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☆ Democratic senator seeks 'freeze' on U.S.-Saudi cooperation after OPEC cuts production
▼ + stars: | 2022-10-11 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

The top Democrat on the Senate Foreign Relations Committee is calling on the Biden administration to "immediately freeze" U.S. cooperation with Saudi Arabia after OPEC+ announced it would reduce daily oil production. The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest," Menendez said. “The United States must immediately freeze all aspects of our cooperation with Saudi Arabia, including any arms sales and security cooperation beyond what is absolutely necessary to defend U.S. personnel and interests,” he added. The alliance said it would cut oil production by 2 million barrels a day, which is likely to increase gas prices. 2 Democrat in the Senate, accused Saudi Arabia of “conspiring with Vladimir Putin to punish the U.S. with higher oil prices” last week.

☆ UAE president to meet Putin in Russia, a week after OPEC+'s deep output cuts
▼ + stars: | 2022-10-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

According to UAE state media WAM, UAE President Sheikh Mohamed bin Zayed al-Nahyan (pictured) and his Russian counterpart Vladimir Putin will be discussing the countries' "friendly relations," alongside "regional and international issues and developments of common interest." The president of the United Arab Emirates, Sheikh Mohamed bin Zayed al-Nahyan, will head to Russia on Tuesday to meet his counterpart Vladimir Putin. According to UAE state media WAM, both leaders will be discussing the countries' "friendly relations," alongside "regional and international issues and developments of common interest." The UAE ruler's visit comes a week after OPEC+, an alliance of oil producers which includes Russia and the UAE, agreed to impose deep output cuts to shore up crude prices despite calls from the U.S. to pump more to bolster the global economy. Following the announcement of the UAE leader's visit, Dubai's former finance chief said on Twitter that Mohamed was heading to Russia to "[defuse] a European war that exhausted the world."

☆ Putin says Russia not working 'against anyone' in energy markets
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets, a week after Washington criticised a decision by OPEC+ to steeply cut oil production. Speaking with the United Arab Emirates' President Sheikh Mohammed bin Zayed al-Nahyan, Putin said Russia aimed to create stability on energy markets and ensure that supply and consumption were balanced. Register now for FREE unlimited access to Reuters.com Register"Our actions are aimed at creating stability in the global energy markets, so that both consumers of energy resources and those involved in production, suppliers to the global markets feel calm, stable and confident. U.S. President Joe Biden has called on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices after the cartel's "shortsighted" production cuts. The Kremlin on Sunday praised OPEC+ for agreeing production cuts that it said had successfully countered the "mayhem" sown by the United States in global energy markets.

☆ JP Morgan boss Jamie Dimon says the US is the 'swing producer' of oil, not Saudi Arabia, and urges it to pump more oil days after the OPEC announced a production cut
▼ + stars: | 2022-10-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon says the US should pump more oil, amid the global energy crisis. "Obviously, America needs to play a real leadership role — America is the swing producer, not Saudi Arabia," Dimon told CNBC in an interview on Monday. Energy prices have gained sharply after Russia invaded Ukraine in February as Russia is a major exporter of oil and gas. Dimon's comments came days after OPEC and its allies agreed to slash oil output, in response to a weaker global economy. Dimon told CNBC there's now a longer-term problem of the world not producing enough oil and gas, in order to reduce the use of coal and transition to renewable energy.

☆ Senior U.S. senator wants 'freeze' on Saudi cooperation, blasts Riyadh
▼ + stars: | 2022-10-10 | by ( Patricia Zengerle | ) www.reuters.com time to read: +2 min

"The United States must immediately freeze all aspects of our cooperation with Saudi Arabia, including any arms sales and security cooperation beyond what is absolutely necessary to defend U.S. personnel and interests," Senator Bob Menendez said in a statement. "As Chairman of the Senate Foreign Relations Committee, I will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine. "The Kingdom of Saudi Arabia chose the latter in a terrible decision driven by economic self-interest." The leaders of the Senate Foreign Relations and House Foreign Affairs committees review major international arms deals, which generally do not go ahead without their approval. Saudi Arabia is the largest customer for U.S.-made military equipment.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.

☆ Everything you want to know as OPEC+ agrees to cut oil production
▼ + stars: | 2022-10-06 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

OPEC+ agreed to cut production. But the group — which includes Saudi Arabia, the United Arab Emirates, and Russia — agreed Wednesday to slash daily oil production by 2 million barrels, in a bid to send crude prices higher. But OPEC+ defended their decision, saying it was in response to "uncertainty that surrounds the global economic and oil market outlooks." At a news conference after the meeting, the Saudi energy minister added: "We would rather be pre-emptive than be sorry," the New York Times reports. The country's deputy prime minister, Alexander Novak, said the EU's plan could lead to Russia temporarily cutting oil production further — a move that would see crude prices rise, and gasoline follow.

The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump. Prices trended downward from July to mid-September, as President Joe Biden sought to reduce gas prices, and stress on Americans’ wallets, ahead of the midterm elections. Capital Economics research group now expects global oil prices to rise from about $93 to $100 per barrel, with U.S. benchmark prices rising from $88 to $92. At the outset of Russia's invasion of Ukraine, global oil prices had climbed to as much as $128. Political analysts have observed a strong correlation between gas prices and Biden's approval rating, as voters home in on gas prices as a proxy for inflation and thus the state of the economy.

☆ OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure
▼ + stars: | 2022-10-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November. Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere between 500,000 barrels and 2 million barrels. Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession. "In short, OPEC+ is prioritising price above stability at a time of great uncertainty in the oil market."

☆ It's time to get rid of managers. All of them.
▼ + stars: | 2022-05-12 | by ( Molly Lipson | ) www.businessinsider.com time to read: +15 min

What would happen if a company completely got rid of middle managers? In 2012, the publishing company Medium restructured its organization and moved away from centralized management power. The model gets rid of managers and spreads their responsibilities across different roles, giving average workers more of a voice. The reality is that psychological safety isn't intrinsically available to everyone, and holacracy doesn't have anything in it to ensure that safety." It's true that holacracy doesn't eliminate the power structures determined by characteristics such as race, gender, age, and sexuality.

☆ The new head of Wells Fargo's massive wealth arm explains why human financial advisors should embrace roboadvisers, not fear them
▼ + stars: | 2019-12-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In his first interview as president and head of Wells Fargo Advisors, Jim Hays shared with Business Insider his view on the wealth management industry's future. He joined the unit's parent firm Wells Fargo in 2005, and was previously head of its Private Wealth Financial Advisors group. Wells Fargo Advisors has 13,723 financial advisors that oversaw some $1.6 trillion in retail clients' assets as of September 30. That being said, the predominance of technology and its impact on the financial advice industry can't be understated. Additionally, through Wells Fargo Advisors' Intuitive Investor, we've found users actually prefer a hybrid model: pairing powerful portfolios with advice from financial advisors.

Persons: Jim Hays, Hays, —, Wells, Charles Schwab, Wells Fargo, we've Organizations: Wells Fargo Advisors, Business, Wealth Financial, Wells, Advisors, Analysts Locations: Wells Fargo

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