The old geopolitics of energy (fossil fuels, that is) is back with a vengeance.
In recent days, U.S. President Joe Biden has been pushing Saudi Arabia, Russia and the United Arab Emirates to boost oil production in an effort to lower American gasoline prices and with them inflation. It’s a reminder that despite all the talk of combating climate change, the global economy still runs, largely, on oil, natural gas and coal.
The “refusal of Russia or the OPEC nations to pump more oil” is the reason why Americans pay more at the pump, Biden told reporters at the United Nations COP26 summit in Glasgow, where, ironically, he asked fossil-fuel producers to boost output.
The U.S. isn’t alone: India, the world’s third-largest oil consumer, has been vocal in asking for more production. So has Japan, which is ranked fourth, gulping down nearly as much crude as France, Italy and the U.K. combined.
Key Reading:
With prices hovering close to a seven-year high of $85 a barrel, Saudi Arabia can flex its diplomatic muscle. If countries want more oil, Riyadh has its own demands: above all, the political rehabilitation in Washington of Crown Prince Mohammed bin Salman.
Far from losing power amid the fight against global warming, Saudi Arabia is emerging from the pandemic with all guns blazing. If OPEC+ agrees to raise production today as expected, the kingdom’s output will hit 10 million barrels a day in December, back above its pre-Covid level.
That means that Riyadh is again flush with petrodollars — and renewed political clout. — Javier Blas
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A gas station in San Diego, California, on Oct. 20.
Photographer: Bing Guan/Bloomberg
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Global Headlines
Agenda push | U.S. House Speaker Nancy Pelosi told fellow Democrats to prepare to vote on an updated version of the roughly $1.75 trillion tax and spending bill even though a few issues haven’t been resolved and some Senate members don’t support it, sources say. Several Democrats expressed skepticism that a vote could be accomplished this week.
Democrats are under pressure to pass the economic package after voters in state elections including in Virginia flocked to Republican candidates a year following Biden’s presidential win.
Another go | The U.S. and Iran will resume talks Nov. 29 on reviving the 2015 agreement that limits Tehran’s nuclear program, after a five-month delay that fueled doubts the two sides can bridge their differences. The meetings, in which the U.S. and Iran don’t speak face-to-face but through European and Russian intermediaries, will be held in Vienna.
Tolerance of Abuse
24% of German business leaders say partner violence is justified in some scenarios. Here are the reasons they selected:
Source: Frontline100/YouGov survey conducted July 28 – Aug. 4, 2021
Note: Respondents (753 business leaders) could select multiple answers
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A quarter of German business leaders selected at least one reason that justifies physical violence against a partner in a survey that underscored how the country often lags in acknowledging inequities faced by vulnerable groups such as women and minorities.
Shutting off | Authorities are ring-fencing Beijing against Covid-19 outbreaks now permeating more than half of China’s provinces, seeking to protect the capital as it gears up to host political leaders next week and the Winter Olympics in less than 100 days. The state-owned rail operator suspended ticket sales for trains departing from 123 stations in 23 locations that reported virus cases.
A leading political commentator waded into the debate about the country’s Covid Zero approach.
Read here how Beijing is leveraging its vaccine diplomacy beyond Covid shots.
Best of Bloomberg Opinion
Bloomberg TV and Radio air Balance of Power with David Westin weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online here or check out prior episodes and guest clips here. Today the U.K. ambassador to the U.S., Dame Karen Pierce, joins us to discuss prospects for a trade deal and issues including COP26 and China.
Fall from grace | Few leaders have seen their fortunes turn as dramatically as Ethiopia’s Abiy Ahmed. A Nobel Peace prize winner in 2019, the prime minister is now accused of human rights abuses and has asked residents to secure the capital against a potential assault by rebel forces. Marc Champion, Simon Marks and Fasika Tadesse set out the reasons for his sudden reversal.
Facebook removed a post on Abiy’s page for violating its policies against inciting violence.
Probe blow | The International Criminal Court’s plans to intensify its investigation into the Venezuelan government for alleged crimes against humanity is a fresh blow to President Nicolas Maduro’s attempts to win legitimacy on the international stage. You can read more here about what the ICC is looking into.
Juan Guaido risks losing his post as leader of the Venezuelan National Assembly as opposition parties move to drop him as the face of their movement, defying pressure from the U.S.
What to Watch
U.S. Supreme Court justices signaled they’re poised to rule that most people have a constitutional right to carry a handgun outside the home, casting doubt on a New York law requiring a special justification to get a permit.
Chilean left-wing presidential candidate Gabriel Boric has Covid-19, another blow as his campaign fades before the Nov. 21 first round vote.
South Africa’s ruling party is set to lose its electoral majority in the key province of KwaZulu-Natal, where unrest erupted in July following the arrest of former President Jacob Zuma.
China fired back over a Pentagon assessment that its nuclear weapon capabilities are expanding at a faster pace.
And finally … World Food Programme chief David Beasley posted a summary of a plan on Twitter today to show Elon Musk, the world’s richest man, how donating part of his wealth could alleviate global hunger. Beasley promised a “detailed” $6.6 billion plan within days on averting “crisis for 42 million people on famine’s edge in 43 countries.” Musk offered to sell Tesla stock if the WFP showed “exactly” how the money would solve hunger.
New Brunswick voters have elected a Liberal majority government, tossing out the incumbent Progressive Conservatives after six years in power and handing the reins to the first woman ever to lead the province. Liberal Leader Susan Holt spent much of the campaign rolling out proposed fixes for a health-care system racked by a doctor shortage, overcrowded emergency rooms and long wait-times. She promised to open 30 community health clinics across the province by 2028. (Oct. 22, 2024)
Susan Holt has made history in New Brunswick by becoming the first woman to serve as the leader of the province’s Liberal Party, a significant milestone in the province’s political landscape. Holt’s leadership victory signals a new era of representation, gender equality, and change in the region, which has long been dominated by male politicians.
Holt’s journey to the top has been one of perseverance and dedication. Before entering politics, she built a distinguished career in the private sector, where she held numerous leadership positions. Her experience in business development and public policy has equipped her with the skills needed to navigate the complex world of politics.
In a province where women have historically been underrepresented in politics, Holt’s election represents a watershed moment. Women’s involvement in leadership roles has been steadily increasing nationwide, but New Brunswick, like many parts of Canada, has seen slower progress in achieving gender parity. Holt’s rise to the top of the Liberal Party not only shatters a glass ceiling but also serves as an inspiration for future generations of women aiming for political leadership.
As the leader of the New Brunswick Liberal Party, Holt has laid out a vision of inclusivity and progress. Her policies focus on economic development, healthcare reform, environmental sustainability, and addressing social issues that have plagued the province. She has also emphasized the importance of transparent governance and creating opportunities for underrepresented communities, making her platform both modern and forward-thinking.
Holt’s leadership arrives at a time when many voters are calling for change, especially in the face of challenges like economic uncertainty and the need for healthcare improvements. She aims to bring fresh ideas to tackle these issues while ensuring that all citizens, regardless of their background, have a voice in government decisions.
Susan Holt joins the ranks of other trailblazing women across Canada who have led provincial parties and governments. Women like former Alberta Premier Rachel Notley and Ontario’s Kathleen Wynne have paved the way, and now Holt is contributing to this growing legacy of female political leadership in Canada.
Her achievement highlights not only the growing number of women entering politics but also the demand for leaders who can bring diverse perspectives to the table. In a field often dominated by entrenched traditions, Holt’s election is a step toward a more inclusive and representative political landscape in New Brunswick.
Holt’s leadership signals a broader shift in Canadian politics, where more women and diverse voices are gaining prominence. For young women across the country, her rise serves as a powerful reminder that leadership roles are within reach, even in traditionally male-dominated spheres.
With her election, Susan Holt has proven that perseverance, skill, and a vision for change can break even the toughest barriers. Her leadership will not only reshape New Brunswick’s political future but also inspire others across Canada to pursue leadership positions and continue to challenge the status quo.
NDP Leader Carla Beck has two planned campaign events today, starting the day with an availability in Moose Jaw and then later this evening attending an event in the capital with the Regina Medical Staff Association.
Saskatchewan Party Leader Scott Moe, meanwhile, will speak in Prince Albert at the start of Voting Week in the province.
Saskatchewan residents can vote for five days starting today in the lead-up to next week’s provincial election, although polls won’t be open Sunday.
The NDP and the Saskatchewan Party are urging voters to cast their ballots early.
Voters can find their polling stations on their information cards or by visiting the Elections Saskatchewan website.
Chief electoral officer Michael Boda says there are about 810,000 registered voters in Saskatchewan.
This report by The Canadian Press was first published Oct. 22, 2024.
