FirstFT: White House calls on Opec to restart production to contain fuel prices

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The White House has called on Opec to increase oil production in a bid to reduce high gasoline prices, which officials in the Biden administration have described as “risks that undermine the ongoing global recovery.”

Joe Biden’s National Security Advisor Jake Sullivan said in a statement yesterday that OPEC and its allies “although recently agreed. To increase production” Until 2022, Boost did not fully compensate for the previous production cuts imposed by OPEC + during the pandemic. ”

Gasoline prices in the United States have increased with an increase in demand for fuel as the US economy has recovered from a coronavirus blockade. Gasoline sells for an average of $ 3.19 nationwide, up nearly 50% from the same period last year, according to the Automobile Association AAA. The highest national average price recorded in 2008 was over $ 4.10 per gallon.

White House intervention puts pressure on Donald Trump to raise prices to help U.S. shale companies survive one of the worst market downturns in decades during the year’s oil crash last. It shows a sudden change from the policy when it was called.

5 other articles in the news

1. The pace of inflation stability in the United States The rapid pace of rising consumer prices in the United States High prices for the first time in 13 years

  • opinion: Despite reassuring forecasts from central banks, there are immediate signs that we should be concerned about rising prices. I write Chris Giles.

2. The Taliban occupy three other state capitals The Taliban dominated three other Afghan capitals as Joe Biden reaffirmed his decision. Withdraw American forces Even when radical groups expand their territory considerably,

3. A Briton arrested on suspicion of German espionage in Russia A Briton working at the British Embassy in Berlin has been arrested on suspicion of passing information on to the Russian secret service in exchange for cash. The suspect was followed for a few months before his arrest.

4. Rapid increase in sales of electric vehicles in China Electric car Occupied 10 percent of total car sales in China from January to July. Chinese drivers have flocked to local car brands as US group Tesla has been hit by a scandal over national quality issues and data privacy concerns.

5. Chinese private school owners were forced to sell educational establishments The number of private school owners increases Forced to hand over their system to the Chinese state As the fallout from Beijing’s sudden education reform spreads across the country. “Senior leaders don’t think private schools will bring greater benefits,” a Beijing-based government adviser said.

Coronavirus digest

  • America Centers for Disaster Control and Prevention Pregnant woman recommendation Data shows that Moderna and Pfizer’s vaccines did not increase the risk of miscarriage and are vaccinated against Covid-19.

  • NOT. World Health Organization Is to test 3 new drugs The hospital admitted Covid-19 patients as part of the global promotion of the treatment of the coronavirus among existing drugs.

  • Singapore Update the 2021 GDP forecast as Covid-19 cases stabilize. The city-states aim to start easing border control in the coming weeks.

  • Hong KongWarning that Cathay Pacific, the flagship airline of the airline, is facing the most difficult times’ It was not possible to predict the end of the financial burden as the delta variants continue to spread throughout its history .

  • The Pandemic The Biggest Waste NS Harbor Since the beginning of container transport 65 years ago. Currently, more than 300 container ships are stranded outside ports around the world.

Register now for us Coronavirus Business Update Follow us in the newsletter Live Blog last.

The day before

UK GDP data Investors will know how fast Britain will experience Britain after contracting earlier this year. Rebound Blocking restrictions have been relaxed and the first quarterly estimate of GDP for the second quarter of this year has been released.

Opioid epidemic in the United States Bankruptcy proceedings relating to the settlement of the opioid-related proceedings will be held in New York. A member of the Sackler family, owner of Purdue Pharma, is paying $ 4.5 billion as part of a plan to resolve the company’s bankruptcy in exchange for a shield against future financial liability.

Income Toshiba, Walt Disney, Foxconn, Deutsche Telekom, Airbnb, Hapag-Lloyd and others report income. Read the full list here..

What else are you reading

How to reach the unvaccinated Carrot or stick? As Delta variants spread around the world, the government is faced with a subtle question of how to persuade hesitant citizens to take hits. Their solutions often include the following combinations: incentives and coercion. Should the government force the use of vaccine passports? Vote for the last vote..

Japanese Prime Minister I can’t win the Olympic bounce Yoshihide Suga had a plan for the summer. Despite the Covid-19 pandemic, he staged the Tokyo Olympics, thrilled the public and rode the wave of medals won in the general election. but no sign of an Olympic rebound is dragging Japan into political turmoil and uncertainty.

Cryptocurrency exchanges are for sports sponsorship The companies that started the first industry are increasingly turning to sports sponsorship Supercharging a ten-year journey from the depths of the Internet to traditional speculative assets. Major League Baseball has signed a long-term, multi-million dollar deal with FTX. Equivalent to $ 18 billion last month, it rose from $ 1.2 billion last year.

Investors should beware of Beijing’s unpredictability The structure of China’s IPO may be inadvertently thought that investing in one country is no different from investing in developed markets. It’s a terrible mistake, I write to the Brook Masters. Shareholders buy any system where the rules are likely to change overnight and are in fact changed.

Brookmasters:
Brookmasters: “Even when Alibaba went public, a lot of uncertainties were apparent, but enthusiastic investors chose to discount them. »© Ellie Foreman-Peck

China cracked down on alcohol consumption after work China heading for Beijing crackdown on sexual assault on women. The crackdown on actions deemed inappropriate is the latest in a series. Regulatory measures It has trapped companies in the country and tormented investors around the world.

Travel

Energetic in Hong Kong From running along the Tsim Sha Tsui waterfront to escaping to the quiet half-mountain hills, you’ll find it here. Top Tips FT readers shared how to stay healthy in Hong Kong.

“I walk and run to Victoria Peak every morning at 4 or 5 in the morning. Most of them are with very old inhabitants. This time the pollution does not affect me and it is dark, so you can wear the rest of your undershirt to keep your luggage light. The spectacular view from the top is a great way to start your day. ”—Carl Shear

© Robert Harding / Alami

© Robert Harding / Alami

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