Morgan Stanley Sees Three More OPEC+ Hikes Driving Brent Lower
OPEC+ is set to continue returning production for another three months, which will help drive oil prices lower, according to Morgan Stanley.
The eight key members in the cartel that had voluntarily cut output in November 2023 announced a fourth consecutive clawing back of those reductions on Saturday. That would mean the full 2.2 million-barrel-a-day decrease would be unwound by October, Morgan Stanley analysts including Martijn Rats said in a June 2 note.
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Yahoo
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- Yahoo
The Ozempic boom could be bad news for restaurants as more than half of GLP-1 users report cutting back on dining out, report finds
GLP-1 users taking drugs like Ozempic and Wegovy are spending less on eating at restaurants and on take-out dinners, according to a new report from Bloomberg Intelligence. Changing eating habits add to a growing number of headwinds the hospitality industry is facing as a result of slow pandemic recovery and tariff-induced economic uncertainty. As restaurants grapple with how diners are responding to economic uncertainty, they may also have to contend with consumer pull-backs as a result of the rise of drugs like Ozempic and Wegovy. GLP-1 users are significantly cutting back on dining in and ordering takeout, according to a report published this week by Bloomberg Intelligence. A survey of 1,000 GLP-1 users in the U.S. found 54% of respondents said they dined out 'significantly less' or 'less' frequently since starting the medication. Nearly the same percentage reported ordering less take-out. Respondents instead are choosing to eat at home, with 70% of them reporting they're cooking at home 'significantly more' or 'more' frequently since taking GLP-1 drugs, and about half reported purchasing more groceries. GLP-1 drugs, with the ability to help some users lose weight quickly, have skyrocketed in popularity. About 4% of Americans are taking some form of GLP-1 drug for weight-loss or to treat type 2 diabetes, a 600% increase in usage from six years ago, according to May data from FAIR Health. The drugs increase insulin levels and decrease glucose levels, slowing how quickly food is digested and suppressing users' appetites. Suppressed hunger has led to some users cutting down portion sizes or needing to focus on eating nutrient-dense foods, which may deter them from dining in restaurants. Bloomberg Intelligence's research adds to growing evidence of GLP-1 users losing their appetite for dining out. A Morgan Stanley survey from April 2024 found nearly two-thirds of GLP-1 users said they spent less money at restaurants, while 31% said they cut back on groceries. The trends have led to some food companies making changes to products to account for GLP-1 users' changing appetites. In October 2024, Smoothie King added a line of high-protein and fiber products particularly for those on the medication. The year before, Nestle announced it would develop 'companion products' for GLP-1 users, should those consumers need to cut calories. GLP-1 drugmakers have taken note of some companies' anxiety. In February 2024, Lars Fruergaard Jørgensen, the CEO of Ozempic-maker Novo Nordisk, said he was fielding calls from 'scared' food company executives about the impact of the drug on the industry. The Bloomberg Intelligence report notes the dining out slowdown among GLP-1 users could be exacerbated by other economic pressures. The decrease in away-from-home dining was reported significantly across incomes, from those earning less than $50,000 to those with $150,000 or greater annual salaries, indicating a broader shift in dining trends. The report also posited that restaurants serving fewer healthy options like fast-food could be most impacted by changing eating habits. Indeed, it's not just evolving dining habits that the restaurant industry has had to contend with. The hospitality sector has had to navigate the impact of greater economic headwinds, including a widespread labor shortage that never quite recovered from the pandemic, as well as growing uncertainty about tariffs, which have led consumers confidence to plunge. Campbell's CEO Mick Beekhuizen said in an earnings call this week canned soup sales are soaring, likely a result of tighter food budgets and consumers deciding to cook at home instead of going out to eat. 'We started to see consumer sentiment softening in January,' he said. 'This continued throughout [the quarter] with consumers making more deliberate choices with their spending on food. A key outcome is a growing preference for home-cooked meals, leading to the highest levels of meals prepared at home since early 2020.' Hospitality industry experts have noted that Gen Z is also cutting back on their order sizes bysplitting appetizers, ordering kids' meals, and skipping out on alcohol to save money. Despite evidence that GLP-1 users are significantly cutting back on restaurant dining, some restaurateurs have shrugged off concerns about the drug's impact on business. Michael Osanloo, president and CEO of Portillo's Restaurant Group told Bloomberg TV last year GLP-1 use taking a bite out of the restaurant business could be a coastal problem, not one for the U.S. Midwest. 'It's totally overblown,' Osanloo said. 'I think it's a fun narrative to propose, but I don't see any impact on our business.' This story was originally featured on
New York Times
2 hours ago
- New York Times
Israel, Fighting a War, Says It Sold More Weapons Than Ever Last Year
Israel sold more weapons to other countries in 2024 than ever, government officials said on Wednesday, even as it fought on multiple fronts in the longest war in its history. Israeli producers signed contracts to export about $14.8 billion in weapons last year, up from a previous record high of $13 billion in 2023, according to new data from Israel's Defense Ministry. The figures reflect the remarkable speed at which Israel has ramped up its wartime production and sought new markets in Europe, where demand is growing for arms to protect against Russian aggression. They are also a rare respite in a domestic economy that has struggled during the war. Some of the weapons were delivered in 2024, and others are part of arms deals that will take longer to complete. But the overall increase in sales came while Israeli forces were launching offensives in Gaza, Lebanon and Syria, and bombarding Iran and Yemen, in what Defense Minister Israel Katz called on Wednesday 'a difficult and complex year of war.' Even as it was shipping weapons abroad, Israel also received at least $17.9 billion in military aid, including weapons, from the United States in the 12 months after Hamas led a deadly invasion on Oct. 7, 2023. Researchers have called that a conservative estimate. Compared with American arms sales abroad — which accounted for at least $200 billion in the fiscal year that ended in September — Israel's exports are small. Want all of The Times? Subscribe.
Yahoo
3 hours ago
- Yahoo
Media Advisory: Global Energy Show Canada 2025 to Convene World Energy Leaders for Critical Industry Dialogue
CALGARY, Alberta, June 04, 2025 (GLOBE NEWSWIRE) -- WHAT: We are pleased to share the following major events taking place during the Global Energy Show (GESC), organized by dmg events, in Calgary from June 10-12, 2025. Media interviews and photo opportunities will be available with spokespeople for the duration of the event. REMINDER: All registered media must obtain their accreditation badge from the registration area. Media accreditation must be visible at all times and cannot be shared with others. The Media Room is located on the 2nd Floor, BMO Centre and will be open from 8 a.m. to 5 p.m. on Tuesday, June 10 and Wednesday, June 11, and 8 a.m. to 4 p.m. on Thursday, June 12. WHEN: Tuesday, June 10 – Thursday June 12, 2025 WHAT: Tuesday, June 10, 2025 • 7 a.m. – 9 a.m. - Pancake Breakfast • 9:20 a.m. – Opening Plenary: Joelle Tomlinson, Journalist, Media Personality and Global Energy Show Host and Mayor Jyoti Gondek, City of Calgary • 10 a.m. – Official Exhibition Opening • 10 a.m. – Keynote with His Excellency Haitham Al Ghais, Secretary General, OPEC and conversation with Peter Mansbridge, former news anchor • 10:30 a.m. – Peter Mansbridge and Stastia West, Shell Canada President and Country Chair • Site tours ο Details here. Wednesday, June 11, 2025 • 10 a.m. – Keynote: Hon. Danielle Smith, Premier, Government of Alberta and conversation with Peter Mansbridge Tuesday, June 10 – Thursday June 12, 2025 • Executive Conference ο Full program here. ο Speaker list here. • Energy Influencer Program ο Full schedule here. ο Speaker list here. • Executive Leadership Roundtables ο Sessions here. For more information on the exhibitions, conference features and special features, please visit *Please note, schedule is subject to change. WHERE: BMO Centre at Stampede Park - Calgary Visitor Entrance: Corral Trail SE entrance of the NEW BMO Centre, 1912 Flores LaDue Parade, Calgary, Canada. For media inquiries, please contact: Shauna MacDonaldPrincipal, Brookline PR403-585-4570smacdonald@ in to access your portfolio
