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WSJ What’s News

Russia and the Saudis Are Cashing In on Pricy Oil. Why the U.S. Isn’t

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 28 September 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

P.M. Edition for Sept. 28. Oil prices are nearing $100 a barrel again, after Russia and Saudi Arabia extended production cuts. Markets reporter Anna Hirtenstein explains how those countries are cashing in, and reporter Benoît Morenne has more on why U.S. shale producers aren’t coming to the rescue. Plus, desperate Armenians flee the breakaway region of Nagorno-Karabakh as Azerbaijan takes control. Moscow bureau chief Ann M. Simmons reports from the ground. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

As a city national client, you get a dedicated team of banking professionals working alongside

0:06.5

you.

0:07.5

From a relationship manager who works with you on everyday business needs to a business

0:11.4

banker who drives your goals into the future, come in to meet your team at City National

0:16.3

Bank.

0:17.3

See what personal can do for you at CNB.com.

0:29.3

Aspirit Armenians flee a disputed breakaway region as Azerbaijan takes control.

0:35.1

And oil prices are closing in on $100 a barrel, what it means for consumers.

0:40.2

If fuel prices remain elevated for too long, the risk is that this could feed into core

0:44.7

inflation.

0:45.7

So, you know, airfare could become more expensive, for instance, or transportation, and then

0:50.0

eventually, you know, prices at the supermarket, for instance.

0:53.5

Plus, the U.S. and China lay the groundwork for talks between Biden and Xi.

0:58.5

Since Thursday, September 28th, I'm Amary Fertoli for the Wall Street Journal.

1:02.8

This is the PM edition of What's News, the top headlines and business stories that moved

1:07.1

the world today.

1:14.8

In the course of just over a week, a self-governing region in Azerbaijan has effectively been dissolved,

1:20.5

and its ethnic Armenian population has begun fleeing to Armenia.

1:24.7

Today, Armenian separatist leaders signed a decree dissolving their government and said

1:29.1

the region Nagorno-Karabakh ceases to exist.

1:32.7

It's a remarkable development.

1:34.1

The region was established after the collapse of the Soviet Union, and now, after three

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