East coast port talks resume, with automation and jobs still the sticking points
Negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Employers (USMX) will ...
CNBC reports:
The surprise output cut by OPEC and its allies sent oil prices rallying — and analysts say major oil importers like India, Japan and South Korea will feel the most pain if prices hit $100 per barrel, as some have predicted.
On Sunday, OPEC+ announced a production cut of 1.16 million barrels per day, in a move that oil markets were not expecting.
“It’s a tax on every oil importing economy,” said Pavel Molchanov, managing director of private investment bank Raymond James.
“It’s not the US that would feel the most pain from $100 oil, it would be the countries that have no domestic petroleum resources: Japan, India, Germany, France … to name some of the big examples,” Molchanov said. The voluntary cuts by countries in the oil cartel are set to start in May and last till the end of 2023…
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