OPEC unlikely to offer relief as oil prices soar - March 3, 2022

Turbine Labs Announcement: Amid the crisis in Ukraine, Turbine Labs will provide pro bono daily media and influencer intelligence briefings for journalists reporting on the ground. We are extending that offer to our Daily Executive Briefing customers as a courtesy to keep you informed and updated on the shifting landscape. Sign up https://share.hsforms.com/1sRcM6kyHT16hloaXTpJlLQ2bl4b (here). U.S. oil climbed to the highest level in more than a decade after OPEC and its oil-producing allies, which includes Russia, decided to hold production steady. With countries now shunning oil from key producer Russa, traders are concerned supply shortfalls will follow. Experts warn the average gas price in some U.S. cities will reach $5 a gallon in the upcoming weeks. The White House released a sweeping COVID-19 plan Wednesday, marking a new era in the pandemic in which the virus is still circulating but can hopefully be managed. The plan involves the availability of free rapid tests as well as free N95 masks. If funding is secured, the plan will also include new facilities for people dealing with long COVID. The U.S. accused Russia of launching a “full war on media freedom and the truth” by blocking independent news outlets as well as throttling Twitter, Facebook and Instagram platforms that Russian citizens rely on to access information and opinions. TikTok has shaped views of the conflict and contributed to an intense wave of global sympathy for Ukraine, enforcing the app’s role of bringing news to its Gen Z audience. Rising food prices are emerging as a significant headwind to the economic recovery from the pandemic this year, exacerbated by Russia’s invasion of Ukraine. Russia is a major supplier of every crop nutrient, and soaring fertilizer prices are likely to further increase the cost of food. A new poll found consumers are overestimating food inflation and more than half of respondents said it seems like more products are out of stock at the grocery store. Walmart rolled out a virtual dressing room, allowing