Connect with us

News

Sources Say OPEC+ Will Wait Until December 5 to Determine Its Oil Output Strategy.

Published

on

OPEC
Maxim Shemetov | Reuters

(VOR News) – Two people who were present at the conference have claimed that the OPEC+ oil alliance decided to delay a meeting to discuss the next steps of its crude output plan until December 5. In order to accommodate the upcoming meeting, an alternative was chosen.

Due to the delicate nature of the discussions occurring at the time, the sources specifically did not want to be named.

The alliance, which consists of the Organization of Petroleum Exporting Countries and its partners, was supposed to meet on December 1st, according to the original plans. Nevertheless, the coalition conference did not proceed as well as expected.

The following week, OPEC will hold an online meeting.

Three different sets of oil output reductions are presently being implemented by the Organization of Petroleum Exporting Countries (OPEC) and its partners. This is a result of growing uncertainty in the demand situation.

The member countries have agreed to lower their overall production to 39.725 million barrels per day (bpd) during the course of the next year in compliance with the official output strategy. Eight OPEC+ countries are willingly reducing their output by 1.7 million barrels per day at this time.

This decrease is expected to continue throughout the whole of 2025. Furthermore, a second round of reductions is already underway. This stage, which will start in December, will involve 2.2 million barrels per day in total.

The Organisation of Petroleum Exporting Countries (OPEC) Secretariat said that the meeting would be rescheduled after the conference ended. This was because several ministers from member states will be attending the Gulf Summit, which is set for December 1 in Kuwait City.

It is unclear if this second voluntary output constraint of 2.2 million barrels per day will be extended, given the establishment of a cease-fire between Israel and Lebanon has reduced the probability of production disruptions in the oil-rich Middle East. Rather, it’s unclear if this restriction will be lifted.

The first to implement a cease-fire was OPEC.

This development may have been influenced by the considerable pressure that was placed on world’s oil prices earlier this week.

Iran, one of the main producers of the OPEC contingent, has supported terrorist groups like the Palestinian Hamas, the Houthis in Yemen, and Hezbollah in Lebanon during the one-year-old war with Israel.

Iran has also attempted to torture the Jewish nation by threatening it with rockets. The financial markets have been closely monitoring whether or not strikes on Iran’s vital oil infrastructure—the foundation of the sanctioned economy—could result in a prolonged or escalating conflict. Iran’s oil infrastructure accounts for a sizable amount of its GDP.

In the immediate aftermath of Wednesday’s settlement, the January-expiration Ice Brent contract was trading at $72.68 per barrel at 7:39 a.m. London time.

This time around, the settlement caused a 0.2% decline. Nymex WTI OPEC futures for the January front month were trading at $68.58 a barrel during Wednesday’s trading session, down 0.2% from the closing price of the market.

Furthermore, this represented a decrease from the closing price of the market on Wednesday.

The fact that President-elect Donald Trump will be returning to the White House in January is another factor that adds to the OPEC high degree of uncertainty. President Trump has previously made the case for the “drill, baby, drill” approach to increasing U.S. oil production.

Another interesting fact is that President Trump has already put in place a strict policy that includes sanctions against Iran because of its nuclear program.

For the few remaining consumers of Tehran’s crude oil, this approach might deter them. One of the clients that this strategy might deter from doing business with is China, the world’s biggest importer of crude oil.

SOURCE: CNBC

SEE ALSO:

Global Unease Arises in Response to Donald Trump’s Tariff Talks; Nations May “Retaliate”

“Un-American Threats” Target Donald Trump’s Cabinet Nominees and Appointments.

 

Continue Reading

News

Canada to Strengthen Border Security After Trumps Threat

Published

on

Canada, border secuirty
Canada's Public Safety Minister has announced plans to increase its spending on border security

Canada’s Public Safety Minister has announced plans to increase its spending on border security after President-elect Donald Trump promised to levy heavy tariffs because of illegal immigration across the US-Canada border.

Following the meeting with Trudeau, Canada’s public safety minister, Dominic LeBlanc, told reporters, “We believe there is a circumstance where we can make additional investments to ensure that all of the necessary measures are in place and will continue to be in place.” Of course, he declined to disclose how much additional federal government funding would make available.

Canada’s provincial governments have blasted Justin Trudeau for failing to emphasize border security.

On Wednesday, Ontario leader Doug Ford hoped the meeting with Trudeau would be “the start of a more proactive approach from the federal government” and would show it “takes the security of our border seriously . . or risk the economic chaos of Trump tariffs”.

Quebec’s premier, François Legault, an ardent critic of border security, said late Wednesday: “It is critical to secure the borders in both directions.”

We do not want a new wave of immigrants, but Mr. Trudeau must present a plan to comfort Mr. Trump.”

Canada US border

The US-Canada border is the longest in the world.

The US-Canada border is the world’s longest, spanning approximately 9,000 kilometres on land and ocean. Land security is modest; few walls or fences are sometimes denoted with simple stone markers along residential streets.

While major road crossings have checkpoints, the border is mostly managed by mobile patrols, making it vulnerable to smugglers of migrants, drugs, and firearms.

Tom Homan, Trump’s new border Tsar, stated in a recent TV interview that Canada cannot be a route for terrorists into the US. “It’s an extreme national security vulnerability on the northern border, and it’s one of the things I’ll tackle,” according to him.

According to Homan, the number of migrants apprehended attempting to cross from Canada into the United States increased by about 600 percent, from 27,180 in 2021 to 198,929 in 2024.

The Canadian side of the border is manned by 8,500 frontline Canada Border Services Agency employees, who monitor the nearly C$3.6 billion (US$2.6 billion) in products and services and the over 400,000 persons who cross each day.

However, their union believes an additional 2,000-3,000 border officers are required. “The union has been vocal about the lack of staff at the border for years,” Customs and Immigration Union president Mark Weber stated.

President-elect Donald Trump has promised to deport millions of undocumented migrants once he takes office early next year, and Canadian officials are concerned that many would flee to Canada to escape being apprehended by US immigration agents.

Related News:

Canada’s Premiers Criticize Trudeau Over Border Security

Canada’s Premiers Criticize Trudeau Over Border Security

 

Continue Reading

News

Canada Post Begins Laying off Striking Postal Workers

Published

on

Canada Post Laying Off Striking Postal Workers
Striking postal workers in Lacombe, Alberta huddle to keep warm - Photo by Cory Knutt.

Canada Post has recently been criticized for temporarily laying off striking postal workers. This move has aroused much controversy as the labour strike approaches its two-week milestone.

Canada Post recently announced layoffs aimed at individuals involved in the strike. According to accounts, these layoffs are temporary. However, the decision has exacerbated tensions between the corporation and the union.

Unfortunately, due to the continued national labour disruption caused by the Canadian Union of Postal Workers (CUPW) and its severe impact on the company, we have adjusted our operations under the Canada Labour Code,” said Canada Post spokesperson Phil Rogers.

Exact figures are still unknown, but a major chunk of the 55,000 unionized workers is expected to be affected. The layoffs are mostly concentrated in areas where the strike severely affects services.

For many employees, this measure adds financial stress to a difficult situation. Striking workers lose pay during labour disputes, and layoffs exacerbate their capacity to make ends meet.

Canada Post Scare Tactic

The CUPW has slammed the layoffs as a “scare tactic.” They believe this action is intended to pressure workers to return before their demands are addressed. Meanwhile, Canada Post claims it’s an essential precaution to keep operations running throughout the strike.

According to labour and employment expert Deborah Hudson, Canada Post’s layoffs are unusual and will almost certainly face legal challenges from the union.

According to the Canada Post, its company suffered severely during the strike. It was previously stated that the labour interruption has affected approximately 10 million parcels since the job strike began on November 15.

Negotiations between the two sides are currently at a deadlock. The union continues to advocate for its demands, while Canada Post maintains its stance.

The postal strike has no end in sight. Labour Minister Steven MacKinnon said Wednesday that an Ottawa-appointed mediator was going nowhere because the sides were too far apart on fundamental topics. The mediation negotiations were temporarily postponed, and the administration has no plans to intervene.

Back to Work Legislation

In a statement Thursday, spokesman Rogers stated that Canada Post is “considering its options to move negotiations forward with greater urgency and remains committed to negotiating new collective agreements.”

Meanwhile, union president Jan Simpson stated Wednesday that the CUPW is battling to keep good full-time positions.

If the issue persists, the federal government may interfere. During previous labour disputes, Ottawa enforced back-to-work laws to restore mail services. Whether that happens this time depends on how long and disruptive the strike is.

The Labour Minister says the special mediator will re-engage with both parties once productive bargaining can resume.

Trending News:

Carney Says Canada Has Failed New Immigrants

Carney says Canada Has Failed New Immigrants

Continue Reading

News

Global Unease Arises in Response to Donald Trump’s Tariff Talks; Nations May “Retaliate”

Published

on

Donald Trump
AFP

(VOR News) – Donald Trump’s statements regarding tariffs have generated worry among international nations and businesses. Many individuals feel that these tariffs may indicate the onset of an extensive trade war upon his return to office next year.

On Monday, the newly elected president warned both his supporters and adversaries, announcing his plan to promptly impose a 25 percent general tax on Canada and Mexico, as well as a 10 percent tariff on China. If he fulfills that threat or his campaign pledge to impose a 10 percent tax on all imports from the United States.

There will be retaliation against Donald Trump’s global economy.

Bernard Yaros, an economist at Oxford Economics, informed AFP, “We anticipate that all these other nations, especially advanced economies in Asia, will react similarly.”

He estimates that the tariffs and punitive actions imposed by the United States, particularly on Europe and Asia, will “depress growth” and trade flows, resulting in a decline in global GDP of 0.1 to 0.9 percentage points by 2026.

Ruben Dewitte and Inga Fechner, economists at ING, penned a letter cautioning that threats negatively influence sentiment before the introduction of tariffs and may lead to delays in hiring and investment.

A recent editorial in the Wall Street Journal asserts that President Donald Trump has consistently regarded tariffs as a “universal weapon” for negotiations.

The President of the United States announced on Monday that the elimination of tariffs on Canada and Mexico will go independently if the United States resolves the challenges of illegal drug trafficking and immigration.

Petros Mavroidis, a professor at Columbia Law School, jeopardizes enduring repercussions while attempting to augment the United States’ influence. Others speculate that he will exert pressure on nations until they yield to China’s positions.

He informed AFP that “his actions unequivocally alienated all of his allies.”

Erin Murphy, a senior analyst at the Center for Strategic and International Studies, asserts that President Donald Trump’s warnings exhibit “no differentiation” about the economic growth levels of other nations and their interactions with the United States government.

The discontent in Europe

Dewitte and Fechner contend that Europe might be profoundly impacted, warning that “a potential new trade war could propel the eurozone economy from sluggish growth into recession.” Donald Trump’s campaign mostly focused on tariffs levied by the European Union on vehicle imports.

ING asserted that the European Union would have negotiation leverage due to the United States’ dependence on the EU for strategically essential commodities, especially in the chemical and pharmaceutical industries.

Gary Hufbauer, a nonresident senior scholar at the Peterson Institute for International Economics, contends that “European nations will be less willing to negotiate any accord with Donald Trump than Canada or Mexico.” Hufbauer made this statement.

He argues that the European Union’s initiative to reduce vehicle tariffs and augment imports of agricultural items from the United States, such as soybeans, may be inadequate for a government pursuing improved market access or exemptions from particular regulations.

He asserts that if the United States enacts tariffs, the European Union will probably respond to significant American goods such as whiskey or iPhones.

European nations may pursue redress from the World Trade Organization (WTO); nevertheless, even a favorable ruling from the WTO may not significantly affect U.S. policy.

Ursula von der Leyen, the current President of the European Union, has declared her determination to seek “constructive cooperation” with the pertinent authorities in the United States. Jovita Neliupsiene, the European Union’s ambassador to the United States, has stated that the organization is ready to tackle any forthcoming trade problems.

Preventing further decline

Yaros posits that the United States might concentrate on Asian economies, including South Korea and Japan, owing to their exports of automobiles and metals. Furthermore, Vietnam may undergo scrutiny regarding its solar panels.

In recent years, the United States’ trade deficit with Vietnam has widened due to a rise in imported commodities.

Yaros has claimed that the countries impacted by Donald Trump’s tariffs will “respond in a manner that is commensurate with the actions undertaken by the US, but will not surpass them.” This statement was released to avert a worsening of the problem.

He asserted that, according to historical records, China might choose to eschew a similar response in favor of actions like export bans.

Daniel Russell of the Asia Society Policy Institute has disclosed that both Seoul and Tokyo are meticulously planning for the possible implementation of tariffs.

He asserts that allies such as South Korea will leverage their Donald Trump significant high-tech investments in the United States to request exemptions from all tariffs imposed by the United States.

SOUREC: NDTV

SEE ALSO:

Canada’s Premiers Criticize Trudeau Over Border Securit and Appointments.

Continue Reading

Trending