OPEC oil producers are discussing an output increase, a move that could help heal a rift between Saudi Arabia and the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war.
A production increase of up to 500,000 barrels a day is now under discussion for OPEC+’s Dec. 4 meeting. After the Wall Street Journal and other news organizations reported on the discussions Monday, Saudi’s energy minister denied the reports and said a production cut was possible instead.
International relief charity Oxfam has filed shareholder resolutions against oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors.
Oxfam says the companies’ tax practices undermine the public’s interest in a fair tax system.
Futures are higher after stocks closed lower yesterday. The Dow Industrials fell 45, the Nasdaq dropped a sharp 121, and the S&P 500 was down 15.
