FT News Briefing

US oil is keeping Opec on its toes

Dec 8, 2023

10:24

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EU considering ban on Russian gas imports, US oil production complicates OPEC math, gold and bitcoin prices surge, implications of US oil production on global market and OPEC's response

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Quick takeaways

The EU is considering a law that would allow member states to ban gas imports from Russia and Belarus, giving countries the power to limit Russian and Belarusian companies' access to EU gas pipelines and terminate contracts with Russian energy providers.

Investors are showing interest in both gold and Bitcoin, with the price of gold hitting a record high due to factors like its safe haven status, weakening US dollar, and central bank buying, while Bitcoin has seen significant growth potentially driven by regulatory clarity, anticipation of a Bitcoin ETF, and interest in speculative rally in risk assets.

Deep dives

EU considering law to ban Russian gas

The European Union is considering a law that would allow member states to ban gas imports from Russia and Belarus. The measure would enable countries to prohibit Russian and Belarusian companies from purchasing capacity on EU gas pipelines. EU energy companies would also be allowed to end contracts with Russian energy providers without paying hefty compensation. Negotiators are expected to approve the proposal today, but it still needs formal approval from the European Parliament and member states.

Introduction

3min

Factors Driving Gold Prices and a Comparison to Bitcoin

2min

The Impact of US Oil Production on the Global Market

3min

The Impact of Low Crude Prices and US Oil Production on OPEC and Climate Efforts

2min

US Oil Production and its Impact on OPEC

2min

The EU is set to pave the way for completely ending gas imports from Russia and Belarus, and a record supply of oil from the US is complicating Opec+ maths. Plus, the FT’s Jennifer Hughes explains why the price of gold and bitcoin are both booming in the same week.

Mentioned in this podcast:

EU paves way for total ban on Russian gas imports

Oil market caught by surprise as US output surges

Gold price hits all-time high as traders bet on interest rate cuts

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Michela Tindera, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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