FirstFT: Opec, allies sign agreement to increase oil production

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FirstFT: Opec, allies sign agreement to increase oil production

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Opec has reached an agreement with its allies to increase oil production as a response to skyrocketing prices. They also set a goal for 2022 to restore all output that was cut in the first days of the pandemic.

Opec+ will initially pump an additional 400,000 barrels per day starting in August. This increase will allow Opec+ to ramp up production by approximately 2m B/d by the end.

Opec+ has announced that it will keep the monthly production increase going into next year. The deal was extended to December 2022, from April 2022. After tight supplies caused oil prices to rise three times in three years, the delayed meeting will result in higher oil production by members.

The modest increase in output is an indication of concern over the strength and stability of global recovery. Covid-19 variants are still emerging. This also indicates that oil producers seem to be relatively content with current crude prices.

Line chart of Brent crude, $ per barrel showing Oil price rallies to multiyear highs

There are five more news stories

1. In developing countries, the Delta variant is in demandA dominant variant of Delta coronavirus has quickly spread across the globe. This is causing a terrible toll in dozens of countries in developing nations, where vaccine levels are not sufficient to stop a rise in deaths.

2. Pentagon drones are 8-14 times more expensive than banned Chinese craft
According to an internal memo from the US government, camera drones made by the Pentagon cost more and are less powerful than those manufactured in China. This was according to the Financial Times.

3. Pandemic takes away almost $12bn from Asia’s clothing workers
According to labour rights groups, Asian garment workers were deprived of nearly $12bn of wages and severance payments after international retailers stopped accepting orders and requested price cuts in response to the pandemic.

4. China sells the remnants of Anbang’s empireIn the most recent attempt of state control to disintegrate the high-flying, once wealthy group headed by Wu Xiaohui (jail tycoon) the remains of China’s Anbang were valued at over $5.2bn.

5. Chief of Tokyo Stock Exchange defends corporate governance progressAfter a scandal at Toshiba that was highly publicized, the head of Tokyo Stock Exchange has stood by Japan’s corporate governance progress and rejected claims that a market reform due in next year had been heavily watered-down.

Coronavirus digest

  • New YorkFor the first time since May, more than 1000 new Covid-19 cases were reported by state in one day.

  • InTokyoThe number of coronavirus-related infections to the Olympic Games is close to 30.

  • In spite of the Covid-19 pandemic, more than 80 percent of asset management companies increased their workforce last year.

Subscribe to our Coronavirus Business Update Newsletter for additional Covid-19 news. Follow the most recent developments via our blog.

Tomorrow is the day

EarningsIBM will publish its earnings after the close of US markets today.

Day of isolation reopeningAfter coming into contact with Sajid Javid (his health minister), Boris Johnson, the UK’s Prime Minister, began 10 days of self-isolation Sunday. He had tested positive for Covid-19. Johnson continues to work on his reopening plans, which will take effect today.

We’re also reading:

Olympic HopeThe 2021 Olympics organizers have found a strong point in a 21-year old Japanese swimmer. Rikako, a 21-year-old Japanese swimmer, was originally expected to be unable to compete in the 2020 Olympics due to a bout with leukaemia. Now, she is finally able to participate in the delayed games, generating excitement about the highly anticipated event.

  • OpinionLeo Lewis writes that Japan’s fight against “brazen rule-breaking” during the 2020 Olympics has been hampered because of the government’s incredibility.

Rikako, who was diagnosed in 2019 with leukaemia, at the Japan National Swimming Championships (April 2021) (c/ Charly Triballeau/AFP via Getty Images

German Elections: Climate Change is at the Heart of German DemocracyJust over two months remain before polling day. The devastating flooding in western Germany this week has pushed climate change into the forefront of Germany’s electoral campaign.

Overblown inflation fearsRana Foroohar writes that early signs of rising prices reflect a pre-lockdown spike in animal spirits, rather than any long-term trend.

(c) Matt Kenyon

The only place for mediocre workers to hide is in their own homesAre mediocre employees more successful working remotely or at work? Although some employers may doubt remote workers’ motivations, others believe it is easier to determine which employees add value by working in a group remotely.

Food & Drink

Leeds: How Eritrea’s cooking came to LeedsSixteen young women fled their homeland as children to share recipe ideas from back home.

Elsa Asmara holds gomen besiga, c. Maryam Wahid

Publiated at Sun, 18 July 2021 22.39:57 +0000

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