Oil Price There will be some consequences for Saudi Arabia for its decision together with Russia to steer OPEC+ into a large oil production cut, U.S. President Joe Biden told CNN in an exclusive interview on Tuesday. It is time the U.S. rethinks its relationship with Saudi Arabia after the Kingdom, together with Russia, decided at last week’s OPEC+ meeting to
Oil Price U.S. President Joe Biden is re-evaluating the United States’ relationship with OPEC’s de facto leader Saudi Arabia after the Kingdom led the OPEC+ group to announce a major oil production cut last week, John Kirby, the coordinator for strategic communications at the U.S. National Security Council, said on Tuesday. In an interview with CNN quoted by Reuters, Kirby said
World Oil (Bloomberg) — U.S. President Joe Biden said he’s disappointed by the surprise OPEC+ decision to slash oil production but that he doesn’t regret a trip to Saudi Arabia just three months ago in which he urged its leaders to keep crude flowing. “Disappointment. And we’re looking at what alternatives we may have,” Biden told reporters at the
CNBC Washington sees OPEC+’s decision to slash oil production by more than 2 million barrels a day as political interference and a “blow” against U.S. President Joe Biden, said Dan Yergin, vice chair of S&P Global. On Wednesday, the group of some of the world’s most powerful oil producers agreed to impose deep output cuts to shore up crude prices despite
World Oil (Bloomberg) — While U.S. gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less. “Last month, the price of oil worldwide is down,” Biden said at a meeting of the White House Competition Council. “We haven’t seen the
Oil Price What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR that has taken place this year? Let’s discuss. SPR 101 In December 1975, with memories of gas lines fresh
World Oil (Bloomberg) — The Department of Energy will offer additional U.S. reserve crude for sale ahead of plans by the European Union to ban most Russian oil in December. The agency will offer 10 million barrels of low-sulfur crude for supply in November from storage caverns in Texas and Louisiana, according to a press statement. Bids for the
World Oil (Bloomberg) — The Biden administration on Wednesday issued oil and natural gas leases to companies that nabbed the Gulf of Mexico drilling rights in a government auction later invalidated by a federal court. The Interior Department’s Bureau of Ocean Energy Management said it had accepted 307 winning bids from that November 2021 sale, dispelling lingering uncertainty about how the
Yahoo News GUAYAMA, Puerto Rico – The U.S. Environmental Protection Agency plans to use new limits on traditional pollutants like ozone and coal ash to help encourage the retirement of the nation’s remaining coal-fired power plants, after the Supreme Court limited the agency’s ability to impose sweeping climate regulations, according to EPA chief Michael Regan. The approach reflects how the
World Oil (Bloomberg) — President Joe Biden will announce executive action to address climate change Wednesday, as he continues to weigh a broader emergency declaration that would allow him to marshal sweeping powers against “global warming.” The potential emergency order that Biden is mulling would unlock broad executive powers to propel clean-energy construction, restrict oil drilling and curb fossil fuel
World Oil (Bloomberg) — President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers. Biden’s trip didn’t result in an immediate pledge for a production hike, but US officials said they were confident that Riyadh would lead the OPEC+ alliance to
CNBC President Joe Biden is headed to Saudi Arabia this week as part of his first Middle East trip as commander in chief. He’s going with a list of goals, including energy security, bringing the Saudis and Israel closer together, advancing a truce in Yemen, and establishing a more cohesive regional front against Iran. But it’s a controversial move for this
