Why OPEC’s cuts shouldn’t have been a surprise — and may not hurt as much as you might think

“Gross’s take is straightforward: Arab states are simply pursuing their self-interest in keeping oil prices high. She cautioned against seeing the OPEC+ decision as a choice by the group between the US and Russia. Today is not like the Cold War, when many Middle Eastern states balanced between Washington and Moscow, seeking to extract maximum benefits from both superpowers and hedging in case either bloc won.
Besides, although the cut might boost oil prices, Gross says the prospects for Russia’s future oil revenues are potentially quite dim, as the G7 and the European Union prepare to implement new measures that could substantially reduce Putin’s proceeds from oil. Moreover, the actual production cut is likely to be around 1 million barrels per day — not 2 million — because many OPEC+ members weren’t meeting their quotas anyway, according to Gross.”

The Israeli-Arab Extraterrestrial Accords

“The Abraham Accords, signed September 15, formally normalized Israel’s relationship with both Bahrain and United Arab Emirates. While geopolitical concerns have dominated both the substance of the accords and media coverage of the deal, the signatories also pledged a “common interest in establishing and developing mutually beneficial cooperation in the field of exploration and use of outer space for peaceful purposes,” which may include “joint programs, projects, and activities.

Both Israel and the United Arab Emirates have thriving space programs. The Israeli Space Agency, founded in 1982, has launched a number of satellites—most notably, in 2019, the Beresheet Lander to the moon. Co-designed and built by the Israeli companies SpaceIL and Israeli Aerospace Industries, Beresheet was launched on a SpaceX Falcon 9 rocket and made it all the way to the Moon for less than $100 million dollars.

Unfortunately, the Beresheet lander crashed into the lunar surface due to a mechanical error. Still, the fact that the Israeli Space Agency was able to get that close is significant. The only other nations who have been able to get that close to the lunar surface are the Americans, the Chinese, and the Russians.

The Emirati space program is significant too. Currently rocketing its way from Earth to Mars is the Al-Amal (Arabic for “Hope”) satellite, which launched in July. It is expected to arrive in February, when it will begin to investigate Martian weather patterns.

It is too soon to know how the accord will affect the two space programs. But on August 17, before the Abraham Accords were signed, Israeli Minister of Science and Technology Izhar Shay said that cooperation was “imminent” and that “[t]he infrastructure is there for the commercial engagements for the sharing of know-how and mutual efforts.””