FirstFT: The White House calls on OPEC to increase production to control fuel prices


OPEC update

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The White House calls on OPEC Increase oil production In order to curb the high oil prices that Biden administration officials said “may damage the ongoing global recovery”.

Joe Biden’s national security adviser Jack Sullivan said in a statement yesterday that although OPEC and its allies “recently agreed Increase production“This boost “will not completely offset the previous production cuts implemented by OPEC+ during the pandemic before 2022.” “

As the U.S. economy reopened after the coronavirus-related lockdown, U.S. gasoline prices have soared along with the soaring demand for auto fuel. According to data from the Automobile Association AAA, the national average price of gasoline is US$3.19 per gallon, an increase of nearly 50% over the same period last year. The highest national average price recorded in 2008 exceeded $4.10 per gallon.

The White House intervention marked a sudden change in Donald Trump’s policy during the oil market crash last year, when he urged OPEC to raise prices to help US shale companies weather one of the worst market downturns in decades.

There are five more stories in the news

1. The pace of U.S. inflation has stabilized U.S. consumer price increases have stabilized at A 13-year high In July, it increased by 5.4% year-on-year, due to continued inflationary pressures due to supply chain constraints and soaring demand.

  • View: Although the central bank’s forecast is reassuring, there are signs that we will soon have to worry about price increases. Chris Giles wrote.

2. The Taliban seize three more provincial capitals With Joe Biden reiterating his decision, the Taliban has taken control of three other provincial capitals in Afghanistan Withdraw American troops Even militant groups have made extensive territorial gains.

3. Germany arrested the British on suspicion of spying for Russia A British man working at the British Embassy in Berlin was arrested on suspicion of transmitting information to Russian intelligence in exchange for cash.The suspect has been Tracked for a few months Before he was arrested.

4. China’s electric vehicle sales surge Electric car Accounted for 10% Percentage of total car sales in China from January to July.Chinese drivers flock to local car brands, while US conglomerate Tesla is hit scandal Quality issues and data privacy issues in the country.

5. Chinese private school owners are forced to hand over the college More and more private school owners Forced to hand over their institutions to the Chinese government As the impact of Beijing’s sudden education reform spread across the country. “The top leaders do not believe that private schools serve the greater good,” said a government consultant based in Beijing.

Coronavirus Digest

  • U.S Centers for Disease Control and Prevention recommend Pregnant woman Was vaccinated against Covid-19, saying that the data show that Moderna and Pfizer’s injections will not increase the risk of miscarriage.

  • This World Health Organization Is for testing Three new drugs Covid-19 patients were admitted in the hospital as part of the global treatment of coronavirus in existing drugs.

  • Singapore have Upgraded With the stabilization of Covid-19 cases, its GDP forecast for 2021. The city-state’s goal is to begin to loosen border controls in the next few weeks.

  • HongkongCathay Pacific’s flagship airline warned it faces “The most challenging period‘In its history, as the Delta variant continues to spread, it is impossible to predict that its financial pressure will end.

  • The epidemic brought Biggest interference arrive port Since container transportation started 65 years ago. Currently, there are more than 300 container ships trapped outside the ports worldwide.

The chart shows the interruption of container transportation, according to the number of ships waiting for berths in global ports

register For us Coronavirus business update Newsletter and follow our Live blog Newest.

the day before

UK GDP data After a contraction at the beginning of the year, investors will discover how fast the UK is growing Bounce back With the relaxation of blockade restrictions, and the release of the first quarter GDP estimates for the second quarter of this year.

U.S. opioid epidemic Purdue’s bankruptcy trial on the settlement of opioid-related lawsuits will be held in New York.A member of the Sackler family who owns Purdue Pharmaceuticals $4.5 billion will be paid According to a plan to resolve company bankruptcy, in exchange for protection of future financial liabilities.

income Companies such as Toshiba, Walt Disney, Foxconn, Deutsche Telekom, Airbnb and Hapag-Lloyd announced earnings. Read the full list here.

What are we still reading

How to reach the unvaccinated Carrot or stick? As the Delta variant spreads around the world, governments are facing the delicate issue of how to persuade indecisive citizens to take action.Their solutions usually include Motivation and coercion. Should the government mandate the use of vaccine passports? Vote in our latest poll.

Prime Minister of Japan Failed to win the Olympic rebound Yoshihide Suga has a plan for the summer: Despite the Covid-19 pandemic, the Tokyo Olympics will be held to stimulate public enthusiasm and win a wave of medals in the general election.But there are already No sign of Olympic rebound, Pushing Japan into political turmoil and uncertainty.

Cryptocurrency exchange targets sports sponsorship The company behind the emerging industry is Increasingly turning to sports sponsorship Accelerate their 10-year journey from the depths of the Internet to mainstream speculative assets.Major League Baseball has signed a multi-million dollar long-term deal with FTX Valued at $18 billion Last month, it was higher than last year’s 1.2 billion US dollars.

Investors should beware of the unpredictability in Beijing The structure of China’s IPO allows careless people to think that investing in China is no different from investing money in developed markets. This is a terrible mistake, Writes Master BrookeShareholders are buying an arbitrary system in which the rules can and do change overnight.

Brooke Masters:
Brooke Masters: “Even when Alibaba goes public, many uncertainties are obvious, but enthusiastic investors choose discounts” © Ellie Foreman-Peck

China cracks down on drinking after get off work China is moving towards suppress Alcoholism and “harmful karaoke” culture after get off work, because Beijing is working hard to respond to people’s concerns Sexual assault Against women.The crackdown on misconduct is the latest in a series of measures Regulatory action This has put the country’s companies in trouble and stung global investors.

travel

Well maintained in Hong Kong From running along the waterfront of Tsim Sha Tsui to escaping to the quiet hills in the middle of the mountain, there are The most important tip FT readers share how to stay healthy in Hong Kong.

“I walk or run to the top of Victoria Peak with some locals every morning at 4 or 5 in the morning. Most of them are very elderly locals. At that time, the pollution did not affect me, and it was very dark, so I could wear the rest. To keep my luggage light. This is the magnificent view from the top and a very exciting way to start the day.” — Carl Schell

© Robert Harding/Alami

© Robert Harding/Alami

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