Sunday, June 4, 2023

June 5, 2023 - Oil production to drop after Opec+ nations meet

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TradeBriefs Editorial

From the Editor's Desk

The Toxic Culture Gap Shows Companies Are Failing Women

According to the most recent “Women in the Workplace” report from LeanIn.Org and McKinsey, the gap between men and women leaving their jobs is the largest it has been since the report was first published eight years ago.1 For every female director who is promoted, two women at the same level of seniority choose to quit. The exodus of female leaders, which has been dubbed the Great Breakup, is attributable in part to the persistent gap in pay between men and women.

Which elements of corporate culture are most critical to women? And what are the most important cultural shortcomings causing women to head for the exits? To shed light on these questions, we analyzed the language that 3 million U.S. employees used in Glassdoor reviews to describe their employer between 2016 and 2021.3 Of the reviews that included self-reported gender, 51% identified as male and 49% as female.4 (Less than 0.2% of respondents chose “other” or “prefer not to state.”5)

Continued here


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Oil production to drop after Opec+ nations meet
Oil production to drop after Opec+ nations meet
The West has accused Opec of manipulating prices and undermining the global economy through high energy costs, according to Reuters. It has also accused the group of siding with Russia despite sanctions over the invasion of Ukraine.

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Neil MacFarquhar is a national correspondent. Previously, as Moscow bureau chief, he was on the team awarded the 2017 Pulitzer Prize in International Reporting. He spent more than 15 years reporting from around the Mideast, including five as Cairo bureau chief, and wrote two books about the region. @NeilMacFarquhar

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Ukraine Keeps Up Pressure Following Russian Declaration Of Victory In Bakhmut
Ukraine Keeps Up Pressure Following Russian Declaration Of Victory In Bakhmut
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Saudi energy minister defends voluntary oil cuts as precautionary
Saudi energy minister defends voluntary oil cuts as precautionary
Asked if the group can trust ally Russia, whose export levels have been opaque since the implementation of Western crude and oil product sanctions, Abdulaziz added: \"Absolutely. But I always like [the] President [Ronald] Reagan line, \'Trust but verify,\'\" noting the instrumental role of independent sources in assessing production.

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Gladkov said earlier on Sunday that Ukrainian forces had continued to shell his region overnight after two people were killed the previous evening and hundreds of children were evacuated away from the border.












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Saudi Arabia slashes oil production and threatens to do 'whatever is necessary' to boost prices
Saudi Arabia slashes oil production and threatens to do 'whatever is necessary' to boost prices
Giovanni Staunovo, a commodity analyst at UBS, said: “Despite a very long meeting, the group shows it remains united, aiming to keep the oil market in balance.”He said oil prices were likely to rise in early trading on Monday morning. Opec+ accounts for just over 40pc of global production and Opec controls around 80pc of reserves.Saudi Arabia’s decision to go it alone on cuts comes after Prince Abdulaziz last week told traders who had bet against oil prices to “watch out”.Oil prices have fallen over the last year despite repeated cuts to output. Brent crude peaked at $125 a barrel a year ago but traded at just over $76 on Friday - below the level when Russia invaded Ukraine last February and below the crucial $80 price at which the Saudi government can fund its spending.Opec+ announced a surprise oil production cut of 1 million bpd in April, which sent the prices leaping. However, it had sagged since then amid concerns about the outlook for the global economy.While Opec and its allies did not agree to further cuts on Sunday, members did commit to extending April’s voluntary cuts until the end of next year.The wider Opec+ group, which includes the 13 Opec members and 10 additional producers, promised to cut production in 2024. However, the grouping will meet again in November and plans may change.It came as the GMB union accused Labour of creating a “cliff edge” with plans to ban new oil and gas production in the North Sea. General secretary Gary Smith said workers were “very worried” about proposals to ban new licences in the North Sea, which the union argued would make Britain more dependent on imports.Mr Smith told Sky News: “Their policies are going to create a cliff edge with oil and gas extraction from the North Sea.”There is a lot of oil and gas in the North Sea and the alternatives facing the country are that we either produce our own oil and gas - take responsibility for our carbon emissions - or we are going to import more oil and gas.”

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