Title : OPEC Tells President Biden That If He Wants Oil, Pump It Yourself
link : OPEC Tells President Biden That If He Wants Oil, Pump It Yourself
OPEC Tells President Biden That If He Wants Oil, Pump It Yourself
Forbes: OPEC Says To Biden: If You Want More Oil, Pump It Yourself
OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself.
The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia, approved an increase in production of 400,000 barrels per day for the month of December.
Several OPEC ministers have expressed concern over loosening the taps, wary of renewed setbacks in the battle against the pandemic and the slow speed of economic recovery.
Countries claim that because demand is not yet high enough to justify increased production, there is a risk of market distortion.
Luckily for consumers, OPEC members also have a rich history of cheating.
Read more ....
Update #1: OPEC+ Rejects Biden Plea (Rigzone/Bloomberg)
Update #2: Biden's other setback: OPEC+ ignores his plea for help (The Hill)
WNU Editor: Apparently the Biden administration has a plan .... Biden Weighs Tapping Strategic Reserves As He Threatens OPEC+ With "Undisclosed Tools" (Zero Hedge).
Forbes: OPEC Says To Biden: If You Want More Oil, Pump It Yourself
OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself.
The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia, approved an increase in production of 400,000 barrels per day for the month of December.
Several OPEC ministers have expressed concern over loosening the taps, wary of renewed setbacks in the battle against the pandemic and the slow speed of economic recovery.
Countries claim that because demand is not yet high enough to justify increased production, there is a risk of market distortion.
Luckily for consumers, OPEC members also have a rich history of cheating.
Read more ....
Update #1: OPEC+ Rejects Biden Plea (Rigzone/Bloomberg)
Update #2: Biden's other setback: OPEC+ ignores his plea for help (The Hill)
WNU Editor: Apparently the Biden administration has a plan .... Biden Weighs Tapping Strategic Reserves As He Threatens OPEC+ With "Undisclosed Tools" (Zero Hedge).
Thus articles OPEC Tells President Biden That If He Wants Oil, Pump It Yourself
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