OPEC

In both optics and substance, the decision by OPEC and its allied oil producers underscored the challenges the United States faces in managing its foreign ...

But it was never clearer than in recent months, when Biden and his aides argued that the time had come to reset the relationship. And the apparent Saudi agreement to increase oil output to help bring down global prices was part of the quid pro quo. Since the start of the Biden administration, this dynamic has played itself out in the interactions between the crown prince and Biden. The effort to cap prices for Russian oil is now in jeopardy. The degree of anger and surprise at the White House was obvious: On Tuesday, the press secretary, Karine Jean-Pierre, told reporters “we’re not considering new releases” from the nation’s Strategic Petroleum Reserve beyond what Biden had announced previously. commitment to protecting the kingdom from foreign attacks. But its effect on prices may be greater, upward of 15 to 30 cents a gallon at the pump, experts estimated. For days, the White House sought to prevent the cut of 2 million barrels a day. Its leaders, and all of OPEC, worried that the specter of global recession was driving prices down, from $120 a barrel over the summer to below $80. During his campaign for the presidency, Biden had called Saudi Arabia a “pariah.” In this case, sustaining the price per barrel has proved far more important to its members than making Russia pay a price for invading Ukraine. It came after a concerted but ultimately unsuccessful diplomatic effort by Washington to halt the oil production cut, a signal that Biden’s influence over his Gulf allies was far less than he had hoped.

At the 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting (OPEC+) in Vienna, ...

Biden traveled to Saudi Arabia in July 2022, seeking an increase in oil output. [decided](https://www.opec.org/opec_web/en/press_room/7021.htm) to cut crude oil production by 2 million barrels per day (mb/d), starting in November 2022. [OPEC+ to cut oil output by 2 mb/d from November; Saudi Arabia and Russia account for half](https://www.greencarcongress.com/2022/10/20221006-opec.html) [06 October 2022](https://www.greencarcongress.com/2022/10/20221006-opec.html)

However,it is the deepest cuts to oil production since the 2020 COVID pandemic, reports said. The cut in real terms might be less than the headline figure, with ...

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.

FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, ...

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.

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.

The US is accusing Saudi Arabia of "aligning with Russia" while seeking to restart Venezuelan oil production.

[last major US oil producer](https://www.reuters.com/world/americas/exclusive-venezuelas-opposition-seeks-us-consultations-chevron-license-2022-10-05/) operating in the country, to pump oil there. [Millions of barrels](https://www.reuters.com/markets/commodities/chevron-applies-venezuela-license-renewal-proposes-wider-business-2022-09-01/) of Venezuelan oil could make up for lost Russian supplies. [might have to resort](https://www.forexlive.com/news/white-house-biden-will-continue-to-direct-spr-releases-as-appropriate-20221005/) to releasing more oil again. [3.58 million barrels per day](https://currentaffairs.adda247.com/oil-prices-rises-as-opec-deep-cuts/). [They argue](https://www.hartenergy.com/exclusives/us-oil-groups-urge-biden-take-fuel-export-ban-table-202369#:~:text=%E2%80%9CBanning%20or%20limiting%20the%20export,during%20a%20time%20of%20war.) a ban would “decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices, and alienate US allies during a time of war.” US oil, by the digits [180 million:](https://www.whitehouse.gov/briefing-room/statements-releases/2022/04/21/fact-sheet-biden-administration-responds-to-putins-price-hike-by-awarding-first-barrels-from-historic-strategic-petroleum-reserve-release-deploying-affordable-clean-energy/) largest-ever release of oil barrels from the reserve stockpile the Biden administration announced in May; 1 million barrels to be sold daily for 180 days [155 billion:](https://www.reuters.com/world/us/biden-disappointed-by-shortsighted-cut-by-opec-white-house-says-2022-10-05/) oil barrels sold between May and October [10 million:](https://www.reuters.com/business/energy/us-sell-up-10-mln-bbls-oil-spr-nov-delivery-2022-09-19/) oil barrels Biden committed to selling in November, extending the 180 day deadline [416 million:](https://www.reuters.com/world/us/biden-disappointed-by-shortsighted-cut-by-opec-white-house-says-2022-10-05/) barrels of oil left in the reserve; lowest level since July 1984 [$3.29:](https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/statement-from-national-security-advisor-jake-sullivan-and-nec-director-brian-deese/?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news) most common gas price per gallon across US pumps. [by 2 million barrels](https://www.wsj.com/articles/opec-agrees-to-biggest-oil-production-cut-since-start-of-pandemic-11664978144?mod=hp_lead_pos4) per day (bpd) on Wednesday (Oct. Three months ago, Biden traveled to the Middle Eastern nation to convince the kingdom’s de facto ruler, Crown Prince Mohammed Bin Salman, to [pump more barrels](https://www.bbc.com/news/business-63149044). The White House’s reaction was swift, calling the decision “ [shortsighted](https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/statement-from-national-security-advisor-jake-sullivan-and-nec-director-brian-deese/?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news)” and accusing the oil cartel of “ [aligning with Russia](https://twitter.com/annmarie/status/1577699139797876736?s=20&t=1PoxutM3aAeCxaApDDjSGA).” Any further rise in gas prices would reverse all the cheers Biden got for bringing gas prices down in the last few months. Earlier, in May, Biden reached into the US’s Strategic Petroleum Reserve to keep oil prices, and therefore petrol prices, in check. Anticipation of OPEC’s decision this week has already lifted oil prices to more than $90 a barrel.

On October 5, the 24 countries that make up OPEC+ reached a deal to cut oil production by two million barrels a day in a bid to bring prices back up amid a ...

[...] In America, for example, the price of gas goes up and down. “The Russian market is structured in such a way that the price of gasoline doesn’t increase and doesn’t decrease,” he said. “Essentially, the point is to keep the domestic price of oil products from changing, regardless of what happens in global markets. Salikhov said Moscow was likely one of the parties lobbying for a cut in OPEC+ oil production. It’s in that context that OPEC+ — which consists of the 13-member OPEC cartel along with 11 non-member allies — announced Wednesday that will cut its own oil production by two million barrels a day. [impose](https://meduza.io/en/news/2022/09/02/g7-agree-on-russian-oil-price-cap) a [price cap](https://meduza.io/en/feature/2022/08/10/the-bid-to-cap-russian-oil-prices) on Russian oil beginning in December, while the EU announced [plans](https://apnews.com/article/russia-ukraine-business-brussels-european-union-258c0a5a0ada0433fa6dd0cc8e435a1d) for a similar policy this week.

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

Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million ...

The output cut comes as the U.S. Saudi Arabia's share of the cut is about 500,000 bpd. "By December this year, Brent would reach over $100/bbl, up from our earlier call for $89." West Texas Intermediate (WTI) crude futures settled at $88.45 a barrel, gaining 69 cents, or 0.8% after closing 1.4% up on Wednesday. [read more](/business/energy/opec-heads-deep-supply-cuts-clash-with-us-2022-10-04/) Brent crude futures settled at $94.42 a barrel, up $1.05, or 1.1%.

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest…

officials have said part of the reason Washington wants lower oil prices is to deprive Moscow of oil revenue. interest rates and a stronger dollar. He and other members of OPEC+ agreed to extend the cooperation deal with OPEC by another year to the end of 2023. administration called the surprise decision shortsighted. Biden traveled to Riyadh this year but failed to secure any firm cooperation commitments on energy. OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.

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.

Here is what we know: What has OPEC decided and why? The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, on ...

Also, the move could hinder efforts to deprive Moscow of oil revenue following [Russia’s invasion of Ukraine.](/tag/ukraine-russia-crisis/) At the start of the year, Brent prices were close to $79 a barrel. “That starts creating larger problems in terms of environmental policy for Europe. Higher oil prices and a strong US dollar could represent a difficult situation as most countries buy their oil using dollars. Saudi Arabia’s energy minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets. But that is a realistic thing to ask,” he said.

OPEC+ surprise deep oil production cuts agreed this week are set to benefit Russia most while tightening supply to the West already suffering from record ...

"The West has more incentives to ease sanctions on pariah states such as Venezuela or Iran. Russia will likely see a further loss in production while having to accept a deeper discount of the oil sells to Asia. Norbert Rücker from Julius Baer said the tensions between the oil consumers and producers were set to increase. "Higher oil prices will inevitably add to the inflation headache that global central banks are fighting, and higher oil prices will factor into the calculus of further increasing interest rates to cool down the economy," he said. By contrast, OPEC's leader Saudi Arabia, which has been pumping in line with the target will have to cut around 0.5 million of real barrels per day - worth $46 million a day or 1.4 billion a month. On Thursday, oil market watchers said that based on pure maths and OPEC+'s latest production data Russia was indeed set to benefit most from the decision.

VIENNA, Oct. 6 (Xinhua) -- Energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday rejected accusations that they were ...

He added that the position of OPEC+ is fully supported by Africa. While OPEC+ said its "proactive, preemptive" decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks," U.S. I think we should be talking about Africa, South America, the East, and talk about people who don't have access to energy."

The largest tankers ship about 40% of the world's seaborne crude, but 70% of all exports from the Middle East Gulf where most reductions are expected.

[Sign Up For Updates](https://pages.maritimeintelligence.informa.com/ftp-daily-email) [Subscribe](https://pages.maritimeintelligence.informa.com/ftp-sub-journey)

President Joe Biden calls the decision by OPEC+ to cut oil production a "disappointment," but says the White House is exploring "alternatives.

Biden made the comments as he departed the White House for New York, where he will tour and IBM facility and deliver remarks on jobs. The comments come as major oil producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. Biden didn't expand on what the alternatives might include as he departed the White House for New York, saying only, "There's a lot of alternatives.

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.

U.S. President Joe Biden expressed his disappointment Thursday that OPEC+ nations intend to cut oil production targets by 2 million barrels a day but said ...

motorists are pinched by higher gas costs, Russia relies on gas and oil sales for a large portion of its budget to help fund its war in Ukraine. It supported the production cut, which will enable Moscow to sell oil for higher prices on the global market. The OPEC+ coalition of 23 nations said the production cut, from 43.8 million barrels a day to 41.8 million, would take effect in November. But now, with crude oil prices rising again, the national average is at $3.87 a gallon, according to the American Automobile Association. with a slap in the face that will hurt American consumers and undermine our national interests.” Biden made the trip to Saudi Arabia even though during his presidential campaign in 2020 he branded the longtime U.S. rationalization of positions," he said, while acknowledging the OPEC+ production cut "is a disappointment.” Durbin’s 9/11 reference was to the 2001 al-Qaida terrorist attacks on the U.S. Fifteen of the 19 airline hijackers who carried out the attacks were Saudi nationals. “It’s time for our foreign policy to imagine a world without their alliance.” troop protection of Persian Gulf allies. In a July trip to the Mideast, Biden had pushed Saudi Arabia, the world’s second-biggest oil producer after the U.S., to hold the line against a production cut or even boost output to the global crude oil market to keep oil prices, which directly correlate to the price motorists pay for gasoline at service stations, from increasing.

Despite concerted attempts by both in recent months to rehabilitate and restore relations with Saudi Arabia's de facto leader, Crown Prince Mohammed bin Salman, ...

His promotion to prime minister is part of that and is key to a legal defence of a US civil case on the issue. While Saudi Arabia – at President Biden’s urging – boosted production significantly in July and August, it has now backed away from a promise to sustain those levels for the rest of 2022. Despite concerted attempts by both in recent months to rehabilitate and restore relations with Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, the Saudi and Gulf states’ backing for a cut of two million barrels a day has emphasised the latter’s worrying strategic embrace of Vladimir Putin.

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).

Democratic Party figures fear Opec move to curtail production could see petrol prices rise ahead of midterm elections next month.

The administration strongly promoted the fact that petrol prices had fallen for nearly 100 days in a row on foot of its initiatives. The US has about 5,000 troops and missile defence systems in the Gulf to protect Saudi Arabia and its oilfields. On Thursday he said he was “looking for alternatives”. In some western states prices have risen more significantly due to refining capacity issues. The Biden administration has limited direct control over the price of petrol in the garage forecourt. “This decision is a turning point in our relationship with our Gulf partners.