Saudi Arabia is leading opposition at the UN to a treaty to curb polymer production that would jeopardize the fossil fuel sector’s plans to offset the decline in gasoline use due to the rise of electric cars
Iran’s retaliation for Israeli strikes on Lebanon is raising concerns that the political turmoil could spill over into the crude market
Starbucks has found itself alongside other Western brands targeted by pro-Palestinian activists over the war. The company has been trying to counter what it describes as ‘ongoing false and misleading information’
The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers
Combined with a cut of two million barrels per day announced in October, producers have axed about 3% of the world’s oil supply
The move would likely raise oil prices, further straining relations between Riyadh and Washington as the world copes with inflation fueled in part by the war in Ukraine
The push to end that authority comes as the United States marks the 20th anniversary of the Iraq War
