World News

22056 readers

77 users here now

Breaking news from around the world.

News that is American but has an international facet may also be posted here.

Guidelines for submissions:

Where possible, post the original source of information.
- If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
Do not post ragebait or shock stories. These will be removed.
Do not post tabloid or blogspam stories. These will be removed.
Social media should be a source of last resort.

These guidelines will be enforced on a know-it-when-I-see-it basis.

For US News, see the US News community.

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago

MODERATORS

Oil prices have risen. That's making gas more expensive for US drivers and helping Russia's war (apnews.com)

submitted 1 year ago by throws_lemy@lemmy.nz to c/news@beehaw.org

20 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] autotldr@lemmings.world 1 points 1 year ago

🤖 I'm a bot that provides automatic summaries for articles:

Click here to see the summary

The world’s second-largest oil supplier has slashed production by 1 million barrels a day since July and decided this month to extend the cut through the end of the year.

Leon said the Saudis will review the cuts each month — and could add barrels back if prices spike to levels that could seriously worsen inflation in countries buying oil.

Oil costs are keeping gas prices high even as driving demand drops with the end of summer vacations and plentiful gasoline stocks, according to auto club AAA.

Oil is Russia’s main moneymaker, so higher prices help the Kremlin pay for its invasion of Ukraine and weather sweeping Western sanctions aimed at crushing its wartime economy.

The recent rise in oil prices, along with a cutback in the discount that sanctions forced Russia to offer Asian customers, means Moscow will earn “significantly more revenue from those exports,” said Benjamin Hilgenstock, senior economist at the Kyiv School of Economics.

The administration is also in touch with domestic and international producers on longtime supply needs, trying to ensure that the risk of higher oil prices does not disrupt economic growth.

Saved 84% of original text.