OPEC+ Agrees Big Output Hike to Finish Unwinding Round of Cuts
Saudi Arabia and its partners agreed on a video conference to add about 548,000 barrels a day next month, delegates said. This completes the reversal of a 2.2 million-barrel cutback made by eight members in 2023, and also includes an extra allowance being phased by the United Arab Emirates.
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Forbes
an hour ago
- Forbes
Some Foreign Tourists Must Soon Pay $15,000 Bond To Enter U.S.
The U.S. State Department will require tourists and business travelers from some countries to provide a steep financial guarantee they will not overstay their visas—the latest initiative by the government to tighten requirements for foreign visitors. Sticker shock: The Trump administration will charge some foreign visitors up to $15,000 to enter the U.S. getty The State Department announced a 12-month pilot program under which people from some countries could be required to post bonds of $5,000, $10,000 or $15,000 when they apply for a visa, according to a preview of a notice that will be published Tuesday in the Federal Register. The pilot program targets 'aliens applying for visas as temporary visitors for business or pleasure (B-1/B-2)' from countries with 'high visa overstay rates, where screening and vetting information is deemed deficient.' The notice does not name the affected countries or detail how tourists would reclaim the refunded bond at the end of their stay. The program will also target countries offering Citizenship by Investment programs with no residency requirement—a more lax policy of some immigration-by-investment programs in the Caribbean, European and Middle East. 'The scope of the visa bond pilot program appears to be limited, with an estimated 2,000 applicants affected, most likely from only a few countries with relatively low travel volume to the United States,' Erik Hansen, senior vice president of government relations at U.S. Travel Association (USTA), said in a statement. Last month, Congress announced a $250 visa integrity fee for most non-immigrant U.S. visas, including tourist visas, beginning in 2026. A recent study from the World Travel & Tourism Council (WTTC) that analyzed the economic impact of tourism in 184 countries revealed the U.S. was the only country forecast to see international visitor spending decline in 2025—in part due to a number of Trump administration initiatives that make it more difficult or expensive for foreign travelers to enter the U.S. 'We remain most concerned with the $250 visa integrity fee recently enacted by Congress, which would apply across all nonimmigrant visa categories and applicants,' Hansen said, noting the fee would mean 'the U.S. will have one of, if not the highest, visitor visa fees in the world.' For the U.S. to remain competitive in the global travel market, 'it's critical that U.S. visa policy reflects both national security priorities and the significant economic value of international visitation,' Hansen added. Big Number $254 billion. That's how much international tourists spent on U.S. travel and tourism-related goods and services in 2024, according to the International Trade Administration. Whether yet another financial hurdle for tourists will impact attendance at World Cup 2026. In March, FIFA projected the soccer tournament will drive $30.5 billion in economic output in the U.S., according to an analysis by OpenEconomics (OE). But that number was predicated on the assumption the U.S. will see an 'influx of visitors' from foreign countries to fill stadiums and hotels. FIFA has told World Cup host cities to expect a 50/50 split between domestic and international visitors, multiple host city tourism officials told Forbes. Chief Critic 'Raising fees on lawful international visitors amounts to a self-imposed tariff on one of our nation's largest exports: international travel spending,' Geoff Freeman, president of the U.S. Travel Association (USTA), said in a statement last month when the visa integrity fee was announced. Further Reading Trump's Big Beautiful Bill Has A Nasty Surprise For World Cup Tourists (Forbes) How A 48-Country Travel Ban Could Suppress U.S. Tourism In A World Cup Year (Forbes)
Yahoo
2 hours ago
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Cotton Posting Monday Pop Higher
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Yahoo
2 hours ago
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OPEC+ Just Flooded the Market--Now It Might Pull the Plug
OPEC+'s oil strategy just took a sharp turn and it might not be the last. Over the weekend, the group finalized the return of 2.2 million barrels per day to the global market, wrapping up its post-2023 unwind. But insiders say this might just be the setup for the next move. Delegates emphasized that everything is still on the table: more increases, a pause, or even a full reversal. The group's next meeting is scheduled for September 7 and it could mark the start of another major pivot. Warning! GuruFocus has detected 9 Warning Signs with GS. On paper, demand has held up. But beneath the surface, cracks are forming. The International Energy Agency projects a 2 million barrel-per-day surplus by Q4, driven by slowing Chinese growth and swelling supply from the Americas. Crude futures are already down 6.6% this year to under $70 per barrel, and Wall Street doesn't look optimistic with Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM) warning prices could drift toward $60. That's well below what many OPEC+ members need to balance their budgets. Most traders Bloomberg surveyed expect the group to hold steady for now. But if U.S. supply slips or macro conditions turn, analysts like Eurasia Group's Greg Brew say more barrels could still come back online. Overlay that with rising geopolitical heat, and the picture gets even murkier. President Donald Trump is ramping up pressure on Russia over Ukraine, threatening secondary sanctions on buyers of Russian oil. Last week, Russian Deputy Prime Minister Alexander Novak made a high-profile visit to Riyadh, underscoring Moscow's ties with Saudi Arabia. But the tension is real and growing. Analysts say the alliance could face its toughest test yet: defend market share by bringing back the final 1.66 million barrels per day still offline, or maintain unity under increasing global pressure. Either way, September's meeting could be a turning point for global oil markets. This article first appeared on GuruFocus. Sign in to access your portfolio
