sighting since 1996. The decision to repopulate the state’s mountainous region came after intense debate. Some viewed it as a positive conservation effort, while others worried about the potential harm towards humans and livestock. 

Growing the grizzlies

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Driver dead, 3 passengers hurt in attack on I-5

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Driver dead, 3 passengers hurt in attack on I-5


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FEDERAL WAY, Wash. (AP) — A driver was found dead and three passengers in the vehicle were found hurt in an attack that involved a stabbing and shooting on Interstate 5 in Washington state Wednesday, law enforcement officials said.

Washington state Trooper Rick Johnson told KING-TV that responding officers found the male driver dead of a stab wound Wednesday afternoon south of Seattle near Federal Way.

A man sitting in the front passenger seat of the BMW was taken to a hospital with multiple gunshot wounds, Johnson said. Two other passengers, a woman and man who had exited the vehicle by the time troopers had arrived, were taken to a hospital with stab wounds, he said.

Johnson said he didn’t know the conditions of the passengers.

He said there was no danger to the public. Law enforcement was with the passengers at the hospital and talking to witnesses as they investigate what happened, he said.

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Differences shouldn’t be feared – Washington Daily News

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Differences shouldn’t be feared – Washington Daily News


Differences shouldn’t be feared

Published 2:29 pm Wednesday, June 26, 2024

Including touch-ups and additions, I’ve sat in a tattoo artist’s chair over 20 times. I rarely wear long-sleeved shirts, so you can see some of my collection if we ever meet. I use that word intentionally: collection. As a lover of tattoos, I’m also a lover of art. I thus collect art from artists all over the world. The difference between me and a collector of oil paintings is that I always have my art collection with me and never run out of things to look at.

Not everybody appreciates tattoos, nor does everybody understand why people get them. It’s easy when you see somebody like me, covered in tattoos, to make assumptions about the content of their character. There’s still a bit of a stigma out there that suggests, to some, that only lower-class or rough people get tattoos.

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My father used to be one of those people. That’s why I waited to get my first tattoo on the day of my 18th birthday when my parents were in Scotland. There wasn’t much he could do on the other side of the globe! He wasn’t pleased initially, but he eventually came around and has now gone to the shop with me several times. He hasn’t yet got his own tattoo, but I’m working on him.

Over time, that stigma has lessened. 40 years ago, somebody who looked like me would never have been called to be the pastor of St. Peter’s. Actually, no church would have hired me. But here we are, in 2024, and a metalhead, tattooed comic book nerd has been welcomed by a church that is always looking for new ways to welcome everybody into our fold. And we mean that: everybody. This is a place where everybody can have a seat at the table, where all can meet God in an oasis of love.

Difference isn’t something we fear at St. Peter’s. I’m as different as they come, but I have never once felt like folks have used my tattoos as a reason to dislike me. Difference shows up in lots of ways. Skin color. Language. Sexual and gender identity.

At St. Peter’s, we are working to ensure that difference isn’t just welcomed but celebrated. I was astounded when the Episcopal Church Women, a fellowship group at our church, asked me to speak about my tattoos. They listened to the stories of where, when, and why I got each piece. They asked rich questions and made me feel so warmly embraced. My difference wasn’t a barrier to connection but was the very thing that enabled connection. It was beautiful, and I can’t thank them enough.

That’s the kind of church we aspire to be and the kind of world we want to build. As a church, we follow Jesus of Nazareth, who welcomed the outcast and the saint and called them equal. As a church, we strive for a more just world where all feel tolerated, welcomed, and valued. If the world has beaten you up, or you feel overwhelmed by the waves and storms in your life, St. Peter’s can be a haven for you. If you’ve found yourself on the margins of church or life in general, come here and be welcomed into our midst. No tattoos are required!

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Chris Adams is the Rector at St. Peter’s Episcopal Church in Washington.



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