FT News Briefing Biden turns to autocrats for oil
Mar 15, 2022
U.S. stocks are feeling the heat ahead of the Federal Reserve meeting, with bond prices taking a dive. President Biden is making surprising moves by reaching out to Venezuela and Saudi Arabia for oil, as sanctions against Russia complicate the energy landscape. Meanwhile, a significant trial reveals stunning details about massive embezzlement linked to 1MDB. In related news, Germany is stepping up its military game with a major deal, pointing to heightened global tensions and shifting alliances.
AI Snips
Chapters
Transcript
Episode notes
Market Volatility
- Oil prices dropped below $100 a barrel as OPEC discussed increasing supply, easing fears of a Russian oil ban.
- Tech stocks, particularly the Nasdaq, also fell due to the upcoming Fed meeting and rising interest rates.
U.S. Oil Diplomacy
- The U.S. is turning to autocratic nations like Venezuela and Saudi Arabia for oil, despite previous political tensions.
- These countries are hesitant to respond due to past U.S. actions and the uncertainty surrounding the Ukraine conflict.
1MDB Trial Update
- The 1MDB corruption trial involving former Goldman Sachs bankers is underway in Brooklyn.
- Tim Leissner, a key witness who pleaded guilty, testified against his former colleague, Roger Ng, offering insights into the scheme.