A tanker truck travels towards a petrochemical production complex on the outskirts of Shanghai, China, on Tuesday, March 1, 2022. Oil extended its relentless rally before an OPEC+ meeting as the International Energy Agency warned that global energy security is under threat following Russia’s invasion of Ukraine. Photographer: Qilai Shen/Bloomberg
The meeting in Bali between President Xi Jinping and President Joe Biden, which took place on the sidelines of the Group of 20 summit, led to a resumption of cooperation on issues including climate change and food security, putting a floor under worsening ties after tensions spiked due to House Speaker Nancy Pelosi’s visit to … Read more
Meanwhile, Europe isn’t scrambling for crude. Russia’s invasion of Ukraine, which has stoked inflation, including for food and energy, has undermined European economies to the point where, as I suggested back in early November, the world can easily handle the loss of Russian barrels, at least for now.
California, the top agriculture state in the US, has faced drought this year that led to $3 billion worth of losses. And in Florida, which is the top US supplier of fruits and vegetables in the fall and winter months, experienced a storm that cost the produce industry in the state nearly $2 billion.
“We’re thinking about this,” the Russian president told reporters after a summit in Kyrgyzstan. “If we are talking about a disarming strike, perhaps we should think about using the approaches of our American partners,” he said, citing what he called US strategies to use high-accuracy missiles for a preventive strike.
(Bloomberg) — Four months after FBI agents seized government records from Donald Trump’s Mar-a-Lago estate, his bitterly fought litigation with the Justice Department appears over. He lost in court. And unlike the last time that happened, he opted not to push for another long-shot US Supreme Court showdown.