Saudi Arabia snubs Biden as OPEC CUTS oil production
Oct 5, 2022 11:03:16 GMT -5
Post by schwartzie on Oct 5, 2022 11:03:16 GMT -5
Saudi Arabia snubs Biden as OPEC CUTS oil production by 2 MILLION barrels a day: Gas prices set to rise HIGHER after White House 'begged middle east nations not to cut output' just five weeks before midterms
The cut is OPEC+'s largest since the start of the COVID-19 pandemic
It could help Russia keep financing its illegal invasion of Ukraine despite the West's efforts to cut oil and gas as a source of revenue for Putin's war machine
The White House was 'having a spasm and panicking' over the potential outcomes of OPEC's decision, an unnamed administration official told CNN
Prices at the pump have jumped by 60 cents per gallon in some parts of the US
The president told reporters that he 'needs to see the details' of OPEC+'s announcement when asked for reaction on Wednesday
A White House statement suggested legislative efforts could be on the table
National Security Council official John Kirby downplayed the likely effects in an interview on Fox News and said the US needs to be less dependent on foreign oil
By ELIZABETH ELKIND, POLITICS REPORTER FOR DAILYMAIL.COM and ASSOCIATED PRESS
PUBLISHED: 09:48 EDT, 5 October 2022 | UPDATED: 11:48 EDT, 5 October 2022
American drivers could face another increase in gas prices as the OPEC+ alliance announced it is cutting oil production by up to two million barrels a day in what could end up being a massive setback for the Biden administration.
Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia met in person at the group's Vienna headquarters for the first time since early 2020.
Their announced production cutback on Tuesday is the largest since the start of the COVID-19 pandemic.
It stands to be a big boost for Moscow, despite the West's efforts to choke off oil and gas revenues as a source of cashflow to fund Russia's illegal invasion of Ukraine.
It comes after oil barrel prices dropped roughly a quarter in just three months, now around $90, amid fears of a looming global recession.
However, some parts of the US have seen prices jump back up again by up to 60 cents per gallon, according to the Washington Post, underscoring the already-precarious environment.
President Joe Biden was asked about OPEC+'s decision as he boarded Marine One ahead of a visit to hurricane-ravaged Florida but told reporters he 'needs to see the details.'
He said he was 'concerned' and that it was an 'unnecessary' step, according to reports.
A joint statement from White House National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese said Biden 'is disappointed by the shortsighted decision.'
'At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,' the statement read.
They also suggested that a new legislative effort could be on the table, adding: 'In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices.'
The announcement's effect on the pumps is not yet certain, but the decision as left the Biden administration scrambling to avoid a 'total disaster' according to a CNN report.
OPEC's decision after their Wednesday meeting could force prices at the pump back up after the White House celebrated them falling at a record pace this summer. They have already begun to inch back up in recent weeks
Continued at link
The cut is OPEC+'s largest since the start of the COVID-19 pandemic
It could help Russia keep financing its illegal invasion of Ukraine despite the West's efforts to cut oil and gas as a source of revenue for Putin's war machine
The White House was 'having a spasm and panicking' over the potential outcomes of OPEC's decision, an unnamed administration official told CNN
Prices at the pump have jumped by 60 cents per gallon in some parts of the US
The president told reporters that he 'needs to see the details' of OPEC+'s announcement when asked for reaction on Wednesday
A White House statement suggested legislative efforts could be on the table
National Security Council official John Kirby downplayed the likely effects in an interview on Fox News and said the US needs to be less dependent on foreign oil
By ELIZABETH ELKIND, POLITICS REPORTER FOR DAILYMAIL.COM and ASSOCIATED PRESS
PUBLISHED: 09:48 EDT, 5 October 2022 | UPDATED: 11:48 EDT, 5 October 2022
American drivers could face another increase in gas prices as the OPEC+ alliance announced it is cutting oil production by up to two million barrels a day in what could end up being a massive setback for the Biden administration.
Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia met in person at the group's Vienna headquarters for the first time since early 2020.
Their announced production cutback on Tuesday is the largest since the start of the COVID-19 pandemic.
It stands to be a big boost for Moscow, despite the West's efforts to choke off oil and gas revenues as a source of cashflow to fund Russia's illegal invasion of Ukraine.
It comes after oil barrel prices dropped roughly a quarter in just three months, now around $90, amid fears of a looming global recession.
However, some parts of the US have seen prices jump back up again by up to 60 cents per gallon, according to the Washington Post, underscoring the already-precarious environment.
President Joe Biden was asked about OPEC+'s decision as he boarded Marine One ahead of a visit to hurricane-ravaged Florida but told reporters he 'needs to see the details.'
He said he was 'concerned' and that it was an 'unnecessary' step, according to reports.
A joint statement from White House National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese said Biden 'is disappointed by the shortsighted decision.'
'At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,' the statement read.
They also suggested that a new legislative effort could be on the table, adding: 'In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices.'
The announcement's effect on the pumps is not yet certain, but the decision as left the Biden administration scrambling to avoid a 'total disaster' according to a CNN report.
OPEC's decision after their Wednesday meeting could force prices at the pump back up after the White House celebrated them falling at a record pace this summer. They have already begun to inch back up in recent weeks
Continued at link
