The haves and have-nots: As the gap between rich and poor widens, the general population remains more skeptical of institutions such as government, media and business, than the world’s wealthiest and most educated people, a survey of 33,000 people in 28 countries found. The Edelman Trust Barometer, made public today in advance of the World Economic Forum in Davos by public relations giant Edelman, found a record 12-point gap between the wealthy and educated—what the survey calls the “informed public”—and the general population. The gap is driven by income inequality and differing expectations for the future, the survey found. Among the elite surveyed, 60% said they trusted government, nongovernmental organizations, media and businesses, up from 56% in 2015. Among the general population, 48% trust these same institutions, up from 46% last year. USA Today has the full story.
Rolling and tumbling: Oil prices slumped to a 2003 low today, below $28 per barrel, as the market anticipated a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend. Responding to Tehran’s compliance with a nuclear deal, the United States and major powers revoked international sanctions that had cut Iran’s oil exports by about 2 million barrels per day since their pre-sanctions 2011 peak to little more than 1 million bpd. Iran, a member of the Organization of the Petroleum Exporting Countries, issued an order today to increase production by 500,000 bpd. Worries about Iran’s return to an already oversupplied oil market drove down Brent crude to $27.67 a barrel early today, its lowest since 2003. As of 2:45 p.m., Brent had recovered some and was was trading for $28.77 per barrel. Reuters has the full story.
Feeling the squeeze: Collapsing crude prices could squeeze a lot more oil out of the market this year than previously believed, the Organization of Petroleum Exporting Countries says in a report released today. In its monthly oil market report, OPEC predicted the oil bust will force global non-OPEC output to sink by 660,000 barrels a day this year, a 69% downward revision of its prior monthly forecast. Outside the 13 OPEC nations, the United States is set to see the steepest production declines later this year as domestic shale drillers trim oil spending by 40% compared to 2014 levels. “Tight crude producers (in the United States) are aware that the typical oil wells in shale plays decline 60 percent annually and that the loss is recouped only by drilling new wells,” OPEC says. “As drilling subsides due to high costs and a potentially sustained low oil price, production can be expected to follow, possibly late in 2016.” FuelFix.com has the full story.
