Oil is back

[View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( The old geopolitics of energy (fossil fuels, that is) is back with a vengeance. In recent days, U.S. President Joe Biden has been pushing Saudi Arabia, Russia and the United Arab Emirates to boost oil production in an effort to lower American gasoline prices and with them inflation. It’s a reminder that despite all the talk of combating climate change, the global economy still runs, largely, on oil, natural gas and coal. The “refusal of Russia or the OPEC nations to pump more oil” is the reason why Americans pay more at the pump, Biden told reporters at the United Nations COP26 summit in Glasgow, where, ironically, he asked fossil-fuel producers to boost output. The U.S. isn’t alone: India, the world’s third-largest oil consumer, has been vocal in asking for more production. So has Japan, which is ranked fourth, gulping down nearly as much crude as France, Italy and the U.K. combined. Key Reading: - [OPEC+ Set for Geopolitical Showdown as U.S. Demands More Oil]( - [As Oil Races Toward $100, Consumers Tell OPEC+ Enough Is Enough]( - [COP Deal to End Foreign Fossil Fuel Funding Has Key Holdouts]( - [Biden Keeps Pressure on OPEC+ to Boost Output, Citing Inflation]( - [Saudi Arabia and Russia Go on the Offense at Climate Talks]( - [In a World Fighting Climate Change, Fossil Fuels Take Revenge]( With prices hovering close to a seven-year high of $85 a barrel, Saudi Arabia can flex its diplomatic muscle. If countries want more oil, Riyadh has its own demands: above all, the political rehabilitation in Washington of Crown Prince Mohammed bin Salman. Far from losing power amid the fight against global warming, Saudi Arabia is emerging from the pandemic with all guns blazing. If OPEC+ agrees to raise production today as expected, the kingdom’s output will hit 10 million barrels a day in December, back above its pre-Covid level. That means that Riyadh is again flush with petrodollars — and renewed political clout. — [Javier Blas]( A gas station in San Diego, California, on Oct. 20. Photographer: Bing Guan/Bloomberg Click [here]( to see our Bloomberg Politics website and share this newsletter with others too. They can sign up [here](. You can also [sign up]( to get the latest from Glasgow in your inbox every day until Nov. 12. Global Headlines Agenda push | U.S. House Speaker Nancy Pelosi told fellow Democrats to prepare to [vote]( on an updated version of the roughly $1.75 trillion tax and spending bill even though a few issues haven’t been resolved and some Senate members don’t support it, sources say. Several Democrats expressed skepticism that a vote could be accomplished this week. - Democrats are under [pressure]( to pass the economic package after voters in state elections including in Virginia flocked to Republican candidates a year following Biden’s presidential win. Another go | The U.S. and Iran will [resume]( talks Nov. 29 on reviving the 2015 agreement that limits Tehran’s nuclear program, after a five-month delay that fueled doubts the two sides can bridge their differences. The meetings, in which the U.S. and Iran don’t speak face-to-face but through European and Russian intermediaries, will be held in Vienna. A quarter of German business leaders selected at least one [reason]( that justifies physical violence against a partner in a survey that underscored how the country often lags in acknowledging inequities faced by vulnerable groups such as women and minorities. Shutting off | Authorities are [ring-fencing]( Beijing against Covid-19 outbreaks now permeating more than half of China’s provinces, seeking to protect the capital as it gears up to host political leaders next week and the Winter Olympics in less than 100 days. The state-owned rail operator suspended ticket sales for trains departing from 123 stations in 23 locations that reported virus cases. - A leading political commentator [waded]( into the debate about the country’s Covid Zero approach. - [Read here]( how Beijing is leveraging its vaccine diplomacy beyond Covid shots. Best of Bloomberg Opinion - [Havana Syndrome Demonstrates Power of Suggestion: Faye Flam]( - [China Is Permanently Damaging Its Marketplace: Shuli Ren]( - [Putin Offers False Comfort to Western Conservatives: Leonid Bershidsky]( Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. Today the U.K. ambassador to the U.S., Dame Karen Pierce, joins us to discuss prospects for a trade deal and issues including COP26 and China. Fall from grace | Few leaders have seen their fortunes turn as dramatically as Ethiopia’s Abiy Ahmed. A Nobel Peace prize winner in 2019, the prime minister is now accused of human rights [abuses]( and has asked residents to secure the capital against a potential assault by rebel forces. [Marc Champion](, [Simon Marks]( and [Fasika Tadesse]( set out the reasons for his sudden reversal. - Facebook [removed]( a post on Abiy’s page for violating its policies against inciting violence. Probe blow | The International Criminal Court’s plans to intensify its investigation into the Venezuelan government for alleged crimes against humanity is a fresh blow to President Nicolas Maduro’s attempts to win legitimacy on the international stage. You can read more [here]( about what the ICC is looking into. - Juan Guaido risks [losing]( his post as leader of the Venezuelan National Assembly as opposition parties move to drop him as the face of their movement, defying pressure from the U.S. What to Watch - U.S. Supreme Court justices signaled they’re poised to rule that most people have a constitutional right to carry a [handgun]( outside the home, casting doubt on a New York law requiring a special justification to get a permit. - Chilean left-wing presidential candidate Gabriel Boric has Covid-19, another [blow]( as his campaign fades before the Nov. 21 first round vote. - South Africa’s ruling party is set to lose its electoral majority in the key province of KwaZulu-Natal, where unrest [erupted]( in July following the arrest of former President Jacob Zuma. - China fired back over a Pentagon assessment that its nuclear [weapon]( capabilities are expanding at a faster pace. And finally ... World Food Programme chief David Beasley [posted]( a summary of a plan on Twitter today to show Elon Musk, the world’s richest man, how donating part of his wealth could alleviate global hunger. Beasley promised a “detailed” $6.6 billion plan within days on averting “crisis for 42 million people on famine’s edge in 43 countries.” Musk offered to sell Tesla stock if the WFP showed “exactly” how the money would solve hunger. Elon Musk. Photographer: Andrew Harrer/Bloomberg Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022