FT News Briefing US lashes out at Opec+’s oil cuts
Oct 6, 2022
Opec+ has plunged the global oil market into chaos by slashing production by 2 million barrels a day, igniting fierce backlash from the U.S. Amid this turmoil, protests in Iran spotlight deep social injustices. Miami emerges as a surprise favorite for foreign businesses, bolstered by its strategic advantages and diverse culture. Conversely, cities like San Francisco are struggling under economic pressures. Lastly, Phoenix is showcasing its potential as a new hub by attracting international investments, particularly in the tech sector.
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OPEC+ Cuts and US Relations
- OPEC+ cut oil production by 2 million barrels/day to boost prices, causing a rift with the US.
- This reasserts OPEC+'s dominance in oil markets, impacting global supply and US political dynamics.
Iran Protests and Social Breakdown
- Widespread protests are erupting in Iran following the death of a woman in morality police custody.
- Protesters from diverse backgrounds highlight a broken social contract and challenge the leadership's legitimacy.
Miami's FDI Success
- Miami ranked first in attracting foreign direct investment, outpacing other US cities.
- Its international airport, diverse population, and openness to different cultures make it appealing.