OPEC+ ditches IEA data for assessing compliance amid a deepening rift

The Organisation of Petroleum Exporting Countries, and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift between the two institutions. Opec may make a formal ruling on the matter. 

The group’s Joint Technical Committee –which represents a broader alliance between OPEC and non-members – resolved on Wednesday to replace the IEA’s numbers amid concerns that the reliability of the agency’s overall data is being undermined by its views on climate change and lack of political neutrality. BLOOMBERG

UK firms expect pay rises in record numbers on inflation

A record number of UK companies expect to increase wages as the war in Ukraine deepens the cost of living crisis, a survey showed. The Lloyds Bank Business Barometer found that a half intended to boost average pay by at least 2 per cent in the next 12 months. 

A fifth of businesses that have annual turnover of more than 100 million pounds ($131 mn) predicted they’ll increase pay by more than 5 per cent. BLOOMBERG

China to restrict visas of US officials: Foreign ministry

China has decided to restrict the visas for US officials, in response to the US  visa restrictions on some China officials, a Chinese foreign ministry spokesman said on Thursday.

The United States was restricting visas of some Chinese officials for involvement in “repressive acts” against ethnic and religious minority groups, Secretary of State Antony Blinken said this month. REUTERS

China’s retail diesel, petrol prices to hit record highs

China’s retail diesel and gasoline prices are set to soar to historically high levels, following a surge in global crude oil benchmarks. Prices of retail diesel and gasoline will both be increased by 110 yuan ($17.34) a tonne effective from Friday, the National Development and Reform Commission saidon Thursday. Local Chinese authorities will make the adjustment of their respective ceiling prices for the fuel. REUTERS

Intel CEO earned 1,711 times more than avg worker in ‘21

Intel Corp Chief Executive Officer Pat Gelsinger earned 1,711 times as much as the average worker at the US chipmaker in just 11 months since he joined in February last year, a regulatory filing showed.  Former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020. 

Gelsinger earned $178.6 million with stock awards making up nearly 79 per cent of his compensation. REUTERS