10.6.2022

Oil Cuts, 'Rust' Settlement, and the Growth of Sleep Tourism Everything you need to know for today in five minutes.

Good morning. It's Thursday, Oct. 6, and we're covering planned cuts in oil production by OPEC, a civil settlement in an on-set tragedy, and much more. Have feedback? Let us know at [email protected].

 

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NEED TO KNOW

 

Putin Preps Annexation Rally

Russian President Vladimir Putin signed legislation yesterday formally annexing four regions in eastern and southern Ukraine, with a major speech in Moscow's Red Square planned for tomorrow. In principle, the move folds roughly 15% of Ukraine into Russia, though Western leaders have called the order illegitimate, and none of the regions are fully under Russian control.

 

The signing comes as Ukraine continues to reclaim land in the Luhansk and Kherson regions, two of the four areas included in the order. As of this writing, Ukrainian forces were less than 25 miles from the city of Kherson, advancing toward the western bank of the Dnieper River, which has been occupied by Russia since March. See an updated map of who controls which areas here.

 

Separately, Putin directed Russian forces to take control of the Zaporizhzhia nuclear plant, the largest nuclear energy facility in Europe. The plant is located along the front lines of the fighting in southeastern Ukraine.

OPEC+ Cuts Oil Supply

An alliance of petroleum exporting countries and its allies, known as OPEC+, has agreed to slash oil output by 2 million barrels per day, starting in November. The cut, equal to 2% of the world's daily oil supply and the largest since April 2020, is meant to increase oil prices that have fallen due to recession fears. The global cost of a barrel has hovered around $90, down from $120 in June. 

 

OPEC+ (see 101) controls more than 40% of the world's oil production and previously has targeted a supply of 43.8 million barrels per day. The US, which is not a member of OPEC+ and has control over its own supply, opposed production cuts to help secure lower energy prices for US consumers. The US said it would release 10 million barrels of oil from its strategic petroleum reserve (see 101) in November. 

 

OPEC and its allies will meet again in December. 

'Rust' Settlement

The family of Halyna Hutchins, the cinematographer killed on the set of the film "Rust," reached a settlement with the movie's production company and cast, including actor Alec Baldwin. Details of the agreement were not disclosed and are subject to court approval.

 

Hutchins was shot Oct. 21, 2021, when a prop gun Baldwin was using to rehearse discharged, killing her and injuring director Joel Souza. In February, Hutchins' family alleged reckless conduct against the film company, claiming cost-cutting posed risks to the workers. Though Baldwin denies pulling the trigger, August FBI tests determined the gun could not have fired without a trigger-pull. A New Mexico agency in April fined the company more than $130K for numerous safety violations.

 

Despite the civil settlement, Baldwin may face criminal prosecution, as authorities last month announced they'd procured funds to do so. Production is set to resume in January with Hutchins' widower, Matthew, as executive producer alongside the original cast and crew.

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IN THE KNOW

 

Sports, Entertainment, & Culture

> The 2022 MLB regular season wrapped last night; 12-team postseason begins tomorrow with the Wild Card Series (More) | Ukraine joins Spain and Portugal's bid to host 2030 World Cup (More)

 

> Miss Texas R’Bonney Gabriel becomes first Filipina American crowned Miss USA; Miss North Carolina Morgan Romano was runner-up (More)

 

> Kevin Spacey's civil trial begins today in New York; Spacey was accused of sexually assaulting then-14-year-old actor Anthony Rapp (More) | "Scrubs" writer and producer Eric Weinberg charged with 18 counts of sexual assault (More)

Science & Technology

> Three chemists share 2022 Nobel Prize in Chemistry for their work in streamlining certain chemical reactions and developing methods to study chemical processes within living cells (More)

 

> One in roughly 4,000 births shows signs of mitochondrial DNA being inserted into parts of the body's genetic code; study points to new potential paths influencing how humans evolve (More) | What are mitochondria? (More)

 

> Russian cosmonaut launches to space from the US for the first time in 20 years; Anna Kikina rode aboard SpaceX's fifth crewed flight for NASA, will stay at the International Space Station for six months (More)

Business & Markets

In partnership with The Ascent

> US stock markets close lower (S&P 500 -0.20%, Dow -0.14%, Nasdaq -0.25%) after two days of gains (More

 

> Tyson Foods to relocate about 1,000 employees from Illinois and South Dakota to its headquarters in Springdale, Arkansas, in early 2023 (More) | Judge overseeing Twitter's legal battle against Elon Musk says trial will still move forward Oct. 17 (More)

 

> US 30-year average mortgage rates up 6.7%, the highest since 2006; mortgage applications down 37% last week compared to a year ago (More)

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Politics & World Affairs

> Appeals court agrees to expedite the Justice Department's legal challenge to a third-party review of records seized from former President Donald Trump's Mar-a-Lago residence (More)

 

> Murders in the US rose by 4.3% in 2021, while overall violent crime fell by 1% in 2021, according to new FBI data; roughly half of US police agencies, including New York City and Los Angeles, have yet to submit data (More

 

> Trial begins in Spain over 2013 train crash that killed 80 people and injured 145 others (More) | American citizen Baquer Namazi, 85, leaves Iran after spending more than six years in detention; Namazi, and his son who is still detained, had been charged with espionage by Iranian authorities (More)

IN-DEPTH

 

The Making of a Monster

Bicycling | Dan Schwartz. The Hempstead Turnpike is America's most dangerous road. It sprawls along downstate New York, Connecticut, and New Jersey, and has the highest annual death rate for cyclists and pedestrians in the nation. (Read)

Human Composting 

Verge | Eleanor Cummins. An inside look into one of the world's first human composting facilities in the Pacific Northwest, where families grieve and bodies turn to soil. (Read)

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ETCETERA

 

The growing popularity of sleep tourism.

 

The Onion submits brief to the Supreme Court in defense of parody.

 

Rams linebacker tackles on-field protester during game.

 

A $25M luxury superyacht that can also dive 650 feet.

 

The natural history behind modern dragons.

 

The 13 most haunted hotels in the US.

 

… and the best horror movies to watch this month.

 

Canadian anchorwoman swallows an uninvited guest. (w/video)

 

Clickbait: How the Grinch stole high-fives.

 

Historybook: Civil rights leader Fannie Lou Hamer born (1917); Yom Kippur War begins (1973); Pope John Paul II is first pope to visit White House (1979); Anwar Sādāt, president of Egypt, assassinated (1981); Hollywood legend Bette Davis dies (1989). 

 

"You will never be happier than you expect. To change your happiness, change your expectation."

- Bette Davis

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