Surprise OPEC oil production cut pushes global prices up

Canadian Prime Minister Mark Carney said the "old order is not coming back" and urged fellow middle powers to come together in a speech at the World Economic Forum in Davos, Switzerland. "Middle powers must act together because if we're not at the table, we're on the menu," Carney said on Tuesday, adding that he believed powerful nations were using economic coercion to get what they want. He also affirmed Canada's support for Greenland, Denmark and the Nato alliance, drawing applause. "Great powers" are often defined as countries with permanent seats on United Nations Security Council - China, France, Russia, the United Kingdom and the United States - which shows their economic and military dominance in the world. Middle powers, such as Canada, Australia, Argentina, South Korea and Brazil, are nations that still exert large influence in global politics, even though their economies are smaller. In his speech, Carney said the world is "in the midst of a rupture, not a transition". "Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited," he said. He also said "Canada was amongst the first to hear the wake-up call" that geography and historic alliances no longer guaranteed security or prosperity. As a member of the North Atlantic Treaty Organisation (Nato), Canada stands firmly with Greenland and Denmark and supports "their unique right to determine Greenland's future", Carney said in his speech. "Our commitment to Article Five is unwavering," the prime minister added, referring to a clause in the Nato agreement that states an attack against one member state is considered an attack on all. (read the full speech of the Canadian prime minister at Davos by clicking the picture).