Listen: OPEC, Russia And Devon Geoghegan discussed on All Things Considered
"Right now on a Friday evening. What's happening outside kitchen? Hello, my friend. If you're trying to negotiate the northbound four zero five on the west side right now, we've actually shaved off a couple of minutes, if you can believe that it's still taking about an hour and seven minutes from the ninety up to the one eighteen in Burbank. Westbound on the one thirty four Harvey Dr collision reported there. But no other details and Long Beach eastbound ninety one at the seventeen hundred stable vehicle blocking the number two lane. What use extra caution? It's being reported that the driver might be walking around in lanes in that area. Okay. Really quick Lincoln heights. Just a little northeast of Chinatown northbound the five near the one ten two vehicle collision blocking the right after all those tunnels. Yeah. Sean. Thank you five. Fifty. You're listening to the news on KCRW from NPR news. This is all things considered. I Nelson Chang and Mary Louise Kelley today. Russia joined with OPEC in an agreement to cut oil production by one point two million barrels day, the move aims to stabilize some of the recent sharp fluctuations in oil prices, but as NPR's Yuki Noguchi reports the accord also shows how geopolitical power dynamics are shifting the price of crude oil spike to seventy six dollars a barrel in October since then prices have plummeted by a third now. Opec Russia and other producers are aiming to get supply and demand back in balance that would push prices back up something President Trump has vocally opposed. But what made this agreement unusual is the prominent role played by Russia, which is not an OPEC member. Devon Geoghegan follows oil markets for gen scape. He says that didn't use to happen. You didn't see pack. Waiting on Russia. So that they could finalize a cut. And I think that was probably the most surprising of all the developments. He says it points to changing power dynamics OPEC's influence has eroded Russia, and the US have become more dominant players just this year, the US has taken over as the world's largest producer of oil this shift went on display this week at OPEC's meeting in Vienna. Saudi Arabia OPEC's most powerful member appeared to weigh. The Trump administration's calls to keep oil prices down against Russia's calls for bigger production. Cuts tensions between these companies are running very high. And because of that Geoghegan says predicting oil markets has become a lot harder. And in general, you can no longer really count on the geopolitics text to be clear you've got to look elsewhere. And you gotta look tell their indicators to try and figure out what these countries are doing in real time. And what they're going to do. Meanwhile, smaller oil producing countries need the money. And growls about their waning influence, Chris midgely an analyst with SNP global Platt says the agreement is only as good as the members willingness to live up to their pledges. You got good announcements. What actually happens in reality is often? Very different oil prices were up about four percent on the news today. You can Gucci NPR news Washington. The holiday season is magical. Right. No by humbug. We'll try this. Give a kid in your life jest, the right book, the story that transports, the pictures that enchant, and you will know that magic is real kids book author John Cesca believes but dig beautiful picture books. That's really not his thing as our co host. Audie Cornish found out. Honestly, the fan of like the crazy. Guys, like, Dr."