OPEC

Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to ...

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." Further — at least with the Saudis — they would probably rather deal with Republicans. Their objective is to maximize the value of the oil they have in the ground. Further — with 35% of the world’s 2021 oil production — OPEC holds the trump card. OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels. To the extent that the SPR drawdown reduced oil prices, it cost OPEC money.

WASHINGTON — The move by OPEC on Wednesday to reduce oil production sharply undercuts President Biden's effort to avoid an increase in gas prices ahead of ...

He has also made it clear that he does not view Saudi Arabia as a junior partner to the United States and that he is willing to shrug off any demands that he considers contrary to Saudi interests. “They are establishing that they have the ability to make this market.” Since the start of the Biden administration, this dynamic has played itself out in the interactions between the crown prince and Mr. And the apparent Saudi agreement to increase oil output to help bring down global prices was part of the quid pro quo. Biden regretted the fist bump with Prince Mohammed, which represented his decision to move on from his stated goal of making Saudi Arabia pay a price for the grisly killing and dismemberment of Mr. Officials said at the time they had made major progress in ending the war in Yemen, which the Saudis had helped prosecute, and moved incrementally toward eventual Saudi recognition of Israel. Biden never mentioned the dissident and former Washington Post columnist by name when he appeared with Prince Mohammed, and the prince remained silent when a reporter asked if he owed an apology to the Khashoggi family. Novak is playing a central role in cooperating with other oil-producing countries — and seeking ways out of the effort by the United States and Europe to cap the price paid to Russia for its oil exports. On Wednesday morning, not 24 hours later, with the OPEC cut looming, a White House statement said “the president will continue to direct” new releases from the petroleum reserve “as appropriate to protect American consumers and promote energy security.” In a statement from Jake Sullivan, the national security adviser, and Brian Deese, who heads the National Economic Council, the White House said Mr. The effort to cap prices for Russian oil is now in jeopardy. It followed a concerted but ultimately unsuccessful diplomatic effort by Washington to halt the oil production cut, a signal that Mr.

The oil price rally continued for a third straight day on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) lived up to analytical ...

government to sue members of OPEC for manipulating the energy market. Meanwhile, oil was also supported on Wednesday by an Energy Information Administration report showing that U.S. [defended](https://www.cnbc.com/2022/10/05/oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.html) the output cuts, saying his organization intended to provide "security [and] stability to the energy markets." [criticized](https://www.foxbusiness.com/politics/us-oil-industry-mocks-biden-opec-announces-production-cuts) president Joe Biden for having no other options to counter rising gas prices than to turn to the oil industry he has persistently attacked. The mainstream media's take on OPEC's motivation to enact so deep a cut is that the cartel is concerned about the outlook for energy demand in the face of rapidly tightening monetary policies. The oil price rally continued for a third straight day on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) lived up to analytical expectations and

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia.

“It’s not a break with the west because relations were broken already. “So I think the Saudis know that the US isn’t going to be pleased with this, but they don’t much care.” It is possible that the production cut will not have a big impact on prices. “The Opec nations do not want to be in a position of providing too many barrels to a global economy that goes soft on them,” Hirs added. And good luck with that,”” Malinowski “I think it is a mistake on their part.

A cartel of oil-producing countries led by Saudi Arabia agreed to steep cuts in oil production, defying a behind-the-scenes diplomatic push by the Biden ...

“Rising energy prices always have a nastier impact on the developing world, sadly,” Gross said. “The Biden administration and OPEC producers have different opinions about market conditions, or they’re concerned about different things,” said Samantha Gross, an energy security expert at the Brookings Institution. Still, for the Biden White House, which courted Saudi Arabia and other Gulf countries this year to ensure a plentiful supply of oil, the decision is a blow. Two of Washington’s most important Middle Eastern partners, Saudi Arabia and the United Arab Emirates, sided with other major oil powers, including Russia, in the decision to slash oil production. In a meeting on Wednesday in Vienna, the OPEC+ group that comprises most of the world’s top oil exporters agreed to cut production, on paper, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020. It’s silly to frame this decision as a Saudi favor to Russia. Rather, it’s the specter of a looming global recession that will cut deeply into global oil demand. OPEC wants to remain a seller’s cartel, not leave pricing up to consumers. The administration suggested that it might be receptive to draconian legislation, drafted nearly every year for decades, that would put OPEC under It means OPEC will take less oil off the market than the headlines suggest.” In reality, the cartel will probably shave something like 1 million barrels off the market, since most OPEC members are already underproducing. The reason for the cuts, despite protestations from the White House, is not punitive politics.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia.

[In a statement](https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/statement-from-national-security-advisor-jake-sullivan-and-nec-director-brian-deese/), the White House said Biden was "disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine." The trip was part of an effort to improve diplomatic ties with Riyadh, which collapsed after the murder of journalist Jamal Khashoggi in 2018. And so perception is 90% of the law. And the perception is the Saudis are not holding up their end of the bargain," he said. Secretary of State Antony Blinken said Wednesday that Washington has made its views clear to OPEC members. White House opposition to NOPEC has served as a restraining influence on Congressional leaders," they continued. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. Asked whether he was specifically disappointed with U.S. Energy security has a price as well." Strategists led by Helima Croft at RBC Capital Markets said that while the U.S. The U.S. [Brent](/quotes/@LCO.1/) crude futures traded at $93.55 a barrel during Thursday morning deals in London, up around 0.2%.

The Biden administration has accused OPEC+, a cartel of top oil producers, of siding with Russia after the group decided to slash oil production in order to ...

[humanitarian consequences](https://www.theguardian.com/global-development/2022/oct/04/yemen-ceasefire-truce-deadline-charities-houthis). Afterward, officials apologized and vowed to [investigate](https://www.washingtonpost.com/world/2022/10/05/south-korea-missile-drill-crash-gangneung/?utm_source=feedly&utm_medium=referral&utm_campaign=wp_world) what happened. [abducted](https://www.washingtonpost.com/world/23-hostages-from-nigeria-passenger-train-reported-freed/2022/10/05/b17ae2b6-44d9-11ed-be17-89cbe6b8c0a5_story.html) more than half a year ago while aboard a train in Nigeria have now been released, Nigerian officials said on Wednesday. [Houthi rebels](https://apnews.com/article/middle-east-yemen-sanaa-houthis-308e604fabc9ed568c4d9cfed1aa7e79) to [compromise](https://www.reuters.com/world/middle-east/yemens-houthis-should-be-more-flexible-over-truce-deal-says-us-envoy-2022-10-05/) in cease-fire negotiations, after the involved parties missed the [Oct. 2 deadline](https://apnews.com/article/middle-east-united-nations-yemen-civil-wars-sanaa-ba7d97673e3330ba85a34e6b11560c31) to extend the original truce. “In our culture you give a girl you like a cow.” [Nika Shahkarami](https://www.wsj.com/articles/iran-protests-erupt-anew-after-a-teenage-protesters-death-11664993771), was found dead after attending a protest. After facing backlash, he encouraged Kenyans to “relax.” No one has owned up to the March train attack, which killed seven people. In July, he made a controversial trip to Saudi Arabia that ended with a highly criticized [fist bump](https://www.bbc.com/news/world-middle-east-62189543) with Crown Prince Mohammed bin Salman, who spearheaded OPEC+’s latest move. Lots of police vans are waiting outside to arrest students,” a student told [CNN](https://www.cnn.com/2022/10/04/politics/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms/index.html) reported.

European economists worried about a heightened risk of recession and a bolstered Russia, after OPEC Plus said it will slash oil production.

In Greece, a top government member expressed public admiration for the crown prince’s “leadership” and “vision.” And German Chancellor Olaf Scholz [visited the kingdom](https://www.france24.com/en/live-news/20220924-germany-s-scholz-in-saudi-arabia-on-gulf-energy-hunt) only days ago. and G-7 officials will meet to set the price, adjusting the level in response to market conditions, according to E.U. [blackouts](https://www.washingtonpost.com/world/2022/10/05/europe-blackouts-energy-crisis-ukraine-russia/?itid=lk_inline_manual_15) and the narrowing of European companies’ profit margins. In the medium-term, those setbacks could test Europe’s resolve to support Ukraine. Russia may decide to keep its oil off the market rather than selling at the cap price, further curtailing supply. But as “global oil prices will increase with this OPEC Plus decision, some countries might have greater incentive to go for discounted Russian crude,” wrote Tagliapietra. While the production cut is expected to increase prices at European gas stations, the extent of the rise was not immediately clear. The U.S. [tried to shield consumers ](https://www.washingtonpost.com/world/interactive/2022/gas-prices-around-the-world/?itid=lk_inline_manual_12)from rising gas prices through subsidies and tax breaks. Member states will need to unanimously approve the decision. Just hours before the OPEC Plus decision, E.U. The E.U.'s industrial powerhouse, Germany, reported a worse-than-anticipated decline in

Brent crude futures remained near $93 today as traders evaluated OPEC's controversial move to cut oil production by two million barrels a day from next ...

Facebook’s UK employee headcount swelled 37% to 5,148 in 2021, filings with Companies House show, while its wage bill jumped to £1.4 billion, an average of £262,317 per employee and a 6% rise on the previous year. Cruddas said: "We closed the first six months with a pickup in market volatility and client trading volumes driving an improvement in operating income versus last year. The firm said its actual tax bill was higher, as those tax credits would crystallise in future years. The overall blue-chip index stood close to its opening mark at 7043.66, a fall of 8.96 points. City banks including Goldman Sachs now believe the price will finish the year at around $100. In a good year, AIM helps growth companies raise hundreds of millions. It said 40% of its order book’s value was “attributable to FX translation.” Chemring provides the Ministry of Defence with new radar technology designed to address the threat of hypersonic missiles. It came out a day before the Labor Department’s full non-farm payroll report for the month, one of the most-watched datapoints on the calendar. ADP private sector payrolls rose by 208,000 in September, opening the way for another potentially strong reading for the wider non-farm payroll numbers, one of the most influential data readings of the month. The same figure at its sensors business reached 60%. It came after private sector payroll data was stronger than forecast, showing the creation of 208,000 jobs in September.

OPEC's decision to cut oil production could have a negative impact on global efforts to drive down the oil price, according to experts.

He said that this was a pressing issue, given upcoming EU embargo on Russian oil and product shipping insurance coming into place next year, which "will likely have an impact on output and thus also hit supply at a time when OPEC is cutting and thus pushing prices higher". This has been led by the US and Maddock said its goal was to "help consumers at a time when inflation has surged and the cost of living has intensified". OPEC's decision to cut oil production could have a negative impact on global efforts to drive down the oil price, according to experts.

Democratic members of the U.S. Congress called for a sharp reduction in military sales to Saudi Arabia, as President Joe Biden on Thursday considered how to ...

But Congress has never been able to garner enough votes to stop a sale, including three failed efforts to override former President Donald Trump's 2019 vetos of resolutions that would have stopped sales to the Saudis. Representative Ruben Gallego suggested the United States take back Patriot missile defense systems deployed in Saudi Arabia. troops from Saudi Arabia and the United Arab Emirates. "I think it's time for a wholesale re-evaluation of the U.S. midterm elections, when Biden's Democrats are defending their control of the House of Representatives and Senate. OPEC+, which combines OPEC countries and allies such as Russia, agreed to steep oil production cuts on Wednesday, curbing supply in a tight market and raising the possibility of higher gasoline prices right before the Nov.

Washington (October 5, 2022) – Amid the news today that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries ...

Analysts say the decision by Saudi-led OPEC — and the Biden administration's reaction — underscores the depths of a widening rift between the countries.

“If you accelerate the technology shift away from oil and reduce the cost of that shift, all the world will be able to afford it — not just the rich countries.” Attempts by oil-consuming countries to try and set the price of oil represents a direct threat to OPEC’s ability to direct oil markets, they said. “To do that a month before the election in the U.S. In a note, ClearView said the bill could attract enough support to overcome a filibuster. Prince Abdulaziz bin Salman, the Saudi minister of energy, bristled at a question about whether OPEC was weaponizing oil prices. Roger Diwan, an analyst who tracks oil markets at IHS Markit, said OPEC had an economic rationale for cutting production amid rising interest rates in the United States, sky-high energy prices in Europe and mounting fears of a global recession. OPEC has met virtually since the onset of the pandemic. Its relationships in Asia have become a lot more important, and I think the U.S. Analysts said the moves underscored the depths of the gulf between Washington and Riyadh. But recent years have flipped the relationship on its head, and relations have been strained by differences over the Arab Spring, the killing of Jamal Khashoggi and conflicting approaches to a spiraling energy crisis. Biden administration officials expressed disappointment in the move and signaled they were open to working with Congress on legislation that would enable the government to bring an antitrust suit against the oil cartel. “The assumptions have changed.”

Lawmakers are demanding that the US withdraw its military from the cartel leader over its decision, which stands to put Russia on better footing.

[steadily increase](https://apnews.com/article/biden-approval-rating-poll-bf41fe8b0016bf8aaf144e7310c6539f). We haven’t made up our mind yet.” His comments come one day after White House press secretary Karine Jean-Pierre [accused](https://www.ft.com/content/64d35a40-5144-44f6-afca-c8b88c9d0ad5) OPEC of “aligning with Russia.” Shortly before OPEC announced its decision on Wednesday, the White House reportedly [sought to dissuade](https://www.cnn.com/2022/10/04/politics/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms/index.html) OPEC from production cuts, warning the bloc that such a move could qualify as a “hostile act.” [boon for Russia](https://www.bloomberg.com/opinion/articles/2022-10-05/opec-output-cut-putin-finally-finds-a-true-friend-saudi-arabia), the world’s third-largest oil producer. [remarks](https://finance.yahoo.com/news/biden-energy-adviser-downplays-opec-135944725.html) at the White House on Thursday, the president described OPEC’s decision as a “disappointment” but stood by his diplomatic visit to Saudi Arabia over the summer to address the energy crisis. [introduced a bill](https://twitter.com/seancasten/status/1578005749871026177?s=12&t=xkUXfgylnigLQhyCbnKsSg) on Thursday that would pull US troops and weapons systems out of Saudi Arabia, the de facto leader of OPEC, and the United Arab Emirates, another top oil producer. Americans could feel the effects of the decision around [roughly the same time](https://www.nbcnews.com/meet-the-press/first-read/opec-decision-raise-gas-prices-home-midterm-elections-approach-rcna50990) they will be casting their midterm ballots. “I’m deeply disappointed by the Saudi decision and wish they would act more like an ally during current conditions, but this is Joe Biden's fault.” GOP representative Jim Jordan echoed, [tweeting](https://twitter.com/jim_jordan/status/1577752052956119053) that the US would not “need to rely on OPEC if Joe Biden opened up American oil and drilled domestically.” With US gas prices hitting a new record high earlier this year, Republicans have used the issue as a political cudgel throughout the midterms, blaming the spike on Biden’s federal policies despite the numerous global factors that determine the cost of oil. [Lessons From the Latest Celebrity Cheating Scandal](https://www.vanityfair.com/style/2022/09/no-more-mr-wife-guy?itm_content=footer-recirc&itm_campaign=more-great-stories-092822) [Emma D’Arcy Takes the Targaryen Crown](https://www.vanityfair.com/hollywood/2022/09/house-of-the-dragon-emma-darcy-rhaenyra?itm_content=footer-recirc&itm_campaign=more-great-stories-092822) But OPEC’s sudden 2% drop in global oil production could counteract this plan by driving the price of oil up and making desperate consumers more reliant on Russian gas. [originates](https://twitter.com/SeanCasten/status/1578006101123104769) from. [concluded](https://twitter.com/SeanCasten/status/1578006101123104769).

Analysts say the decision by Saudi-led OPEC — and the Biden administration's reaction — underscores the depths of a widening rift between the countries.

“If you accelerate the technology shift away from oil and reduce the cost of that shift, all the world will be able to afford it — not just the rich countries.” Attempts by oil-consuming countries to try and set the price of oil represents a direct threat to OPEC’s ability to direct oil markets, they said. “To do that a month before the election in the U.S. In a note, ClearView said the bill could attract enough support to overcome a filibuster. Prince Abdulaziz bin Salman, the Saudi minister of energy, bristled at a question about whether OPEC was weaponizing oil prices. Roger Diwan, an analyst who tracks oil markets at IHS Markit, said OPEC had an economic rationale for cutting production amid rising interest rates in the United States, sky-high energy prices in Europe and mounting fears of a global recession. OPEC has met virtually since the onset of the pandemic. Its relationships in Asia have become a lot more important, and I think the U.S. Analysts said the moves underscored the depths of the gulf between Washington and Riyadh. But recent years have flipped the relationship on its head, and relations have been strained by differences over the Arab Spring, the killing of Jamal Khashoggi and conflicting approaches to a spiraling energy crisis. Biden administration officials expressed disappointment in the move and signaled they were open to working with Congress on legislation that would enable the government to bring an antitrust suit against the oil cartel. “The assumptions have changed.”

The announcement by the Saudi-led OPEC Plus energy cartel that it would slash oil production was widely seen in Washington as a stab in the back of ...

“And the president needs to encourage investors to invest in the oil business.” The bill was more a statement than anything else since Congress is out of session until the election, but Mr. He introduced a bill with Representatives Sean Casten and Susan Wild, Democrats from Illinois and Pennsylvania, requiring the removal of American troops and defensive systems from Saudi Arabia and the United Arab Emirates. But in a statement, the White House emphasized that “there are no plans to change our sanctions policy without constructive steps from the Maduro regime.” “The trip was not essentially for oil,” the president said. Easing sanctions on Iran and Venezuela could free up more than a million barrels of oil a day, which would help lower prices and potentially replace some of the Russian barrels now sold to Chinese and Indian refineries. He has already ordered more oil to be released from the Strategic Petroleum Reserve, but since the reserve is now at its lowest level in four decades, that risks shortages in case of war or a natural disaster like another hurricane. The Saudis maintain that the production cut was not meant as a shot at Mr. Ron Klain, the White House chief of staff, has methodically tracked the price at the pump for months as it has declined, and Democrats felt renewed momentum as a result. “We’re not announcing any steps on that front, but there are measures that we will continue to assess,” Brian Deese, the president’s national economic adviser, told reporters. “We are looking at all the legislative tools to best deal with this appalling and deeply cynical action.” Biden said that “we are looking at alternatives” to oil from OPEC Plus countries.

My bipartisan NOPEC Act would crack down on these tactics by the foreign oil cartel. It's already cleared the Judiciary Committee on a bipartisan basis, and ...

NOPEC, which authorizes the Justice Department to bring lawsuits against oil cartel members for antitrust violations, My bipartisan NOPEC Act would crack down on these tactics by the foreign oil cartel. energy production, leading to an increase in fuel prices and making us more reliant on foreign oil producers.

Biden's awkward trip to Saudi Arabia in July was justified as necessary to boost ties. Now OPEC's decision to slash production is prompting recriminations.

Biden officials across a wide section of the administration — including the Energy Department, State Department and the National Economic Council — raced Thursday to draw up policy responses to the announcement. White House officials have strongly denied that the goal of the trip was to spur Saudi oil production. officials argued to Saudi counterparts that the risks of letting the price fall below that point were minimal, but the Saudis would not budge, according to people familiar with the matter who spoke on the condition of anonymity to discuss sensitive conversations. officials now fear a “return to war,” Tim Lenderking, the U.S. McGurk and Hochstein’s support for the trip began to gain favor in the White House in September 2021, as the price of oil rose and resentment in the Gulf led the United Arab Emirates and Saudi Arabia to rebuff repeated U.S. requests to increase oil output, according to senior officials and congressional aides familiar with the matter. Biden’s top aides on Middle East and energy, Brett McGurk and Amos Hochstein, pushed for the trip as a means to strengthen the relationship and improve Washington’s ability to project influence in the Middle East at a time when oil-rich states were exploring ties with Moscow and Beijing, according to U.S. officials and congressional aides, who spoke on the condition of anonymity to discuss U.S. “There was consensus across the President’s senior national security team on the importance of this trip to advance U.S. Biden had declared that human rights would be at the “center” of his foreign policy, and he said he would make the oil-rich monarchy a “pariah.” But the president also remained keenly aware of the burden soaring gas prices were having on middle-class Americans. Other officials said they did not interpret malice in the Saudi decision, but they viewed it as a shortsighted effort to maximize oil profits despite the economic and geopolitical consequences. The trip was about the Middle East and about Israel and rationalization of positions,” he told reporters.

“What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” Schumer said in a ...

Major oil producers including Saudi Arabia will pump less, raising fears of higher fuel prices.

Expectations that countries were planning to pump less had already pushed oil prices higher this week. Analysts said that the impact of the cuts is likely to be less significant than its size might suggest, since some countries were already producing less than they had said they would, with Capital predicting a 1% drop in global supplies as a result. Higher oil prices were a major driver of the increase in consumer prices that hit countries around the world earlier this year, pushing inflation rates to levels not seen in decades and raising political tensions. But that may not be enough to calm the sentiments of the oil markets in the coming days. The US pledged to continue to release oil from national stockpiles "as appropriate" and look at other ways to try to rein in prices at the pump, which are a key issue for American voters in midterm elections scheduled for November. Some of the world's top oil-producing countries have agreed to cut the amount they export in a decision expected to raise petrol prices around the world.

OPEC+ announced on Wednesday that it would make production cuts of 2 million barrels per day, which is roughly equivalent to 2% of global supply.

The rest of the world isn’t buying it. What do Russia, China, Iran and Saudi Arabia have in common other than a dislike (we might also call it jealousy) of the USA ? Of course OPEC+ would act in the interests of OPEC+ – it’s a cartel. This is inconvenient for consumers in the US and Canada, but not economically devastating for the simple reason that while America is a large consumer of natural gas and oil, it is also among the largest producers as well. In fact it makes the rest of the world detest us even more than they do America. Unless, that is, the West reconsiders its approach to diplomacy [OH THAT NAUGHTY WEST, BEING MEAN TO PUTIN] and how it conducts itself with these emerging economies …” This is a massive geopolitical realignment that signals the realization that energy is the world’s true reserve currency. What we are seeing emerge out of this week’s OPEC+ meeting is that the Saudis are no longer willing to play ball with the Americans. The Saudis are rapidly moving away from the Western sphere of interest and are instead aligning with the emergent developing economies led by Russia and China. Jean-Pierre’s statement is somewhat understandable given that President Biden was aggressively lobbying the cartel to lower oil prices, presumably so he could have claimed to lower oil prices in the run-up to the midterms this November. So, the likely reason that they are cutting production is to try to firm up the market in case there is economic turbulence ahead. There is also a risk that the United States and Canada will fall into recession at the same time — these countries make up a further 27% of total consumption.